Couple buys Banana Bay motel on Charlotte Harbor

BUYER: Nand Corp. (principals: Anand and Jyoi Desai), Port Charlotte
SELLER: Banana Bay I LLC
PROPERTY: 23285 Bayshore Road, Port Charlotte
PRICE: $1.33 million
PREVIOUS PRICE: $725,000, November 2002
TITLE FIRM ON DEED: Title Professionals of Florida, Fort Myers

PLANS, DESCRIPTION: Anand and Jyoi Desai purchased the 14-unit Banana Bay motel in Port Charlotte for $1.33 million.

The price equated to $94,643 per unit.

The 6,045-square-foot motel sits on a half-acre parcel next to Charlotte Harbor. It features a 500-foot dock, five boat slips, boat and kayak rentals, a heated swimming pool and tiki bar. Units also feature equipped kitchenettes.

Marketing materials for the 55-year-old property report it has a 78% average annual occupancy.

The purchase entity, Nand Corp., mortgaged the property to Calusa National Bank for two loans totaling $829,682.