Listed by Smith & Associates Real Estate
$6,750,000
The Crystal Inn - Independent Economy Hotel
Details
APN 02-32-16-00000-320-0300
Property Type Hospitality, Mixed Use
Sub Type Apartment Building, Hotel
Square Footage 23,712
Net Rentable (SqFt) 23,712
Units 1
Occupancy 70%
Tenancy Single
Pro-Forma Cap Rate 18.50%
Pro-Forma NOI $1,247,423
Price per SqFt $285
Broker Co-Op No
Class C
Year Built 1973
Year Renovated 1973
Buildings 1
Stories 2
Acreage 1.340
Zoning CG - Commercial General
Parking Spaces 65 spaces
Parking Per SqFt 2.74
Investment Type Owner/User
Sale Condition 1031 exchange
Added Value 65 Key Hotel In the Skyway Marina Saint Petersburg, FL
Marketing description
Independent economy hotel operating as a cash B&B. Exceptional visibility with monument signage on the 34th Street South corridor — minutes from downtown Saint Petersburg, I-275, and the Gulf Coast barrier islands. Pool, gated lot, and easy highway access. The surrounding Skyway Marina District is experiencing significant transformation, with 3,249 residential units constructed or under construction, a 218-unit senior living community in entitlement, and recent purchase of the Saint Petersburg College to make way for the Alton Skyway apartments, adding an additional 619 residential units securing this long-term investment. No financials available.
The Crystal Inn is a 65-key independent economy hotel on 1.34 acres in Saint Petersburg's rapidly transforming Skyway Marina District. The two-story, wood-frame exterior-corridor building encompasses 23,712 SF of improvements with 65 surface parking stalls, a gated lot, a pool, and 12 kitchenette-equipped rooms, delivering a fully operational hospitality asset with compelling redevelopment optionality. Offered at $6,750,000 ($103,846/key), all cash, no owner financing, no financials available.
Positioned directly on 34th Street South with monument signage and immediate I-275 access, the property is minutes from downtown Saint Petersburg, Gulf Coast barrier islands, Tropicana Field, and the St. Pete Pier. St. Pete-Clearwater International Airport is 16 miles away; Tampa International is 25 miles. The corridor offers Wendy's, Starbucks, IHOP, Walmart Supercenter, Publix, Maximo Marina, and Tiki Docks Skyway within easy reach.
The 34th Street South corridor is experiencing one of the most significant development surges in Tampa Bay. Within the Skyway Marina District, 3,249 residential units have been constructed or are under construction, and a 218-unit senior living community with rooftop pool and auditorium is currently in entitlement. Adjacent land was acquired by Pinellas Housing Finance in late 2023, reflecting growing institutional conviction in the corridor. The Crystal Inn's CG zoning, rectangular lot, surface parking, and road frontage make it ideally suited for continued hotel operation, residential or extended-stay conversion, mixed-use redevelopment, or affordable housing, precisely the use cases driving surrounding investment.
The St. Petersburg hospitality submarket, nearly 200 hotels and 12,000 rooms, posted 72.6% occupancy, $189.73 ADR, and $137.73 RevPAR over the trailing 12 months. The economy and midscale class saw RevPAR grow 18.2% in 2024, with 6%+ further growth forecast for 2025 and zero hotels currently under construction. Transaction volume was deliberately light in 2024, supporting strong pricing for well-located assets. Comparable economy hotel sales in Tampa Bay have ranged from $65,000 to $175,000+ per key — the Crystal Inn's ask sits at the compelling mid-point
Investment highlights
- Priced at $103,846/key on 1.34 acres of General Commercial land, debt-free and free-and-clear at closing, squarely mid-market against Tampa Bay economy hotel comps of $65K to $175K+ per key.
- Economy/midscale RevPAR rose 18.2% in 2024 with 6%+ more forecast for 2025 and zero new supply under construction in the submarket.
- Never listed on an OTA or yield-managed, leaving immediate upside on the table against a $108+ submarket ADR through basic professional operations.
- Pro forma Year 1 NOI of $883,747, reflecting roughly a 13% entry cap rate, growing to $1.25M by Year 3 at 85% occupancy.
- 12 kitchenette rooms well-positioned for extended-stay demand from the 3,249 new residential units under construction along the corridor.
- Direct I-275 access with monument signage on 34th Street South, minutes from Gulf beaches, downtown St. Pete, Tropicana Field, and major employment centers.
- 3,249 residential units in the pipeline, a 218-unit senior living community in entitlement, and recent institutional land acquisitions all confirm the corridor's long-term trajectory.
- Average household income of $120,029 within half a mile, 49,464 residents within 2 miles, and average home values approaching $608K reflect a dense, affluent and rapidly growing trade area.
- CG zoning supports hotel, multifamily, mixed-use or affordable housing with no rezoning required.
- Two-story exterior-corridor layout with a rectangular lot and 65 surface stalls makes phased residential conversion structurally straightforward while maintaining operations.
- Pool, gated lot and full amenity package are intact, allowing an operator to reposition under a new flag with minimal upfront capital.
Listing Contacts
Listed by Smith & Associates Real Estate
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