653 Mandalay AveClearwater, FL 33767

Property Details for 653 Mandalay Ave

Year built

1948

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.36 AC

Property size (Sq ft)

4,480 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

05-29-15-54747-084-0060

APU

52915547470840060

Description

This exceptional investment opportunity presents a 22-unit motel ideally situated on Clearwater Beach, Florida. Boasting a prime location on a main thoroughfare, this established property offers immediate income potential. The motel comprises two, two-story buildings totaling 11,056 square feet on a 0.36-acre lot. Built in 1948 and renovated in 1992, the property includes a swimming pool and ample parking, both on and off-street. The motel enjoys convenient beach access directly across the street, a significant draw for tourists. Zoned for hotel use, this property presents a strong return on investment. While the first floor sustained some hurricane damage, the overall structure remains sound and presents a compelling opportunity for a savvy investor. The asking price is $7,000,000, translating to $633.14 per square foot. The property's long history as a family-owned and operated business speaks to its enduring appeal and consistent performance. This is a rare chance to acquire a well-established motel in a highly desirable beach location. The property's high visibility and convenient amenities make it an attractive option for both owner-users and investors seeking a strong return. The Pinellas County location and proximity to the beach ensure consistent occupancy rates.

• CAP approach

  CAP return

  Valuation

  6%

  $1,156,242

  6.5%

  $1,067,300

  7%

  $991,065

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,161,028

  Geo Method

  $1,161,028

• Alternative Use

  Use

  Valuation

  Residential

  $1,165,182

  Hospitality

  $1,067,300

  Educational

  $887,981

  Medical

  $918,520

  Retail

  $1,381,304

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.988

Longitude

-82.8263

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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