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Tropical Cottages 243 61st St 14 Room Hotel Marathon, FL 33050 $8,204,712 CAD ($586,051 CAD/Room) 8.14% Cap Rate
Investment Highlights
- Total of 11 valuable Transient Licenses
- 9 buildings on the property
- A rare and unique income producing Hotel in Marathon
- 13 Rooms plus office with kitchen & check in room
- 8 adorable free standing cottages with new Victorian shingle roofs
Executive Summary
A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. 9 buildings on the property, 8 adorable free standing cottages with new Victorian shingle roofs & the main building with 3 rooms in good condition. Each room has been tastefully and tropically renovated inside and out. Each room is unique & comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck and Tiki Bar are leased for $6,000 per mos on a short term agreement. The Motel is managed by Owners . The hotel runs on auto-pilot. Online check-in available with a good housekeeping staff as back up. Most of the business is from repeat customers, plus online booking sites are all utilized. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small, friendly & efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. Ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950's as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.
Property Facts
| Price | $8,204,712 CAD | Lot Size | 0.56 AC |
| Price Per Room | $586,051 CAD | Building Size | 4,461 SF |
| Sale Type | Investment | No. Rooms | 14 |
| Cap Rate | 8.14% | No. Stories | 1 |
| Property Type | Hospitality | Year Built | 1954 |
| Property Subtype | Hotel | Parking Ratio | 2.91/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | MC - MU - Mixed Use Commercial Mixed Use | ||
| Price | $8,204,712 CAD |
| Price Per Room | $586,051 CAD |
| Sale Type | Investment |
| Cap Rate | 8.14% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 4,461 SF |
| No. Rooms | 14 |
| No. Stories | 1 |
| Year Built | 1954 |
| Parking Ratio | 2.91/1,000 SF |
| Corridor | Exterior |
| Zoning | MC - MU - Mixed Use Commercial Mixed Use |
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 14 | $164.12 CAD | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 00338430-000000 | Improvements Assessment | $1,224,905 CAD |
| Land Assessment | $1,497,106 CAD | Total Assessment | $2,722,011 CAD |
Property Taxes
Parcel Number
00338430-000000
Land Assessment
$1,497,106 CAD
Improvements Assessment
$1,224,905 CAD
Total Assessment
$2,722,011 CAD
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Tropical Cottages | 243 61st St
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