813 Simonton StKey West, FL 33040

Property Details for 813 Simonton St

Year built

1995

Lot size

0.78 AC

Property type

Hospitality properties

Property subtype

Other hospitality properties

Description

This 18-key, adults-only boutique hotel in Key West's Old Town, located on Simonton Street, one block from Duval Street, presents a compelling investment opportunity. Built in 1995 on a 0.78-acre lot, the property boasts a current NOI of $655,648 and a 91.6% occupancy rate (as of June 30, 2024). The pro-forma NOI is projected at $1,073,676, resulting in a pro-forma cap rate of 7.80%. The asking price is $13,760,750, representing a current cap rate of 4.76%. The hotel's prime location offers proximity to major attractions including the Florida Keys National Marine Sanctuary, Fort Zachary Taylor Historic State Park, Key West International Airport, and the Naval Air Station Key West. The property's strong historical performance and potential for increased average daily rate (ADR) through operational adjustments and targeted marketing to luxury travelers make it an attractive acquisition for investors seeking a high-return hospitality asset in a highly desirable leisure market. The property utilizes 18 ROGO licenses. This presents a unique opportunity to acquire a well-established hotel with significant upside potential in one of North America's most sought-after tourist destinations.

Location Insight

City

Key West

County

Monroe

State

Florida

Latitude

24.5535

Longitude

-81.7988

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