Skip To Content

243 61St Street Gulf Street

Marathon, FL 33050
  • $6,975,000
  • STATUS: Active
  • ON SITE: 127 Days
  • MLS #: 609079
UPDATED: 68 min ago
$6,975,000
  • 13
    BEDS
  • 0.56
    ACRES
  • 13
    BATHS
  • 1
    1/2 BATHS
  • 4,461
    SQFT
  • $1,564
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1954
County:

School Ratings & Info

Description

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.

Monthly Payment Calculator



The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than KeyIsle Realty are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
www.keyislerealty.com/homes/148335454
Print Image

243 61St Street Gulf Street Marathon, FL 33050

  • Price: $6,975,000
  • Status: Active
  • On Site: 127 Days
  • Updated: 68 min ago
  • MLS #: 609079
13
Beds
13
Baths
1
½ Baths
0.56
Acres
4,461
SQFT
$1,564
$/SQFT
1954
Built
Neighborhood:
Marathon Heights (50.5)
County:
Monroe
Area:
15 - Sombrero Bch Rd To Vaca Cut Gulfside
Property Description
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.
Exterior Features

Construction CBSManufacturedFrameCombo Construction Dockage None Land Size 1/2 - Less Than 1 AC Lot Size 24384 Miscellaneous Chickee HutStorageManager on PremisesFencing Off Street Parking yes Parking Spaces ample Roof Metal RoofOther Roof Side Bay/Gulf Style Commercial Vehicle Storage Common ParkingOff Street ParkingGuest Parking Waterfront None Waterfront YN No Waterview No Waterview

Interior Features

Appliances DryerWasherRefrigerator Cooling Heating Central Air Interior Features Drapes/Blinds InclWindow TreatmentsLaundry RoomFurnished Kitchens 2 Net Leasable Area 4461.00 Windows Doors Other Windows/Doors

Property Features

Assoc Hoa YN No Assoc Right Of Refusal No Bank Owned No Bank Owned Financial Status No Business Name Tropical Cottages City MARATHON Commercial Type Hotel/Motel Control Depth 0 Electric 220 Volt Electric Meters 3 Fee Includes None Fema List No Flood Zone AEAEAE Legal MARATHON HEIGHTS PB2-83 KEY VACA LOTS 3 THRU 8 BLK 1 G42-19 G47-537 OR547-1030 OR724-21 OR950-1411D/C OR960-185R/S OR983 License Info 2-Cop (Beer & Wine) Listing Board Key West Association Mile Marker 50.50 Potential Short Sale No Potential Short Sale Financial Status No Property Info License Included Property Rights Transient License Property Type Commercial Recorded Plat Yes Sewer Accounts 1 Sq Ft Source Property Data Card Tax Year 2023 Taxes 19706.11 Tenant Paid Tnt Pays No Utils Terms Buyer Obtain FinanceSeller Finance Psble Title Negotiable Total Units 11.00 Utilities FKAAMunicipal Sewer Water Meters 1 Year Established 1975-12-31 Zoning MU - Mixed Use Commercial Mixed Use

Listing courtesy of Curtis Skomp, Ccim of RE/MAX Keys Connection (KW): (305) 296-1400.


The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than KeyIsle Realty are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
 
https://bt-photos.global.ssl.fastly.net/flkeys/1280_boomver_1_609079-2.jpg https://bt-photos.global.ssl.fastly.net/flkeys/1280_boomver_1_609079-2.jpg https://bt-photos.global.ssl.fastly.net/flkeys/1280_boomver_1_609079-2.jpg
Logo
KeyIsle Realty
30971 Avenue A Suite A
Big Pine Key FL, 33043