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70 bedroom Hotel for sale in Miami FL Southern Florida Florida USA

Asking
€ 4,049,676 | £ 3,491,631

Bedrooms: 70
Bathrooms:
Type: Hotel
Size: Floor: 23497 (sq ft)
Sale Type: New Build - Key Ready , Date Built: 1957
pool Swimming Pool
ac_unit Air Conditioning

Advert last updated: 7/6/2013
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Agent/Owner:
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PrestigioPropertysMiami
Xavier Montel
Location: France
Speaks: English,Spanish,German,French
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MIAMI BEACH waterfront Hotel/Motel Biscyane Blvd
FINANCING AVAILABLE: $2.59M Assumable Loan, 7.25% Interest, 15 years left on a 20 Year AMO. Seller may consider financing with a wrap loan instrument.
MOTEL $ 4,500,000
boutique hotel 62 rooms
12 new in 2011
4cops liquor license(package and tobacco)
waterfront red light 90 seats(leased $4250/month )
large pool with tokki bar and sun terrace
potential bar with 5M liquor license
building area est 23,497sf
lot 33,493 sft,Est 150ft frontage
1957
MIMO historic district
access to I-95,Dowtown Beaches
assumable Loan $2.75M,20 yaer AMO

$4,500,000
No. Rooms:62
Building Size:23,500 SF
Price/Room:$72,580.65
Property Type:Hotel & Motel
Property Sub-type:Economy/ Limited Service
Property Use Type:Investment
Commission Split:2.5%
Cap Rate:9.76%
Average Daily Rate:$52
RevPAR:$50
No. Stories:2
Year Built:1957
Corridor:Exterior
Lot Size:33,493 SF
APN / Parcel ID:400230

26 Kings, 32 Doubles, 4 Suites, One Large Suite (currently office, perfect for Executive Center
HUGE Pool with beautiful outdoor terrace - Come and SOAK UP THE SUN!
37 On-Site Parking Spaces, Valet available for restaurant
Hotel operates with very high occupancy during season (December-April)
Guest Profile includes Foreign Tourist, Economy Travelers, and Contractors for local projects
In-hoiuse Laundry, Security Guard, 24-Hour Front Desk
Description
Boutique Hotel with 62 Rooms, Pool, 90 Seat Restaurant, Lounge, 4COPS Liquor License (5 AM), located on US1 in Miami's Upper Eastsiede - trendy restaurants, popular eateries, cool shops... recalls South Beach in the early days.

GREAT LOCATION... minutes to Midtown Miami, Design District, Miami Beach, Arts District, and Downtown Miami.
All rooms renovated with the last five years, 58 rooms currently in service and reflected in 2012 revenues. FF&E investment will yield higher ADRs as well as additional marketing and branding.

Currently, the restaurant is vacant with new operator in negotiatiions. Breakfact, Lunch, and Dinner service will be introduced as well as total renovation of the restaurant, waterfront seating area, and Lounge. Expected lease revenue will be approx. $6000 N per month with increases.

This property offers tremendous investment potential for both value and income. Man new retail projects and investents in these classic hotels on Miami's Biscayne Boulevard... come and see the growth NOW!

PLEASE DO NOT GO TO PROPERTY WITHOUT AN APPOINTMENT.

Confidentiality Agreements attached for financials.
Notes:
Map / Location:    location_on Map Similar Properties

Exact location not provided - showing map of "Miami FL" USA

Details:
Address:
Postcode: 33138
City: Miami FL
Region: Florida
Area: Southern Florida
Country: USA
Main Features:
Pool: done Own Pool
Size: 23497 (sq ft)
Plot:
Date Built: 1957
Airconditioning: done
Central Heating: