What does it look like to buy an income-producing retirement? A couple selling their beach cottage and golf-cart rental business in Cedar Key, Fla., could have the answer for you.
The owners of Cedar Key Golf Carts and Bike Rentals are offering both the business and the 1,500-square-foot, three-bedroom bungalow from which they run it for $695,000. The business includes a fleet of 15 golf carts (two-, four- and six-seaters) and a handful of bikes to cater to the heavy tourist foot traffic on this popular island on Florida’s Gulf Coast.
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The bungalow was built in 1951 on high ground in view of the water but out of harm’s way (so far) from the hurricanes that can blow through this stretch of coast between Panama City and Clearwater. You would have to adjust to using a wand to shower in the clawfoot tub (and share a single bathroom) and be OK with a squadron of golf carts parked in your backyard corral-style.
The business listing says the cart rental gig throws off about $100,000 per year in gross revenue—more than enough to cover the mortgage on the $495,000 asking price for the house by itself. Carts are currently renting from about $40 per hour for a standard two-passenger model to $1,100 per week for a six-passenger whip. For those who want to pedal themselves, a beach cruiser can be had for $15 per day. The current owners are willing to finance the business portion of the sale but only if the business and real estate are sold together.
Cedar Key is about two and a half hours away from Orlando and Tampa and accessible by the single Florida Route 24 bridge or boat. The full-time population is only about 700, but the historic Old Florida island town draws visitors for the seafood, fishing charters, tchotchke shops and townie bars that line Dock Street just two blocks from this bungalow.
Don’t forget to pack lots of sunscreen.
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This article was originally published on golfdigest.com
