243 61St Street Gulf Street

Marathon, FL 33050 / Marathon Heights (50.5)

MLS ID# 609079 Active
Commercial

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$6,975,000

0.56 acres

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

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. 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 pr... show more

Location, Tax & Legal

• Street # 243
• Street Name 61St Street Gulf
• Street Suffix Street
• Key/Island Marathon
• City MARATHON
• State/Province FL
• Zip Code 33050
• Subdivision Marathon Heights (50.5)
• Mile Marker 50.5
• County Monroe
• Area 15 - Sombrero Bch Rd to Vaca Cut Gulfside
• Marathon Neighborhood Mid-Town - Gulf (Sombrero to Airport)
• Side Bay/Gulf
• Flood Zone AE,AE,AE
• Alternate Key # 1415898
• Parcel # 00338430-000000
• Zoning MU - Mixed Use Commercial Mixed Use
• 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
• Taxes 19706.11
• Tax Year 2023

General Property Description

• Realtor.COM Type Commercial
• Style Commercial
• Lot Size 24,384
• Lot SqFt 24384
• Waterfront No
• Control Depth 0
• Business Name Tropical Cottages
• Year Established 1975-12-31
• # Parking Spaces ample
• Off Street Parking yes
• # Stories 1
• Total # Buildings 9
• Building SqFt 4461
• SqFt Source Property Data Card
• Net Leasable Area 4461
• Total Units 11
• Year Built 1954
• Total Bedrooms 13
• Full Baths 13
• Half Baths 1
• Total Baths 14

Details

• License Info

  # of City License:12, # of County License:12, # of Transient Licns:11, 2-Cop (Beer & Wine)

• Association Info

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

• Misc Property Info

  Recorded Plat

• Accounts & Meters

  # Sewer Accounts:1, # Water Meters:1, # Electric Meters:3

• Property Info

  # Kitchens:2, License Included, 1 Bed/Bath:13

• Type

  Hotel/Motel

• Waterfront

  None

• Waterview

  No Waterview

• Dockage

  None

• Vehicle Storage

  Common Parking, Guest Parking, Off Street Parking

• Cooling

  Central Air

• Utilities

  FKAA, Municipal Sewer

• Interior Features

  Drapes/Blinds Incl, Furnished, Window Treatments

• Appliances

  Dryer, Refrigerator, Washer

• Miscellaneous

  Chickee Hut, Fencing, Manager on Premises, Storage

• Construction

  CBS, Combo Construction, Frame, Manufactured

• Electric

  220 Volt

• Windows/Doors

  Other Windows/Doors

• Roof

  Metal Roof, Other Roof

• Land Size

  1/2 - Less Than 1 AC

• Fee Includes

  None

• Terms

  Buyer Obtain Finance, Seller Finance Psble

• Tenant Paid

  Tnt Pays No Utils

• Show

  48 Hour Notice, Call List Agent, LA Must Accompany

• Property Rights

  Transient License

• Auction Info

  No Auction

• Financial Status

  No Bank Owned, No Potential Short Sale