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1116 Grinnell Street

Key West, FL 33040
  • $5,350,000
  • STATUS: Closed
  • ON SITE: 378 Days
  • MLS #: 605923
Sold - 03/08/2024
$5,350,000
SOLD - 03/08/2024
  • 12
    BEDS
  • 0.11
    ACRES
  • 11
    BATHS
  • 1
    1/2 BATHS
  • 3,384
    SQFT
  • $0
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1938
County:

School Ratings & Info

Description

Extraordinary and rare Investment opportunity in the robust Key West lodging market, The Grand Guesthouse is nestled in a quiet residential neighborhood 7 short blocks from Duval St in the very heart of Old Town. Walk, bike, or scooter your way around the Historic District and enjoy the excellent restaurants, bars, shopping, and beaches. Bike to the HarborWalk to catch your sunset sail or fishing charter, or dive and snorkel the reef, or kayak the back country - the opportunities are endless and convenient from this property, ideally located close to all the action.Listed at an 8.07% cap rate, the transient-licensed 10 guest rooms and suites have been completely renovated. In addition, exceptional upside exists with immediate value add opportunities including (1) a spacious 2 bd/ 1 bath apt currently used by the owners that has a non-transient license, allowing for vacation rentals and significant increased income, (2) the 8.07% cap rate is based on 2022 financials with an occupancy rate of only 73% compared to 86% citywide, and (3) a historic B&B liquor license is available from the State at minimal costs allowing for the sale of alcohol via in-room mini-bars, or other tiki bar type setup. This license in addition to the restaurant license already in hand for current owners.The original house was built in the 1880's as a rooming house for workers at the cigar factory at the end of the block. The property was converted into and used as a single-family home from the 1940's to the 1960's when it was converted back to a rooming house. In 1998, the property was transformed from its humble beginnings into The Grand Guesthouse. Today, each of the 10 guest rooms and suites feature en suite bathrooms, private entrances, A/C with ceiling fans, cable television, USB charging stations, a small refrigerator, and tropical decor. Lush tropical landscaping and outdoor seating areas wait for guests to enjoy breakfast and the courtyard. www.thegrandguesthouse.com.

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The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than LoKation Real Estate are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
www.keysarearealestate.com/homes/141344838
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1116 Grinnell Street Key West, FL 33040

  • Price: $6,580,000
  • Status: Closed
  • On Site: 378 Days
  • Updated: 136 min ago
  • MLS #: 605923
12
Beds
11
Baths
1
½ Baths
0.11
Acres
3,384
SQFT
$0
$/SQFT
1938
Built
Neighborhood:
Old Town-S Of Truman
County:
Monroe
Area:
02 - Key West
Property Description
Extraordinary and rare Investment opportunity in the robust Key West lodging market, The Grand Guesthouse is nestled in a quiet residential neighborhood 7 short blocks from Duval St in the very heart of Old Town. Walk, bike, or scooter your way around the Historic District and enjoy the excellent restaurants, bars, shopping, and beaches. Bike to the HarborWalk to catch your sunset sail or fishing charter, or dive and snorkel the reef, or kayak the back country - the opportunities are endless and convenient from this property, ideally located close to all the action.Listed at an 8.07% cap rate, the transient-licensed 10 guest rooms and suites have been completely renovated. In addition, exceptional upside exists with immediate value add opportunities including (1) a spacious 2 bd/ 1 bath apt currently used by the owners that has a non-transient license, allowing for vacation rentals and significant increased income, (2) the 8.07% cap rate is based on 2022 financials with an occupancy rate of only 73% compared to 86% citywide, and (3) a historic B&B liquor license is available from the State at minimal costs allowing for the sale of alcohol via in-room mini-bars, or other tiki bar type setup. This license in addition to the restaurant license already in hand for current owners.The original house was built in the 1880's as a rooming house for workers at the cigar factory at the end of the block. The property was converted into and used as a single-family home from the 1940's to the 1960's when it was converted back to a rooming house. In 1998, the property was transformed from its humble beginnings into The Grand Guesthouse. Today, each of the 10 guest rooms and suites feature en suite bathrooms, private entrances, A/C with ceiling fans, cable television, USB charging stations, a small refrigerator, and tropical decor. Lush tropical landscaping and outdoor seating areas wait for guests to enjoy breakfast and the courtyard. www.thegrandguesthouse.com.
Exterior Features

Construction Frame Dockage None Land Size Less Than 1/4 Acre Lot Size 50' (frontage on Grinnell) x 94' deep Miscellaneous FencingPatioManager on PremisesLobby Off Street Parking 6 Parking Spaces 6 Roof Metal Roof Shutters PanelStorm Shutters Side Ocean Style Commercial Vehicle Storage Guest ParkingOff Street Parking Waterfront None Waterfront YN No Waterview No Waterview

Interior Features

Appliances DishwasherRangeWasherRefrigeratorDryer Cooling Heating Ceiling Fans(s)Wall/Window Unit(s)Heat Pump Dishwashers 2 Floor TileWood Interior Features Cathedral CeilingsWindow TreatmentsSmoke AlarmsLaundry RoomFurnishedEntrance FoyerDrapes/Blinds Incl Kitchens 2 Net Leasable Area 3384.00 Range Ovens 1 Refrigerators 13 Washers 2 Windows Doors Aluminum WindowsWood WindowsSingle Hung WindowsJalousie WindowsFrench DoorsDouble Hung Windows

Property Features

Assoc Hoa YN No Assoc Right Of Refusal No Bank Owned No Bank Owned Financial Status No Building Number 2 Business Name The Grand Guesthouse City KEY WEST Commercial Type Hotel/Motel Control Depth 0 Dryers 2 Electric 220 Volt Electric Meters 10 Fee Includes None Flood Zone 0.2 PCT ANNUAL CHANC Key West Neighborhood Old Town-S of Truman Legal KW G G WATSON SUB I-209 PT LOT 9 SQR 5 TR 13 G57-527/28 OR498-217 OR696-366/67 OR806-2449/50 OR807-1558/59 OR1359-1966/ License Info 2-Cop (Beer & Wine)Non Trans Rntl Lic Listing Board Key West Association Mile Marker 1.00 Off Shore Island No Potential Short Sale No Potential Short Sale Financial Status No Property Rights Beverage LicenseOther/See RemarksTransient License Property Type Commercial Sewer Accounts 1 Sq Ft Source Tax Records Tax Year 2022 Taxes 24339.71 Tenant Paid Tnt Pays No Utils Terms AssumableBuyer Obtain FinanceAssumable-Qualify Title Title Ins - Seller Total Units 11.00 Utilities FKAAPropaneMunicipal Sewer Water Meters 1 Year Established 1998-07-15 Zoning HMDR - Historic Medium Density Residential

Listing courtesy of Keith Bland of Truman & Co. (KW): (305) 292-2244.


The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Florida Keys MLS, Inc. Real estate listings held by brokerage firms other than LoKation Real Estate are marked with the MLS Logo and detailed information about them include the name of the listing broker's office.
 
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