Under contract-accepting backup offers. 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.
Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.
Our family of companies offer our clients a new level of full-service real estate. We shall:
To learn more about our credentials, visit raveis.com today.
Our Executive Mortgage Banker:
Our Insurance Division:
$2,999,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $2,399,200 | $2,399,200 | $2,399,200 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.125% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.443% | 6.258% | 6.201% |
Monthly Tax Payment | $670 | $670 | $670 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $14,578 | $14,578 | $20,246 |
Total Monthly Payment | $15,373 | $15,373 | $21,041 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.