1116 Grinnell Street

Key West, FL 33040 / GG Watson Sub (1.0)

MLS ID# 605923 Closed
Commercial

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Closed $5,350,000

0.11 acres

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• Description
• Location, Tax & Legal
• General Property Description
• Details

Description

Extraordinary and rare Investment opportunity in the robust Key West lodging market, The Grand Guesthouse is nestled in a quiet residential neighborhood 7 short blocks from Duval St in the very heart of Old Town. Walk, bike, or scooter your way around the Historic District and enjoy the excellent restaurants, bars, shopping, and beaches. Bike to the HarborWalk to catch your sunset sail or fishing charter, or dive and snorkel the reef, or kayak the back country - the opportunities are endless and convenient from this property, ideally located close to all the action. Listed at an 8.07% cap rate, the transient-licensed 10 guest rooms and suites have been completely renovated. In addition, exceptional upside exists with immediate value add opportunities including (1) a spacious 2 bd/ 1 bath apt currently used by the owners that has a non-transient license, allowing for vacation rentals and significant increased income, (2) the 8.07% cap rate is based on 2022 financials with an occupancy rate of only 73% compared to 86% citywide, and (3) a historic B&B liquor license is available from the State at minimal costs allowing for the sale of alcohol via in-room mini-bars, or other tiki bar type setup. This license in addition to the restaurant license already in hand for current owners. The original house was built in the 1880's as a rooming house for workers at the cigar factory at the end of the block. The property was converted into and used as a single-family home from the 1940's to the 1960's when it was converted back to a rooming house. In 1998, the property was transformed from its humble beginnings into The Grand Guesthouse. Today, each of the 10 guest rooms and suites feature en suite bathrooms, private entrances, A/C with ceiling fans, cable television, USB charging stations, a small refrigerator, and tropical décor. Lush tropical landscaping and outdoor seating areas wait for guests to enjoy breakfast and the courtyard. www.thegrandguesthouse.com. Extraordinary and rare Investment opportunity in the robust Key West lodging market, The Grand Guesthouse is nestled in a quiet residential neighborhood 7 short blocks from Duval St in the very heart of Old Town. Walk, bike, or scooter your way aro... show more

Location, Tax & Legal

• Street # 1116
• Street Name Grinnell
• Street Suffix Street
• Key/Island Key West
• City KEY WEST
• State/Province FL
• Zip Code 33040
• Off Shore Island No
• Subdivision GG Watson Sub (1.0)
• Mile Marker 1
• County Monroe
• Area 02 - Key West
• KW Neighborhood Old Town-S of Truman
• Marathon Neighborhood N/A
• Side Ocean
• Flood Zone 0.2 PCT ANNUAL CHANC
• Alternate Key # 1032387
• Parcel # 00031600-000000
• Bldg Nbr 2
• Zoning HMDR - Historic Medium Density Residential
• Legal KW G G WATSON SUB I-209 PT LOT 9 SQR 5 TR 13 G57-527/28 OR498-217 OR696-366/67 OR806-2449/50 OR807-1558/59 OR1359-1966/
• Taxes 24339.71
• Tax Year 2022

General Property Description

• Realtor.COM Type Commercial
• Style Commercial
• Lot Size 50' (frontage on Grinnell) x 94' deep
• Lot SqFt 4666
• Waterfront No
• Control Depth 0
• Business Name The Grand Guesthouse
• Year Established 1998-07-15
• # Parking Spaces 6
• Off Street Parking 6
• # Stories 2
• Total # Buildings 2
• Building SqFt 3384
• SqFt Source Tax Records
• Net Leasable Area 3384
• Total Units 11
• Year Built 1938
• Total Bedrooms 12
• Full Baths 11
• Half Baths 1
• Total Baths 12

Details

• License Info

  # of City License:11, # of Transient Licns:10, 2-Cop (Beer & Wine), Non Trans Rntl Lic

• Association Info

  No Mandatory Home Owners Asc, No 1st Right of Refusal

• Accounts & Meters

  # Sewer Accounts:1, # Water Meters:1, # Electric Meters:10

• Property Info

  # Kitchens:2, # Refrigerators:13, # Range/Ovens:1, # Washers:2, # Dryers:2, # Dishwashers:2, NOI:531305

• Type

  Hotel/Motel

• Waterfront

  None

• Waterview

  No Waterview

• Dockage

  None

• Vehicle Storage

  Guest Parking, Off Street Parking

• Cooling

  Ceiling Fans(s), Heat Pump, Wall/Window Unit(s)

• Heating

  Ductless, Electric, Heat Pump

• Utilities

  FKAA, Municipal Sewer, Propane

• Interior Features

  Cathedral Ceilings, Drapes/Blinds Incl, Entrance Foyer, Furnished, Smoke Alarms, Window Treatments

• Appliances

  Dishwasher, Dryer, Range, Refrigerator, Washer

• Miscellaneous

  Fencing, Lobby, Manager on Premises, Patio

• Construction

  Frame

• Electric

  220 Volt

• Windows/Doors

  Aluminum Windows, Double Hung Windows, French Doors, Jalousie Windows, Single Hung Windows, Wood Windows

• Shutters

  Panel, Storm Shutters

• Floor

  Tile, Wood

• Roof

  Metal Roof

• Land Size

  Less Than 1/4 Acre

• Fee Includes

  None

• Terms

  Assumable, Assumable-Qualify, Buyer Obtain Finance

• Tenant Paid

  Tnt Pays No Utils

• Show

  24 Hour Notice, Call List Agent, LA Must Accompany

• Property Rights

  Beverage License, Transient License

• Financial Status

  No Bank Owned, No Potential Short Sale