260 Merritt Is Cswy Merritt Island, FL 32952-3637
- Hotels
- 10,646 SF
- 6.93 lot acres
Current Use by Public Records
- Clarion Hotel / Hotel & Motel / Resort
- Space Coast Island Hotel / Hotel & Motel
- Econo Lodge Port Canaveral Area / Hotel & Motel
- Denise M. Laventure, LMT / Alternative Medicine Practice / Spa & Massage Center
Property Details for 260 Merritt Is Cswy
- Year built
- 1973
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 6.93 lot acres
- Property size
- 10,646 SF
- Zone code
- BU2
- Property type
- Hotels
- APN
- 24-36-35-00-00010.0-0000.00
- APU
- 9223372036854775807
Description
This exceptional 128-key hotel, situated on a 6.93-acre parcel in Merritt Island, Florida, presents a compelling investment opportunity. The two-story, 60,181 square foot property, built in 1973, boasts a BU-2 zoning designation and is conveniently located near major attractions, including Port Canaveral (8 miles), Cocoa Beach (8 miles), and Kennedy Space Center (10 miles). The hotel's strategic proximity to these destinations, along with Patrick Space Force Base (13 miles), capitalizes on the significant tourism and military presence in the area. Generating $1,929,165 in revenue in 2023, this property offers substantial upside potential for a hands-on owner. The existing amenities include a vacant approximately 4,700 square foot fitness center (convertible to banquet space), tennis courts, a vacant restaurant, and a vacant bar, all presenting opportunities to increase revenue streams. Abundant parking provides potential for additional income through cruise port and beach parking services with shuttle options. The Econo Lodge flag will be removed in September 2024, allowing for rebranding or independent operation. Furthermore, the property benefits from its location near new developments, including a hospital and retail establishments currently under construction. The surging population growth in the Space Coast area further enhances the long-term investment prospects. Considerable potential exists for repositioning the property for alternative uses, such as multifamily, assisted living, or drug rehabilitation. The property's location offers easy access to the major tourism hub of Downtown Orlando, approximately a half-hour away. This is a rare opportunity to acquire a value-add property in a thriving market with significant growth potential. APN: 24-36-35-00-00010.0-0000.00.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,600,000
- 6.5%
- $1,480,000
- 7%
- $1,375,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,926,000
Market price range: $188k - $1.93M -
Alternative Use
- Use
- Estimation
- HOTEL/MOTEL
- $2,640,000 Current use
- COMMERCIAL (GENERAL)
- $2,525,000 Change: -4% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $2,220,000 Change: -16% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Merritt Island
- County
- Brevard
- State
- Florida
- Longitude
- -80.6947
- Latitude
- 28.3583
- CBSA code
- 37340
- CBSA name
- PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA
