1401 Gulf Way
Saint Pete Beach, FL 33706
Inn On The Beach · Hospitality Property For Sale · 16 Rooms

Property Highlights: • Beachfront property with direct views of the Gulf of Mexico • 16 spacious and renovated units including kitchenettes and full kitchens • 4 units (0.22 acres w/3,673 gross sq ft.) may be purchased for $2MM • Ranked #1 of 32 hotels in St. Pete Beach according to TripAdvisor • Located in Pass-a-Grille - an extremely high barrier-to-entry market Location Highlights: • Located at the southern point of St. Pete Beach and consistently ranked as one of the best beaches in the world • Pass-a-Grille is a barrier island with very limited availability to add more hotel rooms • Located 10 miles from Downtown St. Petersburg | 30 Miles from Downtown Tampa • Multiple attractions in the area including world-class fishing, diving, boating, 8th Avenue Shopping District, boat trips to various islands nearby and close proximity to Busch Gardens, downtown Tampa and St. Petersburg Financial Highlights: • Offered at a 6.77% Cap Rate • T12-June 2018 NOI of approximately $440,162 • 35% average annual increase in Room Rental Income since 2015 due to quality renovations and proper management of the property by the current ownership group • Five-year leveraged internal rate of return of 35.48% Upside Opportunity: • Adding a resort fee to cover beach chairs, umbrellas, parking, internet etc. which is currently offered free of charge - approximate increase of $40,000+ annually direct to the bottom-line • Penetrate the events market i.e. weddings - an ideal property to host wedding guests while conducting the wedding on the beach • Significant room to increase Occupancy and ADR through momentum already gained in the market, and minimal competition in Pass-a-Grille • Due to the high barrier-to-entry market, property value is expected to continue to rise quickly • Absentee ownership | a hands-on owner can greatly decrease expenses