8301 BLIND PASS RD St Pete Beach FL 33706-1515

Investment opportunity in paradise. This boutique motel harkens back to a bygone era of old-Florida, with clean and cozy accommodations with the onsite pool being the heart of the property. There are a total of 12 rooms: 4 Deluxe studios - galley style kitchenette with apt size fridge/freezer & lg toaster oven, king bed, futon. 2 Family Studios - queen bed, twin bed, kitchenette w/ mini fridge. 3 Standard Studios - queen bed, kitchenette w/ mini fridge. 2 Basic Studios - similar to standard studios but smaller sq ft. All studios equipped with cookware, dishes/utensils, hot plate, coffee maker, microwave, toaster. There is also a 2 bedroom unit with a full kitchen. This property is represents a nice investment opportunity in the local hospitality industry.

The Gulf Beaches have seen consistently increasing tourism numbers with a shortage of budget-friendly accommodations, making this property extra special.

The property was impacted by flooding from hurricane Helene and has been professionally remediated. It is now ready for renovations, with a contractor on stand by to get started. All plans and forms are ready to submit for the necessary permits. Based on owner's findings and a recent ACV appraisal the property can be restored under the FEMA 50% threshold.

The first few interior photos show the current condition of the property (drywall and fixtures removed). The latter photos are from prior to the storm damage.

• 12 Rooms - 11 Studios / 1 Two-bedroom.

• All Rooms Have Kitchenette

• Excellent Visibility and Signage

• Ready for renovation

• Owner financing option available

Over the course of 2018, the property underwent a full renovation. Eleven of the units were renovated with the exception of the owner’s unit, the largest floor plan on-site which is a two-bedroom/one-bathroom unit that is currently being renovated. The two-bedroom/one-bathroom unit was offline the entire year of 2018 due to being occupied by the property manager and has not yet been rented. The eleven units which were renovated, were typically offline in batches of three units at a time. Three units took approximately three to four months to renovate/furnish in entirety which resulted in a significant vacancy loss. Since the renovation was completed in 2018, it is now time for new ownership to step in and take advantage of the fully upgraded property while maximizing cash flow through minimizing vacancy since turn costs/time will be substantially lower due to the capital infused on the unit interiors and common areas.

• St. Pete Beach Ranked #7 in the United States by Trip Advisor
• Concrete Block Constructed Asset Built in 1954 with Significant Capital Improvements within the Last 24 Months
• Property Boasts a Transient Business License and the Opportunity to Increase Cash Flow on Short-Term Rentals
• St. Pete Beachs shores include the longest undeveloped stretch of public beach in the county at Pass-a-Grille Beach
• Tampa Bay MSA ranks #4 for corporate relocation, expansion
• Florida GDP has topped $1 trillion for the first time, making it the 18th largest economy in the world, with the lowest unemployment rate since 2007