InnShopper > Inns for Sale > Florida > Key West > Coco Plum Inn

Coco Plum Inn


Key West, FL   Offered for sale at $5,200,000
 

The Coco Plum Inn is a charming Old Town guest house comprised of two historic buildings in a prime location with 14 rentable rooms plus a manager's and an owner's unit. Lushly landscaped grounds, swimming pool, courtyard and parking. Includes a 12 seat restaurant license. An incredible business opportunity with enormous upside potential (STR average occupancy rate for Key West is 85% vs their current 56%) Listed at a 7.6% cap rate (going appraisal rate for lodging properties in Key West has been approximately 7.5%). Property is licensed for 6 transient rentals with the City of KW and has applied for, and expected to receive the remaining 8, per the City's Legal Unit Determination process.

The best possible location in prime of Old Town Key West, one block west of world famous Duval Street. Equidistant from Mallory Square (Gulf of Mexico) and the Southernmost Point (Atlantic/Straights). In the same block as the Green Parrot - a Key West institution. The beach at Ft Zachary Taylor is in walking distance. Two blocks from the Earnest Hemingway House Museum.



Property Details
  • 14 Guest Rooms
  • 14 Guest Room Baths
  • Has Owner's Quarters
  • Built in 1890
  • Last Renovated in 1995
  • Opened in 1990
  • Building is 4,604 SQFT
  • Photo Gallery
  • Property Website
Financial Details
  • Offered for sale at $5,200,000
  • Occupancy Rate: 56%
  • Average Daily Rate: $215
  • Annual revenue is $660,287
  • Terms: $393,614 NOI (2015) Listed at a 7.57% cap rate. Small lodging properties in Key West are currently appraising for app 7.5%
  • Prequalify for Inn Financing on this property
Contact Information