Tropical Resort & Marina

1485 Lakeview Drive, Deland, FL

21.31% return

SP: $2,450,000

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Property Description

*Do not call the resort* PARADISE FOR SALE!!!!!!

Tropical Resort & Marina is composed of 17 cozy rental rooms with full kitchens, owner's house, office/store, swimming pool, 55 boat slips and 4 pontoon rental boats! BUSINESS AND REAL ESTATE INCLUDED IN SALE!! Located right on Lake Beresford, this property is a truly hidden gem!! Rooms are fully furnished and in great shape! Perfect lifestyle for the owner to live on the lake while running a profitable business! POTENTIAL TO GENERATE A 21%+ NET RETURN ON INVESTMENT AFTER EXPENSES!!!! Direct access to St. Johns river. Run this property as a HOTEL RESORT or an APARTMENT BUILDING. ENDLESS POSSIBILITIES!!! PERFECT RETIREMENT!!!

Financing is available. Call us for inquiries! Visit us at tropicalresortandmarina.com !

Property Information

Listing statusSold
Property typeMulti Family
Total units18
Total bedrooms23
Total bathrooms18
Building size13292 sq. ft.
Lot size3.8 acres
Year built1967

CountyVolusia County
SubdivisionHOUGH PAXTON & WILSON
ConstructionCBS
RoofAsphalt Shingle
Water sourceCity water
Water disposalSeptic
HeatingMini-Split Heating, Central
CoolingMini-Split Cooling, Central air

Property Financial Summary

Sale price$2,450,000
Estimated rehab¹$0
Total investment$2,450,000

TypeProforma

Gross income (annually)$927,360
Operating expenses (annually)$405,368
Net income (annually)$521,992
Gross return37.85%

Gross income (monthly)$77,280
Operating expenses (monthly)$33,781
Net income (monthly)$43,499
Net return21.31%

Property Income & ExpensesMonthlyAnnual

Income

Marina Slips$8,730/month$104,760/year
Miscellaneous Income$1,000/month$12,000/year
Boat Rentals$7,500/month$90,000/year
House
Unit 218: 1 bed / 1 bath$2,000/month$24,000/year
Resort Rooms
Unit 201: 3 bed / 1 bath$6,450/month$77,400/year
Unit 202: 1 bed / 1 bath$3,000/month$36,000/year
Unit 203: 1 bed / 1 bath$3,000/month$36,000/year
Unit 204: 1 bed / 1 bath$3,000/month$36,000/year
Unit 205: 1 bed / 1 bath$3,000/month$36,000/year
Unit 206: 2 bed / 1 bath$4,200/month$50,400/year
Unit 207: 1 bed / 1 bath$3,000/month$36,000/year
Unit 208: 1 bed / 1 bath$3,000/month$36,000/year
Unit 209: 1 bed / 1 bath$3,000/month$36,000/year
Unit 210: 1 bed / 1 bath$3,000/month$36,000/year
Unit 211: 1 bed / 1 bath$3,000/month$36,000/year
Unit 212: 2 bed / 1 bath$4,200/month$50,400/year
Unit 213: 1 bed / 1 bath$3,000/month$36,000/year
Unit 214: 1 bed / 1 bath$3,000/month$36,000/year
Unit 215: 1 bed / 1 bath$3,000/month$36,000/year
Unit 216: 1 bed / 1 bath$3,000/month$36,000/year
Unit 217: 2 bed / 1 bath$4,200/month$50,400/year
Total$77,280/month$927,360/year

Expenses

Property Taxes$847/month$10,168/year
Insurance (estimated)$2,000/month$24,000/year
Cable and internet bill$450/month$5,400/year
Waste Collection$380/month$4,560/year
Water Treatment$450/month$5,400/year
Supplies$333/month$4,000/year
Housekeeping$2,000/month$24,000/year
Lawn care$1,200/month$14,400/year
Maintenance reserve$3,000/month$36,000/year
Payroll Expenses$2,000/month$24,000/year
Pool Maintenance$800/month$9,600/year
Fuel$1,000/month$12,000/year
Vacancy Loss$19,320/month$231,840/year
Total$33,781/month$405,368/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.