Catylist ID:
#30657472
| Catylist Listing ID: | 30657472 |
| Property Subtypes: | Hotel, Motel, Resort, 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: | $2,975,000 |
| Unit Price: | $297,500 Per Unit |
| Property Use Type: | Investment |
| Building Name: | Siesta Key Bungalows |
| Name of Establishment: | Siesta Key Bungalows |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.0% |
| Last Updated: | 10/15/2020 |
Overview / Comments
|
Siesta Key Bungalows This 10-unit waterfront vacation rental resort has an impeccable reputation and was recognized with the 2019 Trip Advisor "Hall of Fame Award" and the "100% White Glove Award" by Superior Small Lodging. Charming courtyard setting of four single-story buildings; no elevators or interior common hallways requiring guests to share. Siesta Key Bungalows has been owned and operated for the past 16+ years by the same owner. This opportunity is well-suited for multiple types of investors. Either an investor looking to add to their hospitality portfolio and bring in experienced management, or a roll-up-your sleeves entrepreneur that has always dreamed of owning and operating their own vacation resort business. And what a location! An Old-Florida setting with courtyard, heated pool and fishing & kayaking on Heron Lagoon just a mile South of world-famous Siesta Key Beach. Nestled in a quiet, heavily treed area surrounded by million dollar plus homes! Maximum rental flexibility due to daily rental option not often found on Siesta Key. Each Bungalow is approved by the State of Florida as an individual condominium unit. Operating currently as a hotel, the property was evaluated in 2018 at $4,475,000 subject to some remodeling, and if sold as a individual condominium hotel investment property. Architectural renderings available. Full appraisal available to prospective buyers who sign the Confidentiality Agreement. |
Attachments & Media
Additional Details
| Nearest MSA: | North Port-Sarasota-Bradenton |
| County: | Sarasota |
| Taxing Authority: | Sarasota County |
| Tax ID/APN: | 0128020012 |
| Zoning: | RSF2 |
| Property Located Between: | On West side of Midnight Pass Road minutes South of the Stickney Point Bridge |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Midnight Pass Road |
| Feet of Frontage: | 150 |
| Highway Access: | Midnight Pass Road to Stickney Point Road |
| Airports: | SRQ 25 minutes |
| Site Description: | Heavily treed and landscaped with Florida-friendly foliage. Property has water frontage on Heron Lagoon. |
| Area Description: | Siesta Key is a popular vacation destination best known for it's world famous Siesta Key Beach. Mature trees, foliage and landscaped properties with mostly residential single family homes and condominiums. Free trolley to popular Siesta Key Village for shopping, dining and weekly Farmer's Market along with other restaurant and retail locations close to Siesta Key Bungalows. |
| Nearby Attractions: | Siesta Key Beach and Turtle Beach. Siesta Key Village and its eclectic dining and shopping options along with other dining and shopping options nearby |
| Total Number of Buildings: | 4 |
| Number of Stories: | 1 |
| Property Condition: | Excellent |
| Year Built: | 1956 |
| Year Renovated: | 2017 |
| Roof Type: | Flat |
| Construction/Siding: | Block |
| Water Recreation: | Outdoor Pool, Other |
| Exterior Description: | Four buildings housing 10 boutique bungalows |
| Parking Type: | Surface |
| Parking Description: | Open |
| Heat Type: | Electricity |
| Heat Source: | Central |
| Air Conditioning: | Package Unit |
| Internet Access: | Cable |
| Interior Description: | Each Bungalow is fully furnished, re-decorated and has a full bath and apartment-style kitchen |
| Zoning Description: | Residential Single Family-2 Grandfathered for current use. |
| In Flood Plain?: | Yes |
| Lot Frontage: | 150 |
| Lot Depth: | 200 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Utilities |
| Easements Description: | Routine Utility Easements |
| Land Ownership: | Owned |
| Legal Description: | Plat book-page 2-32; Lots 3, 4 & 5 Block B PID# 0128020012 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 1,311 | 39,389 | 95,800 |
| Median Age: | 55.74 | 57.82 | 53.64 |
| Households: | 633 | 20,452 | 46,904 |
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