243 61st Street Gulf Street, MARATHON, FL

$6,290,000

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13

Beds

14

Baths

4,461

Square feet

About 243 61st Street Gulf Street

A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & very profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. There are 9 buildings on the property, 8 adorable free standing cottages and the main building with 3 rooms. Each room has been tastefully and tropically renovated inside and out. Each room is unique and comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Each of the cottages have shiny new Victorian shingle roofs. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck is leased for $5,000 per mos. and the Tiki Bar operations are owner operated. Both add to income and a great amenity for the guests. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small but friendly efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. There is ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950's as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Priced at just over 7% cap rate. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.

Features of 243 61st Street Gulf Street

MLS® # 609079
Price $6,290,000
Bedrooms 13
Bathrooms 14.00
Full Baths 13
Half Baths 1
Square Footage 4,461
Year Built 1954
Type Commercial
Sub-Type Commercial
Status Active

Community Information

Address 243 61st Street Gulf Street
Area 15 - Sombrero Bch Rd to Vaca Cut Gulfside
Subdivision Marathon Heights (50.5)
City MARATHON
County Monroe
State FL
Zip Code 33050

Amenities

Utilities FKAA, Municipal Sewer
Parking Common Parking, Guest Parking, Off Street Parking
View No Waterview
Is Waterfront No
Waterfront None

Interior

Interior Features Drapes/Blinds Incl, Laundry Room, Furnished, Window Treatments
Appliances Refrigerator, Washer, Dryer
Heating Central A/C
# of Stories 1

Exterior

Lot Description 1/2 - Less Than 1 AC
Windows Other Windows/Doors
Roof Metal Roof, Other Roof
Construction Frame, CBS, Manufactured, Combo Construction

Additional Information

Date Listed March 6th, 2024
Days on Market 136
Zoning MU - Mixed Use Commercial Mixed Use
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentCurtis Skomp, Ccim
OfficeRE/MAX Keys Connection (KW)

Listing Map

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