16872 Hwy 19 Cross City, FL 32628-3559

Property Details for 16872 Hwy 19

Year built

1961

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.44 lot acres

Property size

9,616 SF

Zone code

C-2

Property type

Motels

APN

09-10-12-2144-0024-001.0

APU

91012214400240010

Description

This exceptional investment opportunity presents a 27-unit motel and a leased full-service restaurant situated on a 1.44-acre lot in Cross City, Florida. The property boasts a substantial 16,912 square feet of space, encompassing a two-story, 25-unit motel (plus two additional apartment units) and a 4,896 square foot restaurant operating under a year-to-year lease. Built in 1961 and extensively renovated in 2021, the motel features a recently replaced roof (within the last two years) and new plumbing. The property also includes an in-ground pool and ample parking for 50+ vehicles. The motel consistently maintains a 70% occupancy rate, generating a significant gross revenue stream from room rentals. In 2023, the motel's gross revenue from room rentals totaled $273,783, supplemented by $25,680 in annual lease income from the restaurant, resulting in a combined gross revenue of $299,463. The property's strong performance is reflected in its impressive Net Operating Income (NOI) of $143,575 for 2023, representing a 5.74% cap rate. The asking price is $2,500,000, translating to approximately $92,592.59 per key. The property's location on SE Hwy 19 benefits from a high average annual daily traffic count of 20,313 vehicles. This turnkey investment requires no immediate capital expenditures (CAPEX), making it an attractive opportunity for owner-users or investors seeking a stable and profitable venture in the Florida hospitality market. The property's address is 16872 SE Hwy 19, Cross City, FL 32628, APN 09 10 12 2144 0024 0010.