SPACECOAST I-95 INN
Trl 12 thru May 2005 GROSS: $1,461,502         NET: $490,709
PRICE: $3,725,000
121 UNITS     This property is located in one of East Coast Florida’s fastest growing counties. Within 3 miles of the property, a new regional Super Wal Mart (208,000 sq. ft.) and a new Publix grocery have been built, and there is a new One Million sq. ft. regional mall being developed.
    This 121 unit hotel has undergone a major renovation during the past 3 years. Included in the renovation are all new soft goods, case goods, carpet, beds, air conditioners, a new composite mansard roof, a new lighting package, new 25" TVs, new micro/fridges, exterior painting, a new phone system and completely remodeled lobby. 61 rooms also received new knock down finish. The pool was re-marcited in May of 2003 and all smoke detectors were hardwired.
    There is a 60 seat restaurant that has been leased to a local restaurateur. It is his second restaurant in the area, and he has a good reputation and a large following. Restaurant rent is $1,600 per month, plus utilities. The property sits on 3 acres(+/-), and there is also a 1.5 acre (+/-) out parcel that is lakefront and could be used for future development.
    Priced at appraised value, this is a serious opportunity to purchase a property in a fast growing market that has had a major renovation and is ready for strong management to grow this asset to its next level. GROWING AREA @ 13+ CAP!!

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 Seller’s Agent and is believed to be accurate, but is not warranted by the Broker. #1189