Siesta Key Bungalows

Hospitality for Sale
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.

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

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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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