Siesta Key Bungalows

Hospitality for Sale
Catylist Listing ID: 30247148
Property Subtypes: Extended Stay, Motel, Vacation Rental(s)
Number of Units: 10 Units
Building Size (RSF): 6,365 SF
Gross Building Area: See Agent
Gross Land Area: 29,019 SF
Sale Price: $3,250,000
Unit Price: $325,000 Per Unit
Property Use Type: Investment, Business
Building Name: Siesta Key Bungalows
Sale Terms: Cash to Seller
Cap Rate: 6.1%
Last Updated: 4/24/2018

Overview / Comments

Nestled away from life's hustle and bustle Siesta Key Bungalows brings Old Florida charm to the forefront with its colorful decor and lush tropical setting. Its location on Heron Lagoon offers a beautiful natural area for fishing, kayaking and serene water views. Only minutes by car, bike or Island Trolley to the white sandy beaches of Crescent and Turtle Beaches. Very manageable 10 unit property that is completely furnished and recently updated. Steady historical cash flows in place with great upside potential through self management or as a condominium sellout. The property has recently been approved by the State of Florida as a condominium permitting ownership to start taking reservations and selling individual units.

Financials

Finance Data Year 2018
Actual or Proforma Year Proforma
Net Operating Income $197,500 (Annual)
Potential Rental Income $395,000 (Annual)

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota County
Tax ID/APN: 01280200126365
Zoning: RSF-2
Retail Clientele: Family, Traveler, Tourist, Recreation
Property Located Between: Turtle and Crescent Beaches on Siesta Key
Property Visibility: Excellent
Largest Nearby Street: Midnight Pass Road
Feet of Frontage: 150
Airports: Sarasota Bradenton
Area Description: Approximately 55 miles south of Tampa on Florida's Gulf Coast, Siesta Key is an eight-mile-long barrier island connected to Sarasota by two bridges. Siesta Bungalows is on the southern side of island directly on Heron Lagoon and surrounded by Sarasota Bay and the Gulf of Mexico. Just a few minutes by car or bicycle to the emerald blue & teal waters and white sandy Crescent and Turtle Beaches. Close to restaurants and shops on the island and to the southern bridge that crosses over to Sarasota mainland.
Nearby Attractions: Siesta Key Beaches and Sarasota Bay
Total Number of Buildings: 3
Number of Stories: 1
Property Condition: Good
Year Built: 1956
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Block
Average Occupancy Rate: 65
Water Recreation: Outdoor Pool, Other
Parking Type: Surface
Parking Description: 20+ Spaces
Laundry: Laundromat Nearby
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: RSF-2
In Flood Plain?: Yes
Lot Frontage: 150
Lot Depth: 209
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: LOTS 3 4 & 5 BLK B OCEAN VIEW

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,311 39,933 95,800
Median Age: 55.74 57.99 53.64
Households: 633 20,747 46,904

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