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    2 Mulvey St St. Augustine, FL 32084

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    For Sale
    Contact for pricing

    Turnkey 8-Unit Hotel, Downtown

    Property Features for 2 Mulvey St

    General Information

    Property type
    Motels

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    Listing Contact
    Ian Hyde
    Ian Hyde

    Listing Agency: CENTURY 21 St. Augustine Properties, Inc. Listing Agent: Ian Hyde

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This beautifully remodeled 8-unit boutique hotel in the heart of historic St. Augustine, Florida, presents a remarkable investment opportunity. Priced at $1,895,000, this turnkey property boasts eight bedrooms, each with a private bathroom. All furniture, linens, appliances, and garage parking passes are included in the sale. The seller will also transfer ownership of all associated social media accounts, Google Business Portfolio, and the hotel website. Significant recent renovations totaling approximately $200,000 have enhanced both the interior and exterior. Interior upgrades, costing roughly $125,000, encompass four completely renovated rooms with luxury bathrooms, plus three additional rooms featuring soundproofing, fresh paint, and updated fixtures. New furniture, linens, and mattresses were installed throughout. The eighth unit has served as storage. Exterior improvements, valued at approximately $75,000, include a fresh coat of paint, updated landscaping, new lighting, fencing, fountains, artificial turf, a pergola, a renovated driveway, and the addition of palm trees. This property is ready for immediate operation and offers a unique blend of charm and modern amenities in a prime location. Located at 2 Mulvey Street, St. Augustine, FL 32084.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Casa De Hernandez Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St. Augustine
    County
    St. Johns
    State
    Florida
    Longitude
    -81.3186178
    Latitude
    29.8970716

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    FAQs

    What type of property is this?
    Motel - Turnkey 8-Unit Hotel, Downtown
    Where is this motel located?
    The property is located at 2 Mulvey St St. Augustine, FL.
    What is the asking price?
    The asking price for this property is $1,895,000.
    What are key features of this property?
    This property features: Asking Price: $1,895,000; Turnkey 8-unit boutique hotel in downtown St. Augustine, FL; Eight bedrooms, each with a private bathroom
    (904) 540-2360 Call to check price and availability
    Request Owner's contact information
    2 Mulvey St St. Augustine, FL 32084
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2 Mulvey St St. Augustine, FL 32084
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    Contact for Pricing
    Please call us for current price
    and status of this listing Ian Hyde
    Ian Hyde
    (904) 540-2360
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