Popular Landmark Motel Up For Auction in New Smyrna Beach, Florida
Hospitality CRE at Online Auction
Scheduled for sale in an online auction Sept. 4-10, the Seahorse Inn is located in area nationally recognized as a favorite destination
New Smyrna Beach, FL (July 27, 2015)— SVN Auction Services, a national provider of date-specific sales and special asset solutions—is coordinating the sale of the well-known and popular landmark motel, the Seahorse Inn in New Smyrna Beach, Florida. In operation since 1956, the 21-room motel is just steps away from the beach within the robust and growing Flagler Avenue entertainment and retail district.
The highly visible property, located at 423 Flagler Avenue, will be sold through an auction scheduled from September 4 – 10. Bidding will be online, however, there will also be an onsite bidding location to be announced later.
The Seahorse Inn is situated on a half of an acre parcel at the key intersection of Flagler and S. Atlantic avenues and is favorably zoned for mixed use.
“This property features a premier location and strong revenue potential,” said Bob Lovelace, MAI, CCIM, Senior Advisor with SVN Florida. “The area features numerous recreational and cultural opportunities, including a collection of eclectic art galleries, museums, shops and restaurants. Shoppers like to frequent the quaint establishments in the Flagler Avenue district and surrounding area. It’s an incredibly active consumer market.”
The Seahorse Inn property features covered walks, an asphalt-paved lot containing 22 marked parking spaces and a mechanical/storage room and housekeeping room. The property is ideally configured for conversion to retail use, providing additional retail spaces in the Flagler Avenue district where demand for space and rents are among the highest in the county.
Located on the south side of Ponce Inlet, New Smyrna Beach is regularly ranked as a favorite destination by national travel and recreation organizations. The region features exceptional beaches, surfing and other attractions, including kayaking, fishing, paddleboarding and golf. New Smyrna Beach is in Volusia County, just south of Daytona Beach.
The Daytona Beach-New Smyrna Beach region is currently undergoing a wave of new development with a number of significant projects recently announced, underway or completed. These include oceanfront condominium, hotel and resort projects, a university campus expansion, renovation and development related to motorsports, mall renovations and developments, and large scale retail and nationally-recognized restaurant offerings entering the market.
“This area is experiencing significant activity in private and public capital investment,” explained Lovelace, who recently helped coordinate a $6MM transaction for development of approximately 844 acres on the northeast corner of State Road 44 and I-95 in New Smyrna Beach. “It is evidence of the level of confidence investors have in this market’s economic and retail growth potential.”
About SVN Auction Services
SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-properties, receiverships and bankruptcies. SVN Auction Services offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Auction Services is supported by SVN International’s more than 800 commercial real estate advisors throughout the nation. This relationship provides outstanding opportunities for SVN Auction Services to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.
Bob Lovelace, MAI, CCIM
SVN Florida Commercial Real Estate Advisors
386-402-8084 | [email protected]
Zeszutko Corp.-PR on behalf of SVN Auction Services
321-213-1818 | [email protected]