661 East DrMiami Springs, FL 33166

This exceptional Miami Springs property presents a compelling redevelopment opportunity. The 0.67-acre lot, encompassing two parcels (0.38 acres and 0.29 acres), houses a 38-room, exterior corridor hotel built in 1951. The property includes two restaurant spaces: a 3,000+ sq ft leased space generating $8,600 monthly rent and a 2,000+ sq ft vacant space. The hotel boasts 33 parking spaces. Financial records indicate 2022 room revenue of $333,127 and 2023 room revenue of $298,815, with corresponding rental incomes of $283,519 and $255,167 respectively. Its prime location near Miami International Airport (1 mile), Miami Freedom Park (2.3 miles), and other major demand generators like Jackson Memorial Hospital and LoanDepot Park, makes it highly attractive. The Commercial/Residential zoning allows for diverse development options, including hotels, offices, mixed-use buildings (residential on upper floors), and various other commercial uses, subject to height restrictions (maximum 120 feet, or 55 feet within 150 feet of residential areas) and FAA regulations. The maximum residential density is 24 dwelling units per net acre for new construction, with a minimum of 12 units per net acre for mixed-use projects. This property offers significant potential for investors seeking a high-impact project in a thriving location. APN: 05-3120-030-0010 & 05-3120-000-0400. Asking price: $7,000,000.