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1601 Ocean Drive

Undetermined-OUT OF AREA, FL 32963
  • $9,750,000
  • STATUS: Active
  • ON SITE: 45 Days
  • MLS #: 218180
UPDATED: 23 min ago
$9,750,000
  • 0
    BEDS
  • 0.93
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
County:

School Ratings & Info

Description

Compass Commercial is pleased to present the rare opportunity to acquire a high-performing boutique hotel in one of Florida's most coveted real estate markets. The Caribbean Court Boutique Hotel features 18 well-appointed guest rooms, including a third-party restaurant, piano bar and lounge, pool area and patio - all situated in an idyllic setting, 100' from the beach on the barrier island in Vero Beach, home to white sandy beaches and some of the most desirable real estate in the country. The Resort is conveniently located at Ocean Drive and the 17th Street Causeway, a direct route to mainland grocery, dining, hospital and retail stores. Available for the first time in decades, The Caribbean Court Boutique Hotel has proven profitability with stabilized income and historically strong occupancy rates. The property has undergone extensive renovations, and online reviews consistently rate it as one of Vero Beach's top hotel destinations. The on-site restaurant and piano bar are operated by a third party, providing consistent income via a fully NNN long-term lease. The Hotel is currently operated by ownership and generated more than $1.18 million in revenue this year, with more than $505k in net profits to the owner. Nightly rents are noticeably below market, leaving a new owner the opportunity to achieve higher profitability via efficient management and a dynamic, nightly pricing model. The moment you enter the secluded resort, you feel a world away. The resort is awash in lush landscaping, charming archways and bubbling fountains, the perfect setting for Weddings and Special Events. On property, you'll find 18 beautifully decorated, modern, fully appointed guest rooms with views of the courtyard, pool, flowering vines and strategically private patios and balconies. Year-round weddings and private parties may reserve all 18 guest rooms, the 204 seat restaurant, Havana Nights Piano Bar and tent the paver parking areas. On site vending is available. The majority of the hotel bookings are repeat guests, conference attendees, and local residents of Indian River County and surrounding counties. The 204-seat restaurant Maison Martinique offers fine dining nightly and caters weddings and conferences year-round. At Havana Nights Piano Bar, 50 guests enjoy casual dining, live entertainment and mingling with the locals. The Caribbean Court Hotel features Caribbean style decor with antique furniture, hand painted tiles, Original Art from Spain, European sinks, sumptuous robes, cotton sheets, soft towels, and pillow top mattress. Rooms also feature modern conveniences, television, DVD players, refrigerator/freezer, microwave, coffee maker, safe, hair dryer and high-speed wireless internet. The CBS structure has been diligently maintained and the building enjoys a virtually zero deferred maintenance. The metal roofs are in excellent condition and have a long-life span; an extra layer of insulation was added during installation. The windows are either Impact Resistant windows or with shutters, updated infrastructure items such as electronic locks, modern HVAC, and modern plumbing. The property offers excess FAR, which allows for possible vertical expansion with a rooftop deck, plus adjacent parcels may be available for purchase from non-related parties to facilitate the Hotel's expansion. The Caribbean Court Boutique Hotel is offered fee-simple and unencumbered by both brand and operator. The Caribbean Court Boutique Hotel provides an exceptional opportunity for an owner-operator looking for a unique cash-flowing business or an investor looking to grow and curate a Florida-based hospitality portfolio. The Caribbean Court Boutique Hotel is offered at a 6%+ cap rate on its current cash flow, but ALL OFFERS are welcomed. Verified financials, operating metrics, and tax returns are available upon receipt of NDA.

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© 2021 St. Augustine & St. Johns County Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or CrossView Realty. Data last updated 2021-12-04T11:30:35.277.
www.crossviewrealty.com/homes/122571015
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1601 Ocean Drive Undetermined-OUT OF AREA, FL 32963

