16872 Highway 19Cross City, FL 32628

Property Details for 16872 Highway 19

Year built

1961

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.44 AC

Property size (Sq ft)

9,616 SF

Zone code

C-2

Property type

Motels

APN

09-10-12-2144-0024-001.0

APU

91012214400240010

Description

This exceptional investment opportunity presents a 27-unit motel and a leased full-service restaurant situated on a 1.44-acre lot in Cross City, Florida. The property boasts a substantial 16,912 square feet of space, encompassing a two-story, 25-unit motel (plus two additional apartment units) and a 4,896 square foot restaurant operating under a year-to-year lease. Built in 1961 and extensively renovated in 2021, the motel features a recently replaced roof (within the last two years) and new plumbing. The property also includes an in-ground pool and ample parking for 50+ vehicles. The motel consistently maintains a 70% occupancy rate, generating a significant gross revenue stream from room rentals. In 2023, the motel's gross revenue from room rentals totaled $273,783, supplemented by $25,680 in annual lease income from the restaurant, resulting in a combined gross revenue of $299,463. The property's strong performance is reflected in its impressive Net Operating Income (NOI) of $143,575 for 2023, representing a 5.74% cap rate. The asking price is $2,500,000, translating to approximately $92,592.59 per key. The property's location on SE Hwy 19 benefits from a high average annual daily traffic count of 20,313 vehicles. This turnkey investment requires no immediate capital expenditures (CAPEX), making it an attractive opportunity for owner-users or investors seeking a stable and profitable venture in the Florida hospitality market. The property's address is 16872 SE Hwy 19, Cross City, FL 32628, APN 09 10 12 2144 0024 0010.

Location Insight

City

Cross City

County

Dixie

State

Florida

Latitude

29.6321

Longitude

-83.1219

Property Tax & Assessments

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