MIAMI, July 23, 2015 /PRNewswire/ -- Key West Harbour, located on Stock Island in Key West, Florida, represents an attractive and profitable opportunity for an investor to acquire truly irreplaceable real estate. Completed in 2008, the marina development comprises 425 dry racks and 99 wet slips, of which 30 dry racks and 1 wet slip were sold to individual owners when it was initially delivered. Under current ownership, the property has been impeccably maintained and operating cash flows have been significantly improved by converting the unsold inventory into rentals.
Ackman-Ziff has been engaged to market Key West Harbour for sale at a significant discount to its original development cost. The new owner will benefit from the marina's best-in-class amenities, its location in an extremely land constrained market, rising resale values and rental rates for slips, and Key West's legendary attraction as a tourist, boating and fishing mecca. Multiple options exist for maximizing returns on the investment, including selling out the remaining inventory or improving upon the current rental operations, as well as taking advantage of the opportunity to develop a hotel resort on the site.
Key West Harbour amenities include an on-site ship store and fuel supply, a clubhouse with a restaurant and pool, a private beach, and the only hurricane-rated dry rack facilities in Key West. In addition, Key West Harbour is the southernmost recreational marina in the continental U.S., an enviable position to be in as relations between the U.S. and Cuba continue to thaw and the potential number of boaters looking to launch trips from Florida to the Caribbean island escalates as a result.
SOURCE Ackman-Ziff Real Estate Group