5746-48-50 Hayne Blvd – Great Investment Opportunity!
Sq. ft.: 0.189 acre
Type: Investment and Business
This neighborhood institution is a great opportunity for someone who would like a turn-key investment property and bar & grill business that are each profitable. The rents from the 5 tenants net around $50,000/yr, and the Sunset Bar & Grill business nets around $72,000 per year. That’s roughly a 20% return! The building owner also owns the Sunset Grill (which is fully stocked, has all working appliances, an ATM and video poker [60/30]) and is willing to sell it as a part of the deal. The Treasure Isle Tavern is a net lease that currently pays $1,572/mo has two years left on the base term and has options with escalations up to 144 months.. Upstairs are three apartments which are totally furnished down to the dishes and silverware. Apartment A is split into two units – an efficiency and a 1,000 sf two bedroom unit. Apartment B is 1,500 sf and rents for $1,100/mo. The property is 11’ above sea level, has an 18” concrete slab, and is largely a metal building. See attached for inventory of FF&E and financial summary. There is only one water meter and one tankless water heater for the entire building. Both downstairs bars open to a back yard that has high walls, tables, umbrellas, and chairs, and has a place for a stage to feature live entertainment. Apartments have recently added solar power grids. Original art murals on the first floor are from local artist Rainwebb. The Sunset side has two HVACs of 8 and 5 tons each. Sorry, I couldn’t get videos of the apartments upstairs.