1705 Ocean DrVero Beach, FL 32963

Property Details for 1705 Ocean Dr

Year built

1956

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.55 AC

Property size (Sq ft)

8,611 SF

Zone code

RM-10

Property type

Motels

APN

33-40-05-00009-0030-00018.0

APU

9223372036854775807

Description

This exceptional 18-unit hotel presents a lucrative investment opportunity in Vero Beach, Florida. Located at 1705 S Ocean Drive S, this established property boasts a prime location directly across from public beach access, ensuring high occupancy rates. Built in 1956 and situated on a spacious 23,958 square foot lot, the hotel has undergone significant recent upgrades. These improvements include a new roof, an updated electrical panel, and a modernized billing system, streamlining operations and enhancing efficiency. Each of the 18 units has been meticulously renovated to create a desirable beach-themed atmosphere for guests. One unit is dedicated to on-site staff, providing 24/7 support and maximizing operational efficiency. The hotel's strong performance and streamlined operations allow for owner-operator absentee ownership. The asking price is $5,500,000, and owner financing is available, making this a compelling investment opportunity in a highly sought-after vacation destination. The property's location, recent upgrades, and efficient management structure combine to create a profitable and low-maintenance investment. This is a rare chance to acquire a well-established, high-performing hotel in a prime beachfront location. The property is ready for immediate income generation and offers significant potential for future growth.

• CAP approach

  CAP return

  Valuation

  6%

  $3,811,020

  6.5%

  $3,517,865

  7%

  $3,266,589

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,158,320

  Geo Method

  $5,158,320

• Alternative Use

  Use

  Valuation

  Residential

  $3,840,486

  Hospitality

  $3,517,865

  Educational

  $2,926,822

  Medical

  $3,027,480

  Retail

  $4,552,834

Location Insight

City

Vero Beach

County

Indian River

State

Florida

Latitude

27.6331

Longitude

-80.3532

CBSA code

42680

CBSA name

SEBASTIAN-VERO BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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