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- LoopNet Team
3616 Gulf Blvd
South Padre Island, TX 78597
Palms Resort Motel · Hospitality Property For Sale
·
21,500 SF
INVESTMENT HIGHLIGHTS
- Unbeatable opportunity offers a boutique hotel and popular beachfront restaurant and bar, meeting space, and a gift shop.
- Room occupancy has a 45% upside potential, and long term resort management and staff and furniture in place allows for significant returns.
- 30-person meeting facility offers a great site amenity, and with very little event marketing and targeted advertising could help increase net profits.
- Priced to sell with an 11.6% cap rate, and very minimal efforts into hotel operations would increase an owner's net income.
- No other resort of this nature available on the beach, just a 250' walk to the water.
- Multiple attractions in the area include the Sea Turtle Rescue Center, dolphin-watching along the beach, and numerous eco-tourism facilities.
PROPERTY FACTS
| Property Type | Hospitality | No. Stories | 2 |
| Property Subtype | Hotel | Year Built/Renovated | 1972/2015 |
| Building Class | B | Parking Ratio | 2.42/1,000 SF |
| Lot Size | 0.63 AC | Corridor | Exterior |
| Building Size | 21,500 SF | ||
| Zoning | B | ||
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.63 AC |
| Building Size | 21,500 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2015 |
| Parking Ratio | 2.42/1,000 SF |
| Corridor | Exterior |
| Zoning | B |
AMENITIES
- On-Site Retail
ABOUT 3616 GULF BLVD , SOUTH PADRE ISLAND, TX 78597
Located on the Gulf of Mexico in the famous resort town of South Padre Island, 3616 Gulf Boulevard consists of a 30-mini-suite boutique hotel and the island's most popular beachfront restaurant and bar. The Palms Resort and Cafe on the Beach recently added a two-story addition with meeting facilities for 30 persons, an attractive lobby/gift shop, administrative area, maintenance area, and in-house laundry facility with storage for housekeeping supplies. The property was built in 1972, with a remodel of the café in 2007 and an admin and meeting facility addition in 2015. South Padre Island offers plenty of attractions and outdoor activities that draw tourists from all over the nation, from exploring the Sea Turtle Rescue Center or dolphin-watching along to the beach to enjoying the largest beach bar and weekly summer fireworks displays. The South Padre Island Farmers Market is located close by and offers fresh produce and seafood every Sunday, and nestled among the surf shops is an eclectic mix of art galleries, book stores, and specialty shops.
