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Seahorse Beach Bungalows Hotel 2502 Tamarind Dr 18 Room Hotel Hutchinson Island, FL 34949 $5,995,000 ($333,056/Room) 11.96% Cap Rate
Investment Highlights
- 1/2 Block from Beach, Quaint Bungalows, Peaceful Area in North Hutchinson Island, FL
Executive Summary
SEAHORSE BEACH BUNGALOWS — 17-KEY RENOVATED BOUTIQUE HOTEL · NORTH HUTCHINSON ISLAND, FL
Florida Dreams Realty Group is pleased to present Seahorse Beach Bungalows, a fully renovated 17-key boutique hotel offered for sale by the long-term private owner. The Property sits one block from the Atlantic Ocean on the same 28-mile barrier island that hosts Disney's Vero Beach Resort, Costa d'Este, Kimpton Vero Beach, Windsor, and Orchid Island, but at North Hutchinson Island entry-tier pricing.
THE OFFERING
$5,995,000 · $352,647 per key · 7.11% going-in cap · 11.96% stabilized cap on $717K pro forma NOI · 21% discount to a 9.5% target-cap fair value of $7.55M · priced below replacement cost.
TURNKEY ASSET — ZERO PIP EXPOSURE
$1.5 million top-to-bottom renovation completed 2023–2026. Every room gutted and reopened with custom FF&E, walnut kitchenettes, quartz counters, two-burner cooktops, Keurig, air-fryer, and full refrigeration in all 17 units. New HVAC mini-split systems across all 17 units, new metal roof on the 2-floor 1925 building (2024) that houses 4 units, full interior renovation of flooring, paint, bathrooms, lighting, and millwork.
Q1 2026 STABILIZED PERFORMANCE — FIRST FULLY OPERATIONAL QUARTER AT 17 KEYS
Revenue $184,447 · Occupancy 77.3% · ADR $170.04 · RevPAR $131.32. This is the baseline from which the pro forma 2028 stabilized NOI of $717,000 is built — supported by continued OTA review-ladder maturation, brand-repositioning ADR-lift toward same-barrier-island peers ($240–$525), and compounding macro tailwinds.
15 OF 17 ROOMS ADA ACCESSIBLE — RARE MARKET DIFFERENTIATOR
Roll-in showers with grab bars, teak fold-down shower benches, LED anti-fog mirrors, floating quartz vanities, widened doorways throughout. ADA accessibility dramatically expands the addressable guest market and qualifies the Property for corporate, government, and medical-tourism bookings that most boutique competitors cannot capture.
ROOM MIX (17 KEYS)
2 Queen Guest Rooms ($195 ADR) · 10 Queen with Kitchenette ($205 ADR) · 5 Double-Queen Suites ($225 ADR sleeping up to 6). Blended $208 ADR.
LOCATION & MARKET
2502 Tamarind Drive, North Hutchinson Island, FL 34949 — quiet residential position on the St. Lucie County side of the barrier island, one block from public beach access. Demand drivers: Fort Pierce Inlet State Park (0.7 mi), Pepper Park Beach (0.5 mi), Navy UDT-SEAL Museum (1.2 mi), downtown Fort Pierce (4.5 mi), Treasure Coast International Airport (7 mi), Vero Beach luxury corridor (22 mi).
FOUR VALUE-ADD UPSIDE LEVERS
(1) ADR convergence to barrier-island peers — closing half the gap to Seaspray Surf Lodge ($240) adds $70K–$100K NOI annually at zero capex. (2) Events, retreats & buyouts — 34+ overnight capacity, landscaped courtyard, pet-friendly, no incumbent F&B; destination wedding / corporate retreat program could add $75K–$150K ancillary revenue. (3) Physical expansion 2–5 additional keys — septic-to-sewer conversion and HIRD zoning support; each key adds ~$45K revenue and ~$33K NOI annually. (4) Pool amenity — approved architectural plans ready to execute, typical 10–15% ADR lift, build cost $180K–$240K, revenue impact $85K–$130K annually.
