600 Ocean DrMiami Beach, FL 33139

Property Details for 600 Ocean Dr

Year built

1933

Construction

CONCRETE

Lot size

0.39 AC

Property size (Sq ft)

30,739 SF

Zone code

6501:COMMERCIAL

Property type

Hospitality properties

Property subtype

Hotels

APN

02-4203-004-0060

APU

242030040060

Description

This exceptional oceanfront hotel in Miami Beach presents a unique investment opportunity. The property, built in 1933, features 54 keys across three stories within a single building, totaling 30,739 square feet. Situated on a double lot encompassing 16,939 square feet, it enjoys a coveted corner location at 600 Ocean Drive, Miami Beach, FL 33139 (APN: 02-4203-004-0060). Currently operating at 100% occupancy, the hotel offers a compelling cap rate of 0.02% and boasts a price per square foot of $1,626.60, with an asking price of $50,000,000. The property's prime location in the heart of South Beach, near Ocean Drive, places it within walking distance of the beach and surrounded by high-traffic areas with established businesses. The hotel's mixed-use zoning allows for diverse development possibilities. Its historic Art Deco architecture is complemented by modern amenities, and the on-site restaurant adds to its appeal. This is a rare chance to acquire a thriving hospitality asset in one of the world's most desirable destinations. The property's strong performance and strategic location make it an attractive investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $30,144,494

  6.5%

  $27,825,686

  7%

  $25,838,138

• Comparable approach

  Method

  Valuation

  Relative Method

  $27,656,524

  Geo Method

  $27,656,524

• Alternative Use

  Use

  Valuation

  Residential

  $30,377,566

  Hospitality

  $27,825,686

  Educational

  $23,150,644

  Medical

  $23,946,830

  Retail

  $36,012,116

Location Insight

City

Miami Beach

County

Miami-dade

State

Florida

Latitude

25.7758

Longitude

-80.132

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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