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1601 Ocean Drive, Vero Beach, FL 32963 (MLS# RX-10753111)


$11,750,000
1601 Ocean Drive
Vero Beach, FL 32963
MLS# RX-10753111
25 baths  |  12566 sqft

 | 

1601 Ocean Drive, Vero Beach, FL 32963
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Property Description
Compass Commercial is pleased to present the rare opportunity to acquire a high-performing boutique hotel in one of Florida's most coveted real estate markets. The Caribbean Court Boutique Hotel features 18 well-appointed guest rooms, including a third-party restaurant, piano bar and lounge, pool area and patio - all situated in an idyllic setting, 100' from the beach on the barrier island in Vero Beach, home to white sandy beaches and some of the most desirable real estate in the country. The Resort is conveniently located at Ocean Drive and the 17th Street Causeway, a direct route to mainland grocery, dining, hospital and retail stores.

Details
Maps
Contract Information
Status: Active
Original List Price: 9750000
Auction: No
List Price: $11,750,000
Current Price: $11,750,000
List Price/Bldg SqFt: 935.06
Listing Date: 2021-10-17
Comm/Non-Rep: 4.0%
Comm/Buyer Agent: 4.0%
Comm/Trans Brk: 8.0%
General Property Description
Type: Hotel-Motel
For Sale: Yes
For Lease: No
Property Desc: OCEAN CORPORATION SU
Subdivision: THE OCEAN CORPORATION SUBDIVISION
Year Built: 1985
Built Desc: Resale
SqFt - Living: 12566
SqFt Source: Tax Rolls
# of Stories: 2
Total Units: 18
Baths - Total: 25
Acres: 0.93
% Air Conditioned: 100
Waterfront: No
Location, Tax & Legal
Area: 5940
Geo Area: PB07
County: Indian River
Parcel ID: 33400500012003000004.0
Street #: 1601
Street Name: Ocean
Street Suffix: Drive
State/Province: FL
Zip Code: 32963
Multiple Ofrs Acptd: Yes
Zoning: C-1A
Legal Desc: OCEAN CORPORATION SUB BLK 3 LOTS 4 & 5 PBI 3-9
Tax Year: 2020
Real Estate Taxes: 29827
Geo Lat: 27.630455
Geo Lon: -80.35218
Remarks & Misc
Directions: Follow I-95 N to FL-68 W. Take exit 131 from I-95 N. Merge onto FL-68 W. Turn left onto US-1 N. Turn right onto Indian River Blvd. Turn right onto 17th St. Turn right onto A1A South to Destination.
Office/Member Info
DXORIGMLNO: RX-10753111
DXORIGMLSID: RML
Building Info
# of Offices: 1
Miles to Beach: 8
Monetary Info
Gross Sched Income: 1309307
Total Expenses: 675514
Net Oper Income: 633793
Property Features
Use: Hotel/ Motel; Income; Mixed
Type of Building: Commercial; Hotel / Motel; Income; Lounge; Special Purpose
Sale Includes: Building and Land; Equipment; Fixtures; Furniture; Inventory; License; Machinery; Signs; Tools; Trade Name
Avail Docs: Aerial; Appraisal; Occupational License; Previous Title
Avail Info: Books & Records; Contracts; Copies of Lease; Deed; Existing Survey; Full Financials; Inventory; Owner managed; Tax Return; Training Program
Flooring: Concrete; Terrazzo Floor; Tile
Cooling: Central Individual
Heating: Central Individual
Fire Protect: Smoke Alarm
Tenant Pays: Electric; Insurance; Taxes; Water
Utilities: Cable; Electric; Public Sewer; Public Water
Roof: Comp Rolled; Metal
Terms Considered: Cash; Conventional; Owner 2nd
Lease: Net Rent; Triple Net; 4-6 Years
Showing Instructions: Text Listing Agent
Supplements
Available for the first time in decades, The Caribbean Court Boutique Hotel has proven profitability with stabilized income and historically strong occupancy rates. The property has undergone extensive renovations, and online reviews consistently rate it as one of Vero Beach's top hotel destinations. The on-site restaurant and piano bar are operated by a third party, providing consistent income via a fully NNN long-term lease. The Hotel is currently operated by ownership and generated more than $1.18 million in revenue this year, with more than $505k in net profits to the owner. Nightly rents are noticeably below market, leaving a new owner the opportunity to achieve higher profitability via efficient management and a dynamic, nightly pricing model. The moment you enter the secluded resort, you feel a world away. The resort is awash in lush landscaping, charming archways and bubbling fountains, the perfect setting for Weddings and Special Events. On property, you'll find 18 beautifully decorated, modern, fully appointed guest rooms with views of the courtyard, pool, flowering vines and strategically private patios and balconies. Year-round weddings and private parties may reserve all 18 guest rooms, the 204 seat restaurant, Havana Nights Piano Bar and tent the paver parking areas. On site vending is available. The majority of the hotel bookings are repeat guests, conference attendees, and local residents of Indian River County and surrounding counties. The 204-seat restaurant Maison Martinique offers fine dining nightly and caters weddings and conferences year-round. At Havana Nights Piano Bar, 50 guests enjoy casual dining, live entertainment and mingling with the locals. The Caribbean Court Hotel features Caribbean style decor with antique furniture, hand painted tiles, Original Art from Spain, European sinks, sumptuous robes, cotton sheets, soft towels, and pillow top mattress. Rooms also feature modern conveniences, television, DVD players, refrigerator/freezer, microwave, coffee maker, safe, hair dryer and high-speed wireless internet. The CBS structure has been diligently maintained and the building enjoys a virtually zero deferred maintenance. The metal roofs are in excellent condition and have a long-life span; an extra layer of insulation was added during installation. The windows are either Impact Resistant windows or with shutters, updated infrastructure items such as electronic locks, modern HVAC, and modern plumbing. The property offers excess FAR, which allows for possible vertical expansion with a rooftop deck, plus adjacent parcels may be available for purchase from non-related parties to facilitate the Hotel's expansion. The Caribbean Court Boutique Hotel is offered fee-simple and unencumbered by both brand and operator. The Caribbean Court Boutique Hotel provides an exceptional opportunity for an owner-operator looking for a unique cash-flowing business or an investor looking to grow and curate a Florida-based hospitality portfolio. The Caribbean Court Boutique Hotel is offered at a 6%+ cap rate on its current cash flow, but ALL OFFERS are welcomed. Verified financials, operating metrics, and tax returns are available upon receipt of NDA.

Listing Office: Compass Florida LLC

Last Updated: April - 11 - 2022

1601 Ocean Drive, Vero Beach, FL 32963 - MLS# RX-10753111
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. Copyright 2022 Beaches Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

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