Combined, these levers support a strategic-buyer ceiling of $10.0M–$11.6M over a 24–36 month repositioning horizon.
PROPERTY DETAILS
0.43 acres · 5,034 SF across two buildings (1925 + 2007) · masonry, exterior corridor, 2.2 stories · HIRD zoning with approved CU for lodging · active Certificate of Use · property tax $44,000/yr (reassessed basis) · parcel 1425-603-0006-000-1.
COMP SET POSITIONING
Seahorse's $352,647/key ask prices below the renovated coastal-boutique tier — Vista Lago Beach House $491,667/key (Fort Pierce A1A, 2026), Grandview Gardens $625,000/key (West Palm Beach, 2025), Jensen Beach Inn $433,333/key with restaurant (2026). Tier midpoint $516K/key; Seahorse priced 32% below tier midpoint.
MACRO TAILWINDS
Treasure Coast International Airport commercial passenger service launching 2026 (7 mi). North Causeway Bridge replacement under construction (less than 1 mi). Indian River County ranked #1 all-cash residential market in the United States 2025 at 62.7%.
FINANCIAL DISCLOSURE
All cap rate, NOI, and operating-expense figures listed are PRO FORMA based on 2028 stabilized projections (Year 1 2026 FY: $785K revenue / $570K NOI; Stabilized 2028: $960K revenue / $717K NOI). Trailing twelve-month actuals reflect 2025 transition-year operation during renovation completion and key expansion (13 to 17 in September 2025) and are available upon execution of NDA. Q1 2026 actuals are referenced above as the first fully stabilized quarter at 17 keys.
OFFERING PROCESS
Offering Memorandum and full operating financials available upon executed NDA. Showings by appointment only 24-hour notice required to preserve guest experience. All inquiries to listing broker.
ADRIANA MONTES
Broker · Florida Dreams Realty Group · FL License BK 3096165
321.689.6258 · adriana@floridadreamsrealty.com
Florida Dreams Realty Group is pleased to present Seahorse Beach Bungalows, a fully renovated 17-key boutique hotel offered for sale by the long-term private owner. The Property sits one block from the Atlantic Ocean on the same 28-mile barrier island that hosts Disney's Vero Beach Resort, Costa d'Este, Kimpton Vero Beach, Windsor, and Orchid Island, but at North Hutchinson Island entry-tier pricing.
THE OFFERING
$5,995,000 · $352,647 per key · 7.11% going-in cap · 11.96% stabilized cap on $717K pro forma NOI · 21% discount to a 9.5% target-cap fair value of $7.55M · priced below replacement cost.
TURNKEY ASSET — ZERO PIP EXPOSURE
$1.5 million top-to-bottom renovation completed 2023–2026. Every room gutted and reopened with custom FF&E, walnut kitchenettes, quartz counters, two-burner cooktops, Keurig, air-fryer, and full refrigeration in all 17 units. New HVAC mini-split systems across all 17 units, new metal roof on the 2-floor 1925 building (2024) that houses 4 units, full interior renovation of flooring, paint, bathrooms, lighting, and millwork.
Q1 2026 STABILIZED PERFORMANCE — FIRST FULLY OPERATIONAL QUARTER AT 17 KEYS
Revenue $184,447 · Occupancy 77.3% · ADR $170.04 · RevPAR $131.32. This is the baseline from which the pro forma 2028 stabilized NOI of $717,000 is built — supported by continued OTA review-ladder maturation, brand-repositioning ADR-lift toward same-barrier-island peers ($240–$525), and compounding macro tailwinds.
15 OF 17 ROOMS ADA ACCESSIBLE — RARE MARKET DIFFERENTIATOR
Roll-in showers with grab bars, teak fold-down shower benches, LED anti-fog mirrors, floating quartz vanities, widened doorways throughout. ADA accessibility dramatically expands the addressable guest market and qualifies the Property for corporate, government, and medical-tourism bookings that most boutique competitors cannot capture.
