823 Fleming StKey West, FL 33040

Property Details for 823 Fleming St

Year built

1930

Lot size

0.63 AC

Property size (Sq ft)

4,166 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

00005700-000000

APU

5700000000

Description

This exceptional 35-key boutique hotel, situated on a 0.57-acre lot at 823 Fleming St, Key West, FL 33040, presents a compelling investment opportunity. Originally constructed in 1892, this Old Town gem is ideally located adjacent to historic Fleming Street, known for its vibrant boutiques, galleries, and restaurants. Currently operating at an 88% occupancy rate (as of June 30, 2024), the property boasts a Net Operating Income (NOI) of $711,377 and a current cap rate of 3.36%. However, a pro-forma analysis projects a significantly higher NOI of $1,206,523 and a 5.70% cap rate, reflecting the substantial upside potential inherent in repositioning the property. The existing business model caters to group travelers seeking affordable lodging. A strategic renovation and shift towards a luxury boutique hotel model, coupled with leveraging the existing liquor license to implement a food and beverage program, can dramatically increase revenue per available room (RevPAR). The hotel's expansive layout and amenities offer a unique opportunity to create a truly exceptional guest experience. The property's prime location offers easy access to Duval Street, the Florida Keys National Marine Sanctuary, Fort Zachary Taylor Historic State Park, Key West International Airport, and Naval Air Station Key West. The asking price for this remarkable property is $21,150,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,341,606

  6.5%

  $1,238,405

  7%

  $1,149,948

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,380,796

  Geo Method

  $1,380,796

• Alternative Use

  Use

  Valuation

  Residential

  $1,351,979

  Hospitality

  $1,238,405

  Educational

  $1,030,339

  Medical

  $1,065,774

  Retail

  $1,602,749

Location Insight

City

Key West

County

Monroe

State

Florida

Latitude

24.5589

Longitude

-81.7988

CBSA code

28580

CBSA name

KEY WEST-MARATHON, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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