Investment Overview

Marcus & Millichap as an exclusive representative of the seller, is pleased to present for sale the Casey Key Resort Bungalows Beach to Bay. The Casey Key Resort consists of three parcels. The 3 adjacent parcels on Casey Key Beach poses 11 bungalows (25 units), close to 150 feet of beach frontage, a marina that has the potential for additional boat slips and a combined 2.05 acre lot that extends from gulf (ocean front) to bay on the north side of Casey Key Beach. Current ownership has spent over $3M in capex improvements recently. Al- most every aspect of all units have been renovated (Bath rooms, Kitchens, Furniture etc.) New ownership will have little to no capex requirements for the existing units. In terms of the location, Casey Key Beach is primarily a residential non-com- mercial beach with most of the north side being privately owned by residents. Due to the non-commercial nature of this market residents and zoning com- mittees have made it virtually impossible for any commercial development to take place, which means for the foreseeable future this market will continue to be supply constrained for hotels. As the popularity of Casey Key continues to grow we are expecting ADR and OCC to follow the growth seen on markets such as Bradenton Beach & Anna Marie. The upside to the 3 parcels located on Casey Key Beach would be to add a pool, build out the Marina and add a F&B component to the hotel. Current owner- ship already has plans and permits in place for the build out of an Olympic size pool and a new marina that would be able to hold 15-18 boat slips.