413 Appelrouth Ln Key West, FL 33040
- Hospitality properties
- 0.46 lot acres
Current Use by Public Records
- Hospitality properties
Property Details for 413 Appelrouth Ln
- Year built
- 1949
- Lot size
- 0.46 lot acres
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional 24-key boutique hotel in Key West, Florida, presents a compelling investment opportunity. Located on a 0.46-acre lot at 413 Appelrouth Ln, 33040, this property boasts a prime location just half a block from Duval Street, in the heart of Old Town. Built in 1949, the hotel achieved a remarkable 93.6% occupancy rate as of June 30, 2024, generating a Net Operating Income (NOI) of $963,613. Pro-forma projections indicate a significant increase in NOI to $1,367,102 and an 8.25% capitalization rate, showcasing substantial growth potential. The current asking price is $16,575,000, representing a 5.81% capitalization rate based on current NOI. The property benefits from its proximity to major attractions, including the Florida Keys National Marine Sanctuary, Fort Zachary Taylor Historic State Park, Key West International Airport, and Naval Air Station Key West. The hotel's current adults-only policy presents an opportunity to expand its guest base and further increase revenue. Furthermore, supplemental income is generated from on-site housing units, adding to the overall profitability of this established and successful Key West hotel. This is a rare chance to acquire a well-positioned, high-performing asset in one of North America's most desirable leisure markets.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Key West
- County
- Monroe
- State
- Florida
- Longitude
- -81.8031
- Latitude
- 24.555
