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$ 829,000
Est. payment /mo
Active
1001 Hwy 98 E Carrabelle, FL 32322
3,060 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 3,060 sqft
Price per Sqft $270
Subdivision Kellys Plat
MLS Listing ID 325048
HOA Y/N false
Year Built 1996
Annual Tax Amount $4,220
Tax Year 4220
Lot Size 0.731 Acres
Lot Dimensions 31833
Property Description
Cole's Lodge presents a rare opportunity to acquire a proven, income-producing coastal lodging business in the heart of Carrabelle. This turnkey operation includes all FF&E, the established business entity, website, branding, and goodwill, offering a seamless transition for an investor or owner-operator seeking immediate cash flow in a supply-constrained market. The property features eight units—seven 1BR/1BA suites and one 2BR/1BA unit (one unit will need interior construction completed), along with two additional RV sites (one 30-amp and one 50-amp), each with water and sewer connections. The RV sites are currently not included in the financial projections, offering meaningful upside for a buyer looking to expand revenue streams with minimal additional investment. Cole's Lodge has been thoughtfully updated and is positioned to capture the steady demand generated by anglers, eco-tourists, contractors, and Forgotten Coast travelers seeking clean, convenient accommodations. Its location on Highway 98 offers excellent visibility and easy access to downtown Carrabelle, the public boat ramp, marinas, and the beaches of St. George Island. Based on conservative occupancy assumptions and an occupancy rate of 47% (AirDNA reports the Carrabelle submarket averages 49%), the projected Year-1 rental income is approximately $131,955, with an estimated Net Operating Income of $88,718. These figures are projections only and are available upon request. These projections do not include income from the two RV sites, which represent additional revenue potential for the next owner. Whether you're expanding a hospitality portfolio or stepping into your first owner-operator venture, Cole's Lodge delivers a compelling blend of stability, scalability, and coastal charm. Opportunities like this—an established business with strong branding, multiple income channels, and room to grow—rarely come to market along the Forgotten Coast.
Location
State FL
Zoning Commercial
Interior
Heating See Remarks
Cooling See Remarks
Flooring Luxury Vinyl, Slate, Tile
Exterior
Community Features BBQ Pit/Grill, Cable TV, Picnic Area, See Remarks
Utilities Available Electricity Connected, Internet Available, Phone Connected, Sewer Connected, Water Connected
Roof Type Metal
Building
Lot Description Aerials Available, Corner Lot, Rural District, Wooded
Story 2
Sewer Public Sewer
Level or Stories 2
Others
Special Listing Condition As Is
Listed by St George Island Realty, Llc