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Beach Apartment House For Sale
Location Georgia,United States
Asking Price Range $500K - $1.0M
Gross Revenues $55000
Net Profit / Cash Flow $25000
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1986
Number of Employees 1 - 3
Inventory 10000
Relocatable No
Number of Employees 1 - 3
Real Estate Owned
Training Available.
Reason for Sale Retirement.
Description Deluxe private residence, income-producing apartments with a deluxe owner's apartment, or a bed and breakfast are all possible options for usage of this property located at Savannah's Beach, Tybee Island, Georgia.
One of Tybee Island's historic beach homes built in 1924, this 2 story, 5,000 sq. ft. building located on the south end of the island is just one block from the beach in any of 3 directions. It is located in a quiet residential area, but it is just 3 blocks from Tybee's main shopping and nightlife area.
This property was purchased in Dec. 1986; beginning at that time, the total renovation of the entire structure was completed in 1995. It currently contains 7 apartments; 3 contain approx. 1,000 sq. ft. each and 4 contain approx. 500 sq. ft. each. Each unit contains its own kitchen and full bath, and all are well maintained. The layout of this house lends itself to many possibilities and options as regards usage.
This apartment house has an excellent rental history and has been occupied by long-term tenants with year leases. It could also be used for seasonal rentals, or it could easily be adapted as a bed and breakfast (depending upon / research the ever changing current / ''grandfathering'' zoning regulations). One of the apartments formerly housed an art gallery.
This island is accessible by a 7 mile causeway with a spectacular view. Its proximity to Savannah, Georgia, about 15 - 20 minutes by car, assures you of all the amenities of a metropolitan area.
Rental rates have not been raised in recent years. These rates are for year around rental / one year lease required. A general rule of thumb: what you can charge by the month for a year-around rental is a reasonable rate by the week for the same apartment during the season. Current income: approx. $55,000/yr.
Price = $680,000
Owner will finance with downpayment.
Email or call 912-685-2006 for more information on this Beach Apartment House for sale.
Click Here To Contact Seller
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