This is an investment offering with two distinct elements - now offered for sale as a package.
First there is The Palms of Treasure Island.
This offering includes 22 condo-hotel units, out of a total of 36 in the building. The Palms is beautifully situated on the intracoastal waterway, with waterfront pool, dock, under-building parking, first floor lobby and covered porte cochere to accommodate guest check-in/check-out.
The Palms was built in 2007 and has all modern amenities. The units average over 1,000 sq. ft. each and are 2 bedroom / 2 bath with balconies.
The condo association has a right of first refusal on the sale of units in this development, so over time it is possible that the ownership of all 36 units could be consolidated, or these units can be sold on a one-off basis at any time.
The second element of this offering is The Seahorse Beachfront Cottages.
This is a .23 acre beach-front parcel, currently improved with 9 units in 5 buildings (four cottages and one five-unit building) plus laundry facility.
This parcel has redevelopment potential for up to 11 condo-hotel units - directly on the sand of one of the most desirable beaches in North America!
A complete set of development plans (now expired) for this project are available for review during due diligence.
The entire property (The Palms and Seahorse) is operated as a vacation rental business operation - generating gross revenue of over $978,000 in 2017.
