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Motel Business In Matlacha Florida Turnkey Waterfront For Sale

Matlacha, Florida, US
Asking Price:
$899,000 Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
$100K - $250K
Cash Flow:
$50K - $100K

Angler's Inn Motel Business for Sale - Matlacha Florida Waterfront Four Rooms plus Owner's Cottage - Turnkey! Island Paradise Living - Immediate Income; Potential for separate expanded Kayak and Boat Rental businesses and income

Located 11282 & 11274 Matlacha Avenue, Matlacha, Fl. 339993. Quaint Olde' Florida Waterfront Motel in historic Matlacha, Florida is turnkey and ready to earn income on day one. Future bookings transfer with sale. 7.5% Cap Rate. Completely updated. Quiet side street with off street parking. Fantastic reviews on all major travel sites. High repeat visitor count. Each of the four uniquely decorated rooms are completely furnished with kitchenette, waterfront lanai, 150ft of total dockage, kayaks and canoe, bicycles, laundry on site. Owners cottage apartment sits on separate included parcel and is perfect for living on site and the managing owner/operator. Central individually controlled mini-split air conditioners in each room. New dock 2017. Room Rates begin at $140/night. Asking Price is $899,000, possible owner financing with 40% down. See the Facebook pages for more photos. -

LINKS:
FACEBOOK - https://www.facebook.com/AnglersInnMotel

BOAT RENTALS: https://www.facebook.com/MatlachaTours/

YOU TUBE VIDEOS: - Copy & Paste

MOTEL EXTERIOR-
https://youtu.be/0CxqcRyjXw0

ROOM ONE-
https://youtu.be/h93gK33kDp4

ROOM TWO-
https://youtu.be/e1OXABeDYjw

ROOM THREE-
https://youtu.be/X4NUruYbPZg

ROOM FOUR-
https://youtu.be/NIyHYy3UTyEMarketing:

ANALYSIS OF COMPARABLE RENTALS

Local accommodations range from $145-$300. Angler's rate is $140/nt falling just outside the lower end of the range for comparable surveyed on Matlacha. A rate of $150 or more appears reasonably achievable in addition to dynamic increased pricing for holidays and special events. POTENTIAL GROSS REVENUE: Potential gross revenue is based on $140.00 per night for the motel’s main quadruplex units. It is unlikely the motel’s adjacent 1Bed/1Bath Owner's unit at 11274 Matlacha Avenue would be rented on a nightly basis. A likely buyer of the motel would continue operating with either the owner or live-in manager occupying the 11274 Matlacha Avenue cottage. The motel is highly seasonal dependent, with the motel operated at full or near 100% occupancy during the peak season months of January through April. Occupancy is mostly weekends only during the summer months of June through October. Occupancy during the fall months increases until it reaches full occupancy after the first of the year. At $140.00 per night, the motel has operated around 52% to 53% occupancy over the prior three (3) years. Occupancy rates at similar properties on Fort Myers Beach have historically operated between 50% and 63% occupancy. No vacancy is applied to owner cottage at 11274 Matlacha Avenue as this unit has free rent in exchange for management. PROPERTY AS IMPROVED The motel is developed with a multi-unit residential property and currently rented on a nightly basis as a motel property, but the improvements could also be rented on a monthly/yearly basis. Monthly rates between $1,050 and $1,600 could be expected for the motel units. Nightly rental property with 52% vacancy produces a higher effective gross revenue. The highest and best use as improved is continuation of the existing use as a multifamily residential use providing nightly rentals.

INVESTMENT:

EFFECTIVE GROSS REVENUE The motel has projected effective gross revenue of $121,532. Please note the supplied historical revenue does not include any income attributable to the Owner Cottage at 11274 Matlacha Avenue. This is consistent with this historical operation of the motel between 2017 and 2019. As previously stated, the motel would be able to achieve a nightly rental rate of $150. Effective gross revenue would be above $125,401. Excluding the rental income to 11274 Matlacha Avenue, the resulting effective gross revenue would be over $112,201, which is slightly higher than the historical operation. OPERATING EXPENSES Real Estate Taxes are estimated at $7,854. This is based on the 2020 TRIM assessment and proposed millage rate assuming no budget change is adopted. It also includes the previous year’s direct assessments, all with a 4% discount assuming management will take advantage of the discount for early payment. Typical insurance expense for similar buildings can range from $0.50 to over $1.50 per square foot, depending on the age, condition, and/or location. Repairs, maintenance, and turnover are estimated at $1,000 per month or $12,000 per year. This includes an allowance for general repairs, pest control, landscaping, and maintenance, janitorial, etc. This projection falls towards to lower end of the historical expenses. Utilities are estimated at $9,000 per year, consistent with the most recent historical year’s expense for utilities. Considering the motel would be operated by a live-in manager or owner-user who will occupy 11274 Matlacha Avenue, free rent is applied to this unit. That is, in exchange from management, free rent will be given. This payroll expense equates to the market rent of the unit on a yearly rental basis. The projected operating expenses total $76,054. The motel has historically operated between $68,909 and $86,988 in yearly expenses. This projection is supported by the historical operation of the motel

For more information, please contact us by using the form below.