ROOM MIX (17 KEYS)
2 Queen Guest Rooms ($195 ADR) · 10 Queen with Kitchenette ($205 ADR) · 5 Double-Queen Suites ($225 ADR sleeping up to 6). Blended $208 ADR.
LOCATION & MARKET
2502 Tamarind Drive, North Hutchinson Island, FL 34949 — quiet residential position on the St. Lucie County side of the barrier island, one block from public beach access. Demand drivers: Fort Pierce Inlet State Park (0.7 mi), Pepper Park Beach (0.5 mi), Navy UDT-SEAL Museum (1.2 mi), downtown Fort Pierce (4.5 mi), Treasure Coast International Airport (7 mi), Vero Beach luxury corridor (22 mi).
FOUR VALUE-ADD UPSIDE LEVERS
(1) ADR convergence to barrier-island peers — closing half the gap to Seaspray Surf Lodge ($240) adds $70K–$100K NOI annually at zero capex. (2) Events, retreats & buyouts — 34+ overnight capacity, landscaped courtyard, pet-friendly, no incumbent F&B; destination wedding / corporate retreat program could add $75K–$150K ancillary revenue. (3) Physical expansion 2–5 additional keys — septic-to-sewer conversion and HIRD zoning support; each key adds ~$45K revenue and ~$33K NOI annually. (4) Pool amenity — approved architectural plans ready to execute, typical 10–15% ADR lift, build cost $180K–$240K, revenue impact $85K–$130K annually.
Combined, these levers support a strategic-buyer ceiling of $10.0M–$11.6M over a 24–36 month repositioning horizon.
PROPERTY DETAILS
0.43 acres · 5,034 SF across two buildings (1925 + 2007) · masonry, exterior corridor, 2.2 stories · HIRD zoning with approved CU for lodging · active Certificate of Use · property tax $44,000/yr (reassessed basis) · parcel 1425-603-0006-000-1.
COMP SET POSITIONING
Seahorse's $352,647/key ask prices below the renovated coastal-boutique tier — Vista Lago Beach House $491,667/key (Fort Pierce A1A, 2026), Grandview Gardens $625,000/key (West Palm Beach, 2025), Jensen Beach Inn $433,333/key with restaurant (2026). Tier midpoint $516K/key; Seahorse priced 32% below tier midpoint.
MACRO TAILWINDS
Treasure Coast International Airport commercial passenger service launching 2026 (7 mi). North Causeway Bridge replacement under construction (less than 1 mi). Indian River County ranked #1 all-cash residential market in the United States 2025 at 62.7%.
FINANCIAL DISCLOSURE
All cap rate, NOI, and operating-expense figures listed are PRO FORMA based on 2028 stabilized projections (Year 1 2026 FY: $785K revenue / $570K NOI; Stabilized 2028: $960K revenue / $717K NOI). Trailing twelve-month actuals reflect 2025 transition-year operation during renovation completion and key expansion (13 to 17 in September 2025) and are available upon execution of NDA. Q1 2026 actuals are referenced above as the first fully stabilized quarter at 17 keys.
OFFERING PROCESS
Offering Memorandum and full operating financials available upon executed NDA. Showings by appointment only 24-hour notice required to preserve guest experience. All inquiries to listing broker.
ADRIANA MONTES
Broker · Florida Dreams Realty Group · FL License BK 3096165
321.689.6258 · adriana@floridadreamsrealty.com
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- High Speed Internet Access
- Patio
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 5 | $288.00 | - |
| Guest Room | 13 | $259.00 | - |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 14-25-603-0006-0001 | Total Assessment | $1,901,020 (2025) |
| Land Assessment | $177,001 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,724,019 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
14-25-603-0006-0001
Land Assessment
$177,001 (2025)
Improvements Assessment
$1,724,019 (2025)
Total Assessment
$1,901,020 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026 Payable 2026
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Seahorse Beach Bungalows Hotel | 2502 Tamarind Dr
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