  • Price: $9,750,000
  • Status: Active
  • On Site: 45 Days
  • Updated: 23 min ago
  • MLS #: 218180
0
Beds
0
Baths
0
½ Baths
0.93
Acres
Neighborhood:
30 - All Other Areas
County:
Indian River
Area:
30 - All Other Areas
Property Description
Compass Commercial is pleased to present the rare opportunity to acquire a high-performing boutique hotel in one of Florida's most coveted real estate markets. The Caribbean Court Boutique Hotel features 18 well-appointed guest rooms, including a third-party restaurant, piano bar and lounge, pool area and patio - all situated in an idyllic setting, 100' from the beach on the barrier island in Vero Beach, home to white sandy beaches and some of the most desirable real estate in the country. The Resort is conveniently located at Ocean Drive and the 17th Street Causeway, a direct route to mainland grocery, dining, hospital and retail stores. Available for the first time in decades, The Caribbean Court Boutique Hotel has proven profitability with stabilized income and historically strong occupancy rates. The property has undergone extensive renovations, and online reviews consistently rate it as one of Vero Beach's top hotel destinations. The on-site restaurant and piano bar are operated by a third party, providing consistent income via a fully NNN long-term lease. The Hotel is currently operated by ownership and generated more than $1.18 million in revenue this year, with more than $505k in net profits to the owner. Nightly rents are noticeably below market, leaving a new owner the opportunity to achieve higher profitability via efficient management and a dynamic, nightly pricing model. The moment you enter the secluded resort, you feel a world away. The resort is awash in lush landscaping, charming archways and bubbling fountains, the perfect setting for Weddings and Special Events. On property, you'll find 18 beautifully decorated, modern, fully appointed guest rooms with views of the courtyard, pool, flowering vines and strategically private patios and balconies. Year-round weddings and private parties may reserve all 18 guest rooms, the 204 seat restaurant, Havana Nights Piano Bar and tent the paver parking areas. On site vending is available. The majority of the hotel bookings are repeat guests, conference attendees, and local residents of Indian River County and surrounding counties. The 204-seat restaurant Maison Martinique offers fine dining nightly and caters weddings and conferences year-round. At Havana Nights Piano Bar, 50 guests enjoy casual dining, live entertainment and mingling with the locals. The Caribbean Court Hotel features Caribbean style decor with antique furniture, hand painted tiles, Original Art from Spain, European sinks, sumptuous robes, cotton sheets, soft towels, and pillow top mattress. Rooms also feature modern conveniences, television, DVD players, refrigerator/freezer, microwave, coffee maker, safe, hair dryer and high-speed wireless internet. The CBS structure has been diligently maintained and the building enjoys a virtually zero deferred maintenance. The metal roofs are in excellent condition and have a long-life span; an extra layer of insulation was added during installation. The windows are either Impact Resistant windows or with shutters, updated infrastructure items such as electronic locks, modern HVAC, and modern plumbing. The property offers excess FAR, which allows for possible vertical expansion with a rooftop deck, plus adjacent parcels may be available for purchase from non-related parties to facilitate the Hotel's expansion. The Caribbean Court Boutique Hotel is offered fee-simple and unencumbered by both brand and operator. The Caribbean Court Boutique Hotel provides an exceptional opportunity for an owner-operator looking for a unique cash-flowing business or an investor looking to grow and curate a Florida-based hospitality portfolio. The Caribbean Court Boutique Hotel is offered at a 6%+ cap rate on its current cash flow, but ALL OFFERS are welcomed. Verified financials, operating metrics, and tax returns are available upon receipt of NDA.
Exterior Features

Construction ConcreteMasonry Foundation Block Location Direct Ocean View Lot Size 0.93 Misc Exterior LightingOnsite ParkingPole Sign Roof Other-See Remarks

Interior Features

Flooring 6-8 Inches Heating Cooling Central A/CWall A/C Misc Interior Display WindowElevatorFixturesFurnitureHandicapped AccessLicenseSecurity System Office Sq Ft 1500 Retail Sq Ft 4500

Property Features

Bank Corporate Owned YN No Business Description Luxury High-Performing Boutique Hospitality Asset Business Name Caribbean Court Boutique Hotel Cdd YN No Commercial Type HotelMotelRestaurant Electric 220 V Gross Annual Income 1309307 Net Operating Income 633793 Operating Expenses 675514 Seller Financing Terms To Be Negotiated Short Sale YN No Tenancy Multiple Tenants Type Of Property Hotel/Motel Waste Sewer Water City

Listing courtesy of Compass Florida Llc.


© 2021 St. Augustine & St. Johns County Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed by the MLS or CrossView Realty. Data last updated 2021-12-04T11:30:35.277.
 
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