875,000

Bananaquit House is a turnkey, seven-unit poured concrete complex offering an exceptional investment opportunity in the US Virgin Islands! Perfect for investors seeking a property eligible for a 1031 Exchange. Steps from a beautiful sandy beach, Dorsch Beach, and a short bike ride or stroll to the historic Frederiksted town. This property promises beauty, convenience, and immediate rental returns. Each of the seven units, broken out into five 1-bed/1 bath units, one 2-bed/2 bath unit, and one 2-bed/1-bath unit, features full kitchen and spacious outdoor living space. Three units have private garden views, while four offer stunning sea views. Many units have been beautifully upgraded, and the property is fully furnished and equipped with all necessary appliances, making it a turnkey operation. This ensures a seamless transition for new ownership, allowing you to start generating income immediately. The property is currently an income-producing asset with a mix of vacation rental bookings already secured and long-term rentals. The long-term tenants are fully vetted and paying market rent, ensuring a stable and steady stream of income. The space's flexibility makes it ideal for both long-term rentals and short-term vacation rentals, providing a buffer against market volatility and economic shifts. This adaptability allows owners to switch rental strategies based on market demand, ensuring consistent occupancy and income. Moreover, the property appeals to a broader range of tenants, enhancing the likelihood of maintaining high occupancy rates. There's no other property like it near the beach. The seller has completed significant improvements to major systems, providing peace of mind while reducing potential maintenance concerns. This turn-key operation is an attractive addition to any real estate portfolio! The current owners, with expertise in investing and designing properties for maximum returns have taken strategic steps to ensure Bananaquit House is turnkey with significant growth potential: 1. Thoughtfully invested in a prime location within a beachfront community steps to Dorsch Beach. 2. Chose a property with value-add potential, addressing deferred maintenance, making updates, and increasing rents for both long-term and mid-term rentals. 3. Identified additional value-add opportunities that aren't necessary for the property's success but can further enhance its profitability. (Ask us how!) 4. Established a solid business system with optimized processes for revenue and expense management. 5. Completed all necessary property maintenance, making it ready for seamless management from anywhere. 6. Implemented updates to attract more business and enhance the property's appeal. 7. Raised rents to increase investor income and achieve a more favorable cap rate. Sellers would be interested in bringing in additional capital (new investor) or exploring creative financing and/or partnerships to expand the investment There are numerous value-add opportunities to enhance returns. Don't miss out on this rare chance to own a piece of paradise that promises both immediate and long-term returns, with significant potential for even greater profitability. Features List: " Seven Units: Five1-bedroom/1 bath units , one 2-bedroom/2 bath unit , and one 2-bedroom/1 bath unit. See documents for more details on each unit " Each unit has a full-size kitchen, living area, and separate bedrooms and six units have private balconies, and the other unit has a small private yard area with a covered gallery. " Unit 5 and 6 have the ability to open to one another creating a three bedroom, three full bath, and two kitchen penthouse with two galleries. " Poured Concrete construction. " As of the last appraisal in September 2022, the property is Zone X, outside of 500-year floodplain. * Buyer to verify. " High impact glass on third floor. " Detached 40-foot storage/workshop building (converted shipping container) with electric. " Full multi-stage/UV water filter