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Property
Beds
18
Full Baths
None
1/2 Baths
None
Year Built
1991
Sq.Footage
8,101
CASH OR OWNER FINANCING ONLY (50% MINIMUM DOWN PAYMENT) This is a high vacancy property with delayed maintenance awaiting for the new owner(s)/operator(s) to transform it. excellent opportunity to acquire a rare non-conforming 14 unit licensed VALUE ADD Motel on the market in primo location, off Gulf Blvd on Indian Rocks Beach, FL! The Sea Star Motel, a family owned and operated Motel over the last 25 years hits the market! The property consist of 13 units ( efficiencies, one bedroom/one bathroom, two bedroom/one-two baths) and the owner’s home (14th unit) a 2 bedroom/2 bathroom home with large office that can be converted to third bedroom, living room, dinning, and ability to reconfigure to 4/2 that sits over two car garage plus two carport. Guest will enjoy stunning views of the Gulf of Mexico from the stop of the stairs, front porch, with Hot tub. All units are combined on Three parcels, two facing Gulf Blvd, in total 8,100 living sqft/9,834 over roof sqft, four (4) Buildings and separate building for laundry and storage(5th building) in total. Sale Price includes all furnishings for units 1-13. All rooms have full size kitchen or kitchenettes with multiple laundry on site. There is ample guest parking, boat, RV, Trailor, for additional revenue. There are several Value-add strategies: 1. Owner/operator optimizes bookings, rebrands Motel, brings in professional management, renovates units, can live on site or off site to maximize ROI. There is enough space in the court yard to add in a New Pool and still have plenty of outdoor guest space. The Nightly rates are well below market and owners are aware. See website for current boking prices. This creates an opportunity for new owner/operator to capture lost revenue from sub market rates. 2. Use some units as month to month or furnished longer term rentals with no leases in place therefore, new owner/operator can operate as full time Motel or allow Short term rental bookings via VRBO/AirBNB. Of importance when performing your independent financial analysis/ underwriting, Owner’s home/unit has never been leased due to owner occupancy onsite full time. The single family home has the ability to reconfigure to allow 8+ guest due to its size of just under 1700sqft. 3. Alternatively, A developer could assemble all three parcel and rezone to achieve 8+ Luxury townhomes (speak to local zoning) up to 35ft each with variable density and sqft. Indian Rocks Beach zoning and municipality currently allows short term rentals with no minimum day restrictions. Therefore, a savvy Investor/Developer can capitalize on this rare opportunity. Multiples offers are expect as property is priced for quick sale with minimal inspection/due diligence period. No HOA, Condo, Deed restrictions, a rare fee simple Motel ready for the new owner. Please note this business is an active Motel with guest therefore, shown by appointment only. Sellers will consider Owner financing with 50% downpayment to qualified and experienced Hotel/Motel Investor-Operators who have a proven and verifiable track record with similar projects. Financials and creditworthiness will be independently evaluated by sellers to consider owner financing terms. Do not walk, solicit, or disturb guest or owners. A non-disclosure agreement (NDA) must be signed by all parties prior to sharing any inspections, disclosures, Financials, and offering memorandum package.
Features & Amenities
Interior
-
Other Interior Features
High Ceilings
-
Total Bedrooms
18
-
Bathrooms
N/A
-
Cooling YN
YES
-
Cooling
N/A
-
Fireplace YN
YES
-
Heating YN
YES
-
Heating
Central, Electric
-
Pet friendly
N/A
Exterior
-
Garage
Yes
-
Garage spaces
2
-
Construction Materials
Block, Concrete, Stucco, Wood Siding
-
Other Exterior Features
Balcony, Outdoor Grill, Outdoor Shower
-
Parking
Attached
-
Pool
No
-
Waterfront YN
NO
-
View
Water
Area & Lot
-
Lot Features
Corner Lot
-
Lot Size(acres)
0.51
-
Property Type
Residential Income
-
Property Sub Type
Multi Family
Price
-
Sales Price
$2,999,000
-
Tax Amount
8038.0
-
Sq. Footage
8, 101
-
Price/SqFt
$370
HOA
-
Association
NO
School District
-
Elementary School
N/A
-
Middle School
N/A
-
High School
N/A
Property Features
-
Foundation Details
Block, Pillar/Post/Pier, Slab
-
Ownership
Fee Simple
-
Senior Community YN
NO
-
Sewer
Public Sewer
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Location
County
Pinellas
Elementary School
Middle School
High School
Listing Courtesy of Ben Mitrano PA , LPT REALTY, LLC
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Business Coach | Executive Sales Associate | Realtor®
MichaelGraf
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