Property Information

Real Estate:

Real Property Included

Living Accommodation:

Owner's / Manager's cottage is a one bedroom with kitchen and bath with two screened porches front and back. Property laundry facility is attached and the side yard is spacious and acts as work space for maintenance projects. The is storage space for all tools/equipment and supplies needed for the operations of the motel.

Location:

Matlacha is being sought after as a retirement destination, Lee County is the population center and commercial center of southwest Florida. Adjacent Cape Coral, Florida is the fastest growing city in the State.
Light industries, educational facilities and regional cultural/recreational opportunities based in Lee County serve the region. Lee County continues promote new business which has led to the recent addition of Hertz Corporation to the area.
This strategy results in a resilient economy, and a somewhat younger and less affluent working class demographic. The quality of infrastructure, schools, and social services is reasonably good.
Lee County has seen a considerable recovery since the great recession including unemployment levels less than 5.0%, strong population growth, and a substantial recovery in the housing market. In the long term, the attractions of the climate and location, and the relative stability of a broader economic base promise a return to prosperity with emphasis on growth and new development.

Premises Details:

Angler's Inn Motel is located on a free flowing canal directly across from the Matlacha Community Park and Boat Ramp. Direct access to Matlacha Pass Aquatic Preserve and the Gulf of Mexico allows visitors to arrive by both boat and car.

Size in square feet:
150 x 50
Planning Consent:

PRINCIPAL IMPROVEMENT
11274 Matlacha Avenue & 11282 Matlacha Avenue
Matlacha, FL 33993
STRAP 24-44-22-03-00001.0060 24-44-22-03-00001.0040
Legal Description Lot 6, Block 1, Crow's Second Plat of Matlacha
Lot 4 and 5, Block 1, Crow's Second Plat of Matlacha
Property Type Single-Family Multi-Family
# Units 1 to 4 and Unit Mix-
(1) 1 Bed / 1 Bath plus (4) Efficiencies
# Stories 1 ; Year Built 1946 1946; Actual Age 74 74; Effective Age 40 40
Cottage Living Area (SF) 414 1,332 Gross Area (SF) 666 2,220
Construction Class Class "D" Class "C" Frame Wood CMU Block
Exterior Walls Painted Wood Siding Painted Stucco; Roof Rolled Compostion Rolled Compostion
Windows Aluminum Frame Aluminum Frame HVAC Mini-Split Systems Mini-Split Systems
Quality Average Average ; Condition Average Average

ZONING
Ordinance or Land Development Code
Lee County; Zoning RM-2 – Multiple Family Residential
Purpose or Intent of Zoning The purpose of the RM multiple-family districts is to designate suitable locations for residential occupancy of various types of conventional residential buildings for projects which are not already approved planned unit developments or which fall below the criteria for residential planned developments, and for facilitating the proper development and protecting the subsequent use and enjoyment thereof.

Business Operation

Expansion Potential:

Potential for increased revenue with full time operation of boat and kayak rental business now operating only part-time for additional revenue. Matlacha Boat Rides and Rentals and its inventory is available for sale separately from the motel and consists of tour boat and two rental boats.

Competition / Market:

Local accommodations range from $145-$300. Angler's rate is $140/nt falling just outside the lower end of the range for comparables surveyed on Matlacha. A rate of $150 or more appears reasonably achievable in addition to dynamic increased pricing for holidays and special events. POTENTIAL GROSS REVENUE: Potential gross revenue is based on $140.00 per night for the motel’s main quadruplex units. It is unlikely the motel’s adjacent 1Bed/1Bath Owner's unit at 11274 Matlacha Avenue would be rented on a nightly basis. A likely buyer of the motel would continue operating with either the owner or live-in manager occupying the 11274 Matlacha Avenue cottage. The motel is highly seasonal dependent, with the motel operated at full or near 100% occupancy during the peak season months of January through April. Occupancy is mostly weekends only during the summer months of June through October. Occupancy during the fall months increases until it reaches full occupancy after the first of the year. At $140.00 per night, the motel has operated around 52% to 53% occupancy over the prior three (3) years. Occupancy rates at similar properties on Fort Myers Beach have historically operated between 50% and 63% occupancy. No vacancy is applied to owner cottage at 11274 Matlacha Avenue as this unit has free rent in exchange for management. PROPERTY AS IMPROVED The motel is developed with a multi-unit residential property and currently rented on a nightly basis as a motel property, but the improvements could also be rented on a monthly/yearly basis. Monthly rates between $1,050 and $1,600 could be expected for the motel units. Nightly rental property with 52% vacancy produces a higher effective gross revenue. The highest and best use as improved is continuation of the existing use as a multifamily residential use providing nightly rentals.

Reasons for selling:

Owners retiring to new adventures

Trading hours:

Year Round

Employees:
Owner/Operator only; Onsite Manager residence if desired
Years established:
20 years plus

Other Information

Support & training:

Current Owner will provide access and details to all reservation systems and operation details.

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

Owner Financing with 40% down possible

Furniture / Fixtures value:
$20,000 - included in the asking price
Inventory / Stock value:
$3,000 - included in the asking price
Website:
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Home based:
This business can be run from home.

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