Oceanfront Daytona Hotel, Economy/Limited Service, 2011 S. Atlantic Ave, Daytona Beach Shores, FL DIRECT OCEAN FRONT 40 Unit Motel! 20 of the units have kitchens. Owners are retiring and have ran this hotel on a VERY part time basis. Approximately 105 square feet per unit… Tike Bar next to the OCEANFRONT Pool for greater upside. 3 floor no elevator, exterior corridor – plus 3 lock off units. Buy and hold now and then build your own high rise condo if you so desire. Tropical landscaping. 0.42 acres of prime Oceanfront land in Daytona Beach Shores. Plenty of stores nearby. Only 1.2 Miles from the new Hard Rock Hotel & the Russian project. ADR is only $77/night blended average; run part time yields a gross of $210,000 and a net of $100,000. BUT run full time with the same verifiable ADR of $77 and 65% occupancy yields a gross of $758,855, net of $259,000 and a CAP of 11.3% 3 year outlook with Same low ADR of $77 and recession occupancy of again 65% yields a net of $366,408 and a CAP of 16%. The current 2014 P&L is attached. Please download the PDF
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The hotel is located just steps from one of the nation’ s most sought after beaches and the prestigious Bal Harbour shops. Bal Harbour shops is the highest ranked mall in sales per square foot in the world. The area draws tourists from all around the world to vacation.
The 2014 report shows $556,000 in gross revenue and $359,000 in operating expenses. The current cap rate on and all cash purchase of $5,570,000 is 3.53%. This is based on the revenue from mostly online bookings at a $118.16 ADR and RevPAR of $72.61. The current market ADR for competitive properties is $135/night. Through an estimation of current booking rates, the ADR is estimated at $138.69. The increased occupancy is estimated at 70% occupancy. Additionally, by renting the manager’ s unit, the net income would increase to $360,096, which would represent a 6.46% pro-forma cap rate. The property has an ample courtyard that could be used as an outdoor restaurant for additional income.In 2014 the 8 studios were offered at $80/night and current bookings for 2015 are $100/night. In 2014 the 13 suites were offered 21 suite Sorrento Villas in Miami Beach, FL. The hotel is located just steps from one of the nation’ s most sought after beaches and the prestigious Bal Harbour shops. Bal Harbour shops is the highest ranked mall in sales per square foot in the world. The area draws tourists from all around the world to vacation.
An incredible property located right on N. Ocean Blvd. just steps away from the Beach. This complex is immaculately kept.The property should be run as a motel and then it would have a very high cap rate but there are some long term rentals. Best priced motel per unit in Lauderdale by the Sea. The cap rate is a pro forma.
Take I95 to Atlantic Blvd. Go east to S. Ocean Blvd./A1A. Go south to property.
Net Operating Income $240,000
code for : MIAMI , MULTIFAMILY FOR SALE
code for MIAMI , MILTIFAMILY SALE PRICE
code for MIAMI , MULTIFAMILY units available for sale
The iconic Temple House – spectacular venue for major corporate and celebrity events, exciting film and television productions. Completely renovated 13,111 SF, 2-story landmark Art Deco building on a double corner lot. Features a 6,000+ SF grand room with 25 foot high ceilings and mezzanine, 2,600 SF private catering space/staging area, 2,400 SF sundeck with pool and waterfall on 2nd level. The unique 5-bedroom mansion with elevator and 2-car garage is a licensed event and catering facility accommodating up to 673 guests. The property also has a hotel bed and breakfast license. SUCCESSFUL OPERATING BUSINESS! Multimillion dollar income potential from multiple income streams. South Beach – Close to Lincoln Road, Ocean Drive, and the beach, shops, and restaurants.
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