Historical Hotel & Motel Sale Listing - Banana Bay

Hotel & Motel For Sale

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Banana Bay

4590 Overseas Hwy, Marathon, FL 33050

N/A

65 Rooms | Hotel & Motel

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Hotel / Motel - Off Market

Price:
N/A
No. Rooms:
65
Building Size:
49,794 SF
Property Type:
Hotel & Motel
Property Sub-type:
Full Service
Property Use Type:
Investment
Cap Rate:
10%
Lot Size:
325,261 SF
Listing ID
17514616
Last Updated
over 1 year ago

Description

The Property is comprised 11 Freestanding structures built from 1953 to 1974 and a 35 slip marina accommodating boats of 20' to 65' in length. 65 total rooms with 61 in operation and the 4 remaining utilized for staff quarters. Additionally included are 4 adjacent residential properties with single family dwellings which are utilized for employee housing. Restaurant, poolside lounge, Tiki bar, pool, whirlpool, small beach, water sports, free parking, conference space, complimentary continental breakfast, 35 slip marina, and two tennis courts.

The property is operating at a lowered ADR and rate of occupancy. Based on local market comparables and the high rate of tourist traffic that the Florida Keys generates it is beleived with proper mgmt that the property could easily attain a 65% or greater occupancy with increased ADR.

The property has redevelopment approval for 58 Townhouse style 2 Bed/2.5 bath units of 1,285+/- square foot average each or total of 74,000 +/- square feet total townhouse area and 11,025 square feet of commercial space. In addition to the existing 34 slip marina. An estimate $1,000,000 has already been spent on plans, approval, etc.

The property is located at mile marke 49.5 in Marathon, Florida, which is the heart of the Florida Keys. Marathon is one of the premier destination resort communities of the keys. Florida Keys Marathon airport is located approximately two miles to the northwest. Marathon is a family oriented destination with many attractions for the entire family to enjoy such as the Dol-phin Research Center, Pigeon Key Island, The Turtle Hospital, and Crane Point Hammock. There are also exciting water sports to try like kite-boarding, paddle-boarding, snorkeling, deep sea or reef fishing trips, boating, jet skis, or maybe finding your very own private, secluded island or stretch of beach to relax and kick-back! The New York Times recently recognized us as the Family Destination of the Year due to the abundance of family friendly activities and amenities the Islands of Marathon have to offer you and your family. Sherman' s Travel named the Florida Keys in the Top 10 destinations for the Leaders of the Western World.

Map of 4590 Overseas Hwy, Marathon, FL 33050 (Monroe County)

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