525 United St Key West, FL 33040
- Hospitality properties
- 0.50 lot acres
Current Use by Public Records
- The Southernmost Inn / Hotel
Property Details for 525 United St
- Year built
- 1989
- Lot size
- 0.50 lot acres
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This 38-key boutique hotel in Key West's Old Town, built in 1989, offers a compelling investment opportunity. Located just one block from Duval Street, this 0.5-acre property boasts a current NOI of $1,314,813 and a 92.2% occupancy rate (as of June 30, 2024). A pro-forma NOI of $1,725,096 projects a 7.5% cap rate, significantly exceeding the current 5.72%. The property's current adult-only operation presents potential for increased revenue by broadening guest demographics. The existing liquor license allows for expansion of food and beverage offerings, further enhancing profitability. Its proximity to Duval Street, beaches, and key attractions, including the Florida Keys National Marine Sanctuary and Key West International Airport, positions it within one of North America's most desirable leisure markets. The asking price is $23,000,000. Significant RevPAR growth potential exists through renovations and targeted marketing to attract an upscale clientele.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Key West
- County
- Monroe
- State
- Florida
- Longitude
- -81.7964
- Latitude
- 24.549
