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52 Rooms
Caribe Motel
841 North Krome Avenue
Homestead, FL 33030
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- Offered well below market
- Great redevelopment opportunity
- Great upside for a hands on owner/ investor
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- In the heart of historic Homestead, Florida
- Great exposure to the main east/west commercial corridor
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Price |
$3,000,000 |
Down Payment |
(25%) $750,000 |
Loan Amount |
$2,400,000 |
Loan Type |
Proposed New |
Interest Rate/Amortization |
8.500%/30 Years |
Number of Rooms |
52 |
Price per Room |
$57,692 |
Occupancy |
50.00% |
Year Built |
1934 / 1970 |
Lot Size |
44,065 SQ FT |
Cap Rate - Current |
9.47% |
Cap Rate - Pro Forma |
12.94% |
RRM - Current |
7.03 |
RRM - Pro Forma |
5.65 |
Net Cash Flow After Debt Service - Current |
8.36% |
Net Cash Flow After Debt Service - Pro Forma |
22.23% |
Total Return - Current |
10.78% |
Total Return - Pro Forma |
24.65% |
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INCOME |
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Current |
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Pro Forma |
Room Revenue |
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$426,917 |
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$530,928 |
Other Revenue |
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55,042 |
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63,468 |
Gross Revenue |
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$481,959 |
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$594,396 |
Total Expenses |
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166,287 |
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172,252 |
Adjustments |
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31,500 |
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34,000 |
Net Operating Income |
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$284,172 |
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$388,144 |
Debt Service |
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221,447 |
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221,447 |
Debt Coverage Ratio |
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1.28 |
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1.75 |
Net Cash Flow After Debt Service |
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8.36% $62,725 |
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22.23% $166,697 |
Principal Reduction |
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18,143 |
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18,143 |
Total Return |
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10.78% $80,868 |
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24.65% $184,840 |
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Marcus & Millichap is excited to offer an excellent operator/ Investor Hotel Oppportunity in Historic Homestead, Florida. This 52 Room Hotel with 6,000 sf Free Standing Commercial Site has tremendous upside and cash flow potential.
In the center of the Historic Area of Homestead, Florida, the Gate Way to the Florida Keys and both National Parks; Everglades & Biscayne National, the Caribe Hotel has a long tradition of tourist and local traffic.
Fronting Krome avenue and 50 feet north of Campbell Drive, the main East/ West commercial corridor in Homestead, The Caribe Hotel has tremendous redevelopment and upside potential.
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| Listing Office:
5201 Blue Lagoon Drive Suite 100 Miami, FL 33126
Tel: (786) 522-7000
Fax: (786) 522-7010
www.marcusmillichap.com |
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| This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. © Marcus & Millichap 2006 |
| (Activity ID: N0240002 Property ID: 1430609) |
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| The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Prinicpals are advised to conduct a thorough due dligigence for any potential transaction. Marcus & Millichap Real Estate Brokerage Company's name and logo are used herein for information purposes only. |
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| Copyright 2006 South Florida Land Broker, Inc. - All Rights Reserved. |
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