Miami Suites South Beach | 1321 15th St
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Miami Suites South Beach 1321 15th St
14 Room Hotel Miami Beach, FL 33139 $6,200,000 ($442,857/Room) 5.07% Cap Rate
Investment Highlights
- - Exceptional South Beach Location
- - All Suites are Meticulously Renovated
- - Currently Net Leased at $34,000/month
- - Eight 2BR Suites & Six 1BR Suites
- - Use AirBnB, Bookings.com, Expedia, etc
- - Highly Differentiated SubMarket
Executive Summary
The Miami Suites South Beach is a recently renovated Suite Hotel in South Beach. Originally constructed in1947, the property was fully gut renovated over a three-year period from 2016 to 2018. Although the Covid Pandemic delayed it’s opening in 2019, the Hotel has been in operation since November 2021. It is currently net leased at $34,000 per month although the lease can be terminated upon a sale of the property and a better lease negotiated.
The Miami Suites South Beach is a legal short-term rental asset just two blocks from world-famous Lincoln Road Mall, Biscayne Bay, and the revitalized Alton Road commercial corridor. It is also easy walking distance to Flamingo Park, Ocean Drive, and the Beach! Each of the fourteen Suites has been lovingly restored and meticulously maintained- both inside and out. All Suites have been renovated with new central A/C, electrical and plumbing systems, fire sprinklers and egress equipment, fixtures and finishes, lavish furnishings, and impact windows and doors. The Miami Suites South Beach is fully ADA compliant, includes a small lobby, is appropriately licensed for daily rentals, and is fully operational.
Suite Hotels have become the “go-to” destinations for vacationers, business travelers, and those seeking a non-traditional hotel experience. The Miami Suites South Beach offers fourteen stand-alone One-Bedroom and Two-Bedroom Suites with all the comforts of home. Perfect for families, groups, or getaways, the Suite Hotel is here to stay.
See attached Offering Memorandum for additional information including an Appraisal and Projections.
The Miami Suites South Beach is a legal short-term rental asset just two blocks from world-famous Lincoln Road Mall, Biscayne Bay, and the revitalized Alton Road commercial corridor. It is also easy walking distance to Flamingo Park, Ocean Drive, and the Beach! Each of the fourteen Suites has been lovingly restored and meticulously maintained- both inside and out. All Suites have been renovated with new central A/C, electrical and plumbing systems, fire sprinklers and egress equipment, fixtures and finishes, lavish furnishings, and impact windows and doors. The Miami Suites South Beach is fully ADA compliant, includes a small lobby, is appropriately licensed for daily rentals, and is fully operational.
Suite Hotels have become the “go-to” destinations for vacationers, business travelers, and those seeking a non-traditional hotel experience. The Miami Suites South Beach offers fourteen stand-alone One-Bedroom and Two-Bedroom Suites with all the comforts of home. Perfect for families, groups, or getaways, the Suite Hotel is here to stay.
See attached Offering Memorandum for additional information including an Appraisal and Projections.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$408,000
|
$48.04
|
| Taxes |
$70,151
|
$8.26
|
| Operating Expenses |
$23,586
|
$2.78
|
| Total Expenses |
$93,737
|
$11.04
|
| Net Operating Income |
$314,263
|
$37.00
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $408,000 |
| Annual Per SF | $48.04 |
| Taxes | |
|---|---|
| Annual | $70,151 |
| Annual Per SF | $8.26 |
| Operating Expenses | |
|---|---|
| Annual | $23,586 |
| Annual Per SF | $2.78 |
| Total Expenses | |
|---|---|
| Annual | $93,737 |
| Annual Per SF | $11.04 |
| Net Operating Income | |
|---|---|
| Annual | $314,263 |
| Annual Per SF | $37.00 |
Property Facts
| Price | $6,200,000 | Lot Size | 0.17 AC |
| Price Per Room | $442,857 | Building Size | 8,493 SF |
| Sale Type | Investment | No. Rooms | 14 |
| Cap Rate | 5.07% | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1945/2019 |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | C |
| Price | $6,200,000 |
| Price Per Room | $442,857 |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,493 SF |
| No. Rooms | 14 |
| No. Stories | 2 |
| Year Built/Renovated | 1945/2019 |
| Corridor | Exterior |
Amenities
- Wheelchair Accessible
- Public Access Wifi
- Smoke-Free
- Smoke Detector
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 14 | $72.00 | - |
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Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (81)
zoning
| Zoning Code | RM-1 (RM-1 (Residential Multifamily- Low Intensity)) |
| RM-1 (RM-1 (Residential Multifamily- Low Intensity)) |
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Miami Suites South Beach | 1321 15th St
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