41 Collins AveMiami Beach, FL 33139

Property Details for 41 Collins Ave

Year built

1936

Property size (Sq ft)

17,000 SF

Property type

Hospitality properties

Property subtype

Other hospitality properties

Description

This exceptional Miami Beach hotel presents a lucrative investment opportunity. Boasting 50 keys and conveniently located at 41 Collins Ave, Miami Beach, FL 33139, this 17,000 square foot property offers significant upside potential. Recently renovated in 2021, the three-story building features a marble-floored lobby, on-site laundry, an interior courtyard with terrace, elevator access, impact windows, and new air conditioning. Ten assigned parking spaces are included. The hotel currently enjoys an 85% occupancy rate (as of January 9, 2023), generating a pro-forma NOI of $1,500,000 and a 6.85% pro-forma cap rate. The asking price is $21,900,000 ($1,288.24 per square foot). Situated on a 13,000 square foot lot with RM-2 zoning, the property includes valuable boat slips. The hotel is minutes from South Beach and the Fontainebleau, near a large convention center currently under construction. Development potential exists to add a three-story structure, potentially increasing the key count to 80 and adding a restaurant. Seller financing is available with favorable terms. A detailed memorandum is available upon request.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.7691

Longitude

-80.1339

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