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611 - 615 Whitehead Street, Key West, FL

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611 - 615 Whitehead Street

Key West, FL 33040-6548

Property Type:Hospitality Number of Rooms:14 Status:Existing Year Built:1920
Stories:- Building Size:4,604 SF Land Area:-
For Sale Price:$5,200,000 Price/Room:$371,429 Cap Rate:7.60 %


Sale Notes:
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.

Truman & Co.
Keith Bland
(305) 292-2244

Kent Ducote
(305) 292-2244

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