OCEANFRONT
BEACH RESORT
REDEVELOPMENT/CONVERSION
OPPORTUNITY
Jan – Aug 2003 GROSS: $408,567 NET: $158,836
PRICE: $5,000,000
100 UNITS
Located on the World’s Most Famous beach, this 100 unit beachfront resort
boasts 200+ feet of shimmering white sand beach, on a lot that is 260+
feet deep, for a total of 1.22 acres (mol). The building itself is a single
building with a 5 story section and a 3 story section, and has 53 oceanfront
units, 30 in the 5 story section, and 23 in the three story section. The
balance, 47 units, are either courtside or ocean view. The courtside units
are a mix of smaller hotel rooms. Of the total units, 32 are approximately
250 sq. ft. and the remaining 68 are approximately 340 sq. ft, and have
kitchenettes. The 5th floor of the large section has been gutted
for renovation, but the renovation has not started. In addition, there
is a small, 50+ seat restaurant which is closed, a large oceanfront pool
and guest laundry facilities.
The current owner purchased the property in June of 2001. Since the
purchase, the owner has run into some personal financial difficulty, and
wishes to dispose of this asset in a timely manner. He is open to any reasonable
offer, and may possibly carry a 2nd mortgage. The current mortgage
balance is $2.2 million, and will need to be paid at closing.
This is an opportunity to purchase a beachfront property that is ready
for repositioning in the market, either by rebranding, time share conversion,
or condo hotel conversion.
$34K PER
UNIT OCEANFRONT!!
FLORIDA RESORT GROUP, INC.
PHONE (727) 524-0066/frg@gate.net/www.frgi.com
Broker is an agent of and paid by the Seller. This document
does not constitute or imply an offer of sub-agency to any other Broker.
All information is obtained from Seller or Sellers Agent
and is believed to be accurate, but is not warranted by the Broker. #1178