5325 Treadway Dr Port Richey, FL 34668

This exceptional 1.51-acre waterfront property in Port Richey, Florida, presents a unique redevelopment opportunity. The site boasts a 200-foot commercial marina (80% leased), a currently operating restaurant with a liquor license and seating for 165, and a former hotel building. The property is situated on the Cotee River, near popular establishments and attractions, benefiting from a prime location within a designated redevelopment area. The city has invested $5 million in recent infrastructure improvements, including new lighting, streets, sidewalks, and golf cart paths. The property is zoned C2 Commercial, allowing for a wide range of uses, and includes six lots across three parcels. Comprehensive Phase 1 environmental reports and surveys are available. Concept plans for a 90-120 room hotel resort are also available. The asking price is $5,200,000, with seller financing a possibility. The property offers significant upside potential due to its location, existing infrastructure, and zoning. The current NOI is $85,000, with a pro-forma NOI of $1,200,000 and a pro-forma cap rate of 15%. The property includes 71 parking spaces and two buildings with two stories each. The total net rentable square footage is 15,000 square feet. The existing restaurant lease has one year remaining. This is a multi-tenant property with eight tenants.