Old City House Inn & Restaurant 115 Cordova St 8 Room Bed and Breakfast Saint Augustine, FL 32084 $3,995,000 ($499,375/Room) 9.15% Cap Rate

Highly popular Boutique Inn and Restaurant situated in the heart of the Historic district. This successful and centrally located, mixed use property has been in operation for over 30 years. Configured as a 50 seat restaurant with a 4COPS liquor License plus 8 inn rooms. Can be considered as an investment due to the high demand and profitability of the business model or perfect for or an owner operator.
Fantastic long term appreciation potential along with short term income and cash flow.
B&B rooms all have separate entrances to deck areas outside. Previous business profit of $200k. Gross Revenues $1.8-$2million with 30% from rooms and 70% from restaurant; Inn - $600k and Restaurant $1.4 million. Lessee recently vacated and both the Inn and restaurant are turn-key, and ready to resume operations immediately with new owner-user or investor placed tenant.
Bed and Breakfast rooms in historic downtown St. Augustine are valued at $237-$265 per room. B&B Cap rate is averaged at 8.12%. Added value at a different rate should be included for the 50 seat restaurant, with additional seating of 70 outside, as well as the 4-COPs full liquor license. 10 paved parking spots alongside the building are leased from the Casa Monica next door for $250 per space per month.
Old City House Inn & Restaurant, consist of an 8-room bed and breakfast located within a two-story building containing approximately 4,294 square feet, of which approximately 1,810 square feet is a restaurant/kitchen area. The building was constructed of wood frame and stucco with a clay tile roof in 1880 according to the tax rolls. The restaurant is fully equipped and designed to service not only dining patrons but also off premise catering as the previous owner had a very successful catering business complementing the popular wedding destination of St. Augustine.
The location of the Inn and restaurant across from the LIghtner museum and wedding venues in downtown St. Augustine, makes the catering business logistically advantageous.
The inn is currently designed with a check- in/business area, dining room, large kitchen, parlor, laundry room, and 8 guest rooms with private baths (two rooms on the 1st floor and six on the 2nd floor). The Inn can easily be converted to a "self-check-in" model supported by an Inn manager if the restaurant was to be a main focus for the next owner. Conversely, an Inn owner can lease the restaurant to an operator and focus on the Inn business and income. This flexibility creates added value and diversified income potential.
From the Florida Master Site File -"This two-story building constructed circa 1873 to 1896 is a good example of the St. Augustine Colonial Revival style in architecture. A late 19th century wood frame Victorian structure, it was enlarged and remodeled to its present looks in the 1960's using salvaged materials from other demolished buildings. Distinctive elements added in the remodeling of this building include the stucco finish and coquina veneer, the clay tile roof and brick cast iron fence on the front of the property. The one-story south wing of the building was added at this time.
The clay roofing tiles and the brick came from the Catholic Lyceum building on St. George Street. The ornate cast iron fence was purchased for $100 from a house at 5 Bridge Street. The coquina was salvaged from old coquina footings already on the site. The curving eaves, which were original to the building, give it a pagoda like effect.
This section of the walled colonial city has been continuously occupied since the 16th century and represents the location of the 1565 settlement of St. Augustine. The small blocks and narrow streets of the early city are still evident. There are persistent stories that this building was originally a stable for the Ammidown mansion at 220 St. George Street...in the late 1870's he built a large Second-empire style mansion with a mansard roof on St. George Street, which he rented out. The 1884 Sanborn Map shows a two-story stable at the site of 115 Cordova but it had a north-south rather than east-west orientation. in 1888, when Maria Sanchez Creek had been filled in (the current Lightner Museum) and the great hotels were being built of poured concrete,, there was a one-story temporary building for cement storage linked to the north side of the stable. The 1894 birds-Eye view of St. Augustine shows an unadorned gable roof building-this time with an east-west orientation that matches the current building. It is possible that the old stable was turned around and formed the basis for the main section of 115 Cordova Street. If so, it would date from between 1873-1884. If, instead, this was an entirely new building, then its construction date would be 1896, when we first get newspaper references to cottages that were erected on the Ammidown property.
By the later date, the north part of Maria Sanchez creek had been filled in by Henry Flagler to build his hotels, and this became most a convenient location to build cottages for winter residents who preferred not to stay in hotels.
Three cottages were built on the Ammidown property: 115 and 121 Cordova Street, and a third called "Enfield" because of its location en field between St. George and Cordova Streets. It stood just east of 121 Cordova Street. The development of the Ammidown property with these cottages presaged the family's later development of Palm Row, just to the south."
Fast forward to the 1950's - the Ammidown Mansion and its outbuildings and cottages, except for 115 Cordova Street, were demolished for a parking lot. There were plans to also raze 115 Cordova Street, as Dr. Rueben Plant planned to build a medical center there. But his partner died, and in 1960 the building was sold to William Forrester who extensively remodeled to its present appearance. He sold it to Howatt and Bennett, attorneys. The remodeled building had two offices downstairs and three apartments upstairs. The one-story south wing, which Forrester added, was used for a time as a real estate and insurance office by Verle Pope. A prominent political figure, Pope had served as president of the Florida State Senate.