260 Merritt Island CswyMerritt Island, FL 32952

Property Details for 260 Merritt Island Cswy

Year built

1973

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

6.93 AC

Property size (Sq ft)

10,646 SF

Zone code

BU2

Property type

Hospitality properties

Property subtype

Hotels

APN

24-36-35-00-00010.0-0000.00

APU

9223372036854775807

Description

This exceptional 128-key hotel, situated on a 6.93-acre parcel in Merritt Island, Florida, presents a compelling investment opportunity. The two-story, 60,181 square foot property, built in 1973, boasts a BU-2 zoning designation and is conveniently located near major attractions, including Port Canaveral (8 miles), Cocoa Beach (8 miles), and Kennedy Space Center (10 miles). The hotel's strategic proximity to these destinations, along with Patrick Space Force Base (13 miles), capitalizes on the significant tourism and military presence in the area. Generating $1,929,165 in revenue in 2023, this property offers substantial upside potential for a hands-on owner. The existing amenities include a vacant approximately 4,700 square foot fitness center (convertible to banquet space), tennis courts, a vacant restaurant, and a vacant bar, all presenting opportunities to increase revenue streams. Abundant parking provides potential for additional income through cruise port and beach parking services with shuttle options. The Econo Lodge flag will be removed in September 2024, allowing for rebranding or independent operation. Furthermore, the property benefits from its location near new developments, including a hospital and retail establishments currently under construction. The surging population growth in the Space Coast area further enhances the long-term investment prospects. Considerable potential exists for repositioning the property for alternative uses, such as multifamily, assisted living, or drug rehabilitation. The property's location offers easy access to the major tourism hub of Downtown Orlando, approximately a half-hour away. This is a rare opportunity to acquire a value-add property in a thriving market with significant growth potential. APN: 24-36-35-00-00010.0-0000.00.

Location Insight

City

Merritt Island

County

Brevard

State

Florida

Latitude

28.3583

Longitude

-80.6947

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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