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Coconut Palm Inn 198 Harborview Dr 19 Room Hotel Tavernier, FL 33070 $13,490,000 ($710,000/Room) 7.21% Cap Rate
INVESTMENT HIGHLIGHTS
- Over 400' of Bay frontage with western exposure for beautiful sunset all year round. Three piers and 14 individual boat slips with water and power.
- Biggest waterfront property. Most dockage.
- 1031 Exchange Option and Owner Financing Available
EXECUTIVE SUMMARY
Prime investment opportunity. Price reduced and owner will finance with minimum of 5.2M down. This Florida Key boutique Motel is a true Tropical Oasis. It has over 400' of bay frontage and 3 piers with 14 individual boat slips. The most water frontage and dockage of any small resort in the Keys. A beautiful western exposure for breath taking sunsets all year round. Located in the Sport Fishing capital of the world with immediate Bay and Intercoastal waterway access for Backcountry fishing (Snook, Tarpon, Permit and Bonefish). Only minutes away from Tavernier Creek to go Ocean side for Deep Sea fishing and the Coral Reefs. Key Largo is also known as the Dive capital of the world.
Coconut Palm Inn consists of 19 private suites with individual decks, Heated/Chilled pool, Tiki Huts and Sandy beaches. The staff and management are top notch and well experienced. The Motel continually achieves a $350.00 average daily room rate. Privately located in a protected Mangrove cove, yet still only 1 hour south of Miami on the 4 lane portion of US1. It is a Tropical Paradise with a variety of Palm trees, Bromeliads and Orchids throughout the 1.35 acres of upland property.
The sellers have owned and operated Coconut Palm Inn for over 23 years. Future development plans have been approved by the county in 2016 and 2019 to replace 3-6 units for new larger suites. The owner will be present for all showings and they have asked for the upmost confidentiality in marketing their Resort. Their asking price has been reduced to $13.9M and they will provide owner financing with 50% down. Financials are available once the Confidentiality/Nondisclosure agreement has been signed.
1031 Exchange Option and Owner Financing Available with $5,200,000 down.
Coconut Palm Inn consists of 19 private suites with individual decks, Heated/Chilled pool, Tiki Huts and Sandy beaches. The staff and management are top notch and well experienced. The Motel continually achieves a $350.00 average daily room rate. Privately located in a protected Mangrove cove, yet still only 1 hour south of Miami on the 4 lane portion of US1. It is a Tropical Paradise with a variety of Palm trees, Bromeliads and Orchids throughout the 1.35 acres of upland property.
The sellers have owned and operated Coconut Palm Inn for over 23 years. Future development plans have been approved by the county in 2016 and 2019 to replace 3-6 units for new larger suites. The owner will be present for all showings and they have asked for the upmost confidentiality in marketing their Resort. Their asking price has been reduced to $13.9M and they will provide owner financing with 50% down. Financials are available once the Confidentiality/Nondisclosure agreement has been signed.
1031 Exchange Option and Owner Financing Available with $5,200,000 down.
PROPERTY FACTS
| Price | $13,490,000 | Lot Size | 1.35 AC |
| Price Per Room | $710,000 | Building Size | 14,250 SF |
| Sale Type | Investment | No. Rooms | 19 |
| Cap Rate | 7.21% | No. Stories | 2 |
| Sale Condition | 1031 Exchange | Year Built/Renovated | 1947/2001 |
| Property Type | Hospitality | Parking Ratio | 1.47/1,000 SF |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | B | ||
| Zoning | SC - suburban commercial zoning | ||
| Price | $13,490,000 |
| Price Per Room | $710,000 |
| Sale Type | Investment |
| Cap Rate | 7.21% |
| Sale Condition | 1031 Exchange |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 1.35 AC |
| Building Size | 14,250 SF |
| No. Rooms | 19 |
| No. Stories | 2 |
| Year Built/Renovated | 1947/2001 |
| Parking Ratio | 1.47/1,000 SF |
| Corridor | Exterior |
| Zoning | SC - suburban commercial zoning |
AMENITIES
- Balcony
- Business Center
- Pool
- High Speed Internet Access
- Patio
- Marina
- Beach (direct access)
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
- Multi-Room Suites
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 7 | $439.00 | - |
| Guest Room | 12 | $339.00 | - |
1 1
Bike Score®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | 00482320-000000 | Improvements Assessment | $2,867,187 |
| Land Assessment | $2,867,188 | Total Assessment | $5,734,375 |
PROPERTY TAXES
Parcel Number
00482320-000000
Land Assessment
$2,867,188
Improvements Assessment
$2,867,187
Total Assessment
$5,734,375
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Coconut Palm Inn | 198 Harborview Dr
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