| 47 Units |
| Sales Price USD 13,850,000 |
Description
Price: ($14,000,000) Price Reduced to $13,850,000
Lot Size: 1.47 AC
Price Per Room: $297,872
Building Size: 25,825 SF
No. Rooms: 47
Cap Rate: 8.00%
No. Stories: 2
Business Value Included: Yes
Year Built/Renovated: 1973/2011
Property Type: Hotel
Parking Ratio: 0.94/1,000 SF
HIGHLIGHTS
Located just one hour south of Miami, in Islamorada, FL, which is known as the "sport-fishing Capital of the World".
Coined as "favorite" by South Floridians, natives gravitate to the Inn for its dockage and great access to fishing, diving, and back-country fishing.
The deep-water dockage is just seconds to the ocean via Tavernier Creek or west to Florida Bay and the Everglades.
The restaurant on premises is leased and has 2,436 square feet of inside under air, and outside pool and waterfront dining.
GENERAL INFORMATION
Creekside Inn is an Islamorada Boutique Motel only an hour south of Miami located on Plantation Key. Consisting of 47 transient units, 2 pools, a restaurant( mo. to mo. lease) with indoor and outdoor seating on the water all overlooking 650’ of dockage. This is a boaters paradise with deep water dockage and immediate ocean or bay access to the Sport Fishing and Dive Capital of the World.
The resort has many other revenue sources possible, such as; dive boats, charter boats, rental boats & jet skis. The sellers also own Tavernier Creek Marina across the street, a full service marina, and they do not want to compete with their existing marina tenants.
At their $14m asking price this purchase will provide an 8% cap rate or at a $13m sales price the resort would provide a 9% return on your investment.
What a place to live, work and play. Walking distances to all schools, shopping center and hospital. Just minutes by boat the reefs of John Pennekamp Coral State Park and the Fl Bay & Everglades National Park. Come live the dream!
EXECUTIVE SUMMARY
Cornell Commercial Real Estate is pleased to offer on an exclusive basis Creekside Inn. This hotel offers 42-existing units plus five additional units(TDR) stored within the village of Islamorada. The property includes 650 feet of deep-water dockage, a restaurant, two pools and an additional 429 square feet of commercial space. The entire resort has been luxuriously remodeled. Each room includes silent, air-conditioning, immaculate tile and marble bathrooms, beautiful bedding and decor. Each room included a private balcony and room-side dockage with immediate ocean/bay access. There is potential upside as the inn could generate additional income from dive/snorkel boats, fishing carters, and boat rentals.