The subject property was designed as an 8 unit two-story garden style apartment building and was constructed in 1946 of reinforced concrete block with wood framed floors and roof structure. The building originally housed 8 one-bedroom apartments but the recent full-gut renovations have altered the unit mix to include 6 Two-bedroom Suites and 2 One-bedroom Suites. The total building area equals 3,817 square feet.
This property lies within the West Avenue Bay Front Overlay District which allows for the conversion of existing multifamily stock into Suite Hotels. The property has been fully upgraded with new impact windows and doors, a fire suppression and fire alarm system, new kitchens and baths, floor and wall finishes, new MEP, landscaping, and is fully ADA compliant. The property is appropriately licensed as a Suite Hotel and is fully operational.
The most significant feature of the property’s location is its close proximity to Lincoln Road Mall and the Alton Road Commercial District. It lies approximately 8/10 mile from Ocean Drive, the Beach, and Atlantic Ocean. The property has recently received its occupational license and has just been placed into service. In the absence of any financial track record we have relied on projections provided by Sonder for calculations of cap rate and other metrics.
Significant upside exists through the introduction of additional amenities such as Food & Beverage Service, a plunge pool, vending, laundry, valet service, zip cars, scooters, bicycles, as well as on-call specialty vendors such as chefs, masseuses, and other third-party services. Additionally, the latent FAR allows for additional construction.
SEE OFFERING MEMORANDUM FOR COMPLETE DETAILS
