Price Change History: -9.82% ($685,000) 1 Price Change : Last Change 58 Days Ago
243 61St Street Gulf Street , FL - MARATHON
13 Beds, 13 Baths (full), Commercial
A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & very profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. There are 9 buildings on the property, 8 adorable free standing cottages and the main building with 3 rooms. Each room has been tastefully and tropically renovated inside and out. Each room is unique and comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Each of the cottages have shiny new Victorian shingle roofs. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck is leased for $5,000 per mos. and the Tiki Bar operations are owner operated. Both add to income and a great amenity for the guests. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small but friendly efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. There is ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950s as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Priced at just over 7% cap rate. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.
Listing Summary for 243 61st Street Gulf Street
Price:
$6,290,000
Bedrooms:
13
Bathrooms:
13
Half Baths:
n/a
Square Footage:
4,461
Lot Sq. Ft.:
24,384
Year Built:
n/a
Property Type:
Commercial
Sub-Type:
Commercial
MLS® #:
609079
Status:
Active
Address:
243 61st Street Gulf Street
City:
Marathon
State:
FL
Zip:
33050
County:
Monroe
Key:
Marathon
Side of Island:
Bay/Gulf
Community:
Marathon Heights
Mile Marker:
50.50
Tax Year:
2023
Date Listed:
03-06-2024
Additional Information
Is Waterfront:
No
Waterfront Type:
n/a
View
n/a
Has Pool:
n/a
Pool Info:
n/a
Short Sale:
No
Foreclosure:
No
Pets:
n/a
Docakge Type:
n/a
Dockage Length:
n/a
Dockage Seawall:
n/a
Dockage Construction:
n/a
Security:
n/a
Building Construction:
n/a
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The information being provided by the Florida Keys MLS is exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS. The MLS data provided for the property above (609079) is provided courtesy of (RE/MAX Keys Connection (KW)). Data last updated on 12-23-2024.
