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The Bungalows welcomes investors with an impressive 11 CAP RATE! This 10 unit plus office licensed hotel offers high income potential in its current use and intriguing value for future use of its four buildings and three parcels. A newly resurfaced pool and new pool equipment await guests. Two of the four buildings lay adjacent to the pool, offering multiple rentals just steps to a relaxing dip or lounging on the pool deck. The Bungalows offers studios, one and two bedroom units to appeal to all types of vacationers. Every unit features a kitchenette making them feel like a home away from home. The charm and pride of ownership also extends to the multiple outdoor spaces frequently raved about in reviews. Relax under shade, unwind in an Adirondack chair or play corn hole in the Florida sun - there are many options for outdoor enjoyment here. Each unit has direct access to outdoor areas made to feel like a private oasis for guests. This boutique hotel offers new roofs, HVAC and water heaters presenting the buyer with a low maintenance, tropical sanctuary. New floors and cabinets are just another highlight. Prime Gulf Blvd location with direct access to a crosswalk makes staying here a breeze for guests. The property is a two minute walk to Pinellas County's #1 tourist destination John's Pass Village & Boardwalk featuring shopping, restaurants, jet ski rentals, sunset cruises, fishing charters and live music. Treasure Island beach is located steps away and beacons guests to relax and stay a while. A boat ramp is located steps from this property making kayaking a breeze. Kayak, jet ski and floating tiki hut rentals routinely make arrangements to pick up guests here. This property is currently in the process of being renovated after receiving water intrusion from Hurricane Helene. Permits are already in place, giving the new owner the opportunity to be one of the first hotels reopening on the beaches and to take advantage of the busy winter and spring seasons. Additional 8 unit hotel for sale next-door, schedule your tour today.
| DAYS ON MARKET | 40 | LAST UPDATED | 11/19/2024 |
|---|---|---|---|
| TRACT | CONEY ISLAND | YEAR BUILT | 1948 |
| COMMUNITY | 33706 - Pass a Grille Bch/St Pete Bch/Treasure Isl | COUNTY | Pinellas |
| STATUS | Active | PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| AREA | 33706 - Pass a Grille Bch/St Pete Bch/Treasure Isl |
| CONSTRUCTION | Concrete, Stucco |
| EXTERIOR | Courtyard, Storage |
| HEAT | Central, Electric |
| INTERIOR | Stone Counters |
| LOT | 0.4 acre(s) |
| POOL | Yes |
| POOL DESCRIPTION | Gunite, In Ground, Private |
| SEWER | Public Sewer |
| SUBDIVISION | CONEY ISLAND |
| TAXES | 12505.12 |
| UTILITIES | Electricity Connected, Phone Available, Sewer Connected, Water Connected |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Evan Pedone, ENGEL & VOLKERS MADEIRA BEACH, 727-394-7365
The information contained herein has been provided by My Florida Regional MLS DBA Stellar MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Listings last updated 12/25/24 6:22 PM PST.
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