A marina on Stock Island in Key West has just hit the market at a significant discount to its original development cost. According to a recent article from The Real Deal, Key West Harbour features 425 dry racks and 99 wet slips, with 30 dry racks and one wet slip previously sold to individuals when it was initially delivered. The marina, which is being marketed as a potential development site for a hotel, has an asking price of $50 million.
Key West draws international tourists with its world-class boating and fishing, and with rising resale values and rental rates for slips in the land-constrained market, the new owner of the marina stands to significantly benefit. In addition to the slips, Key West Harbour, located at 6000 Peninsular Avenue, features an on-site ship store and fuel supply, a private beach, a clubhouse with restaurant and pool, and a hurricane-rated dry rack facility, the only of its kind in the area. Key West Harbour also has the distinction as the southernmost recreational marina in the continental United States. With more and more people looking to take advantage of the improved relations between the U.S. and Cuba, there is great potential that several boaters will be looking to launch trips from Florida to the Caribbean island.
Stock Island can be found just east of Key West and has been dubbed the city’s “less glamorous cousin.” Here, you’ll find the densely packed homes of many Key West workers alongside boatyards and fish houses. But with waterfront property on Key West unavailable, developers have turned their attention to the island. Singh Investors has plans for a hotel and vacation rental resort on Stock Island that will feature 79 vacation rental units and 17 hotel rooms across five buildings. The development will also feature a restaurant, seven pools, a fitness center and water sports concessions. Also nearby is Oceanside Marina, boasting 96 dockuminium slips. The savvy investor who takes advantage of this opportunity has the potential to sell the remaining inventory, increase rents, or develop a hotel resort on thet site.
For more information, please contact Oceanica Real Estate at (786) 270-1743 or via email at email@example.com.