The subject property consists of two buildings; 440 14th Street and 1355-57 Drexel Avenue. Both buildings were constructed as garden apartments in 1935 of reinforced concrete block with wood framed floors and roof structure. 440 14th Street is comprised of eight two-bedroom Suites. 1355-57 Drexel Avenue comprises ten units with four two-bedroom Suites and six one-bedroom Suites. The total County Adjusted building area equals 10,694 square feet.
The most significant feature of the property’s location is its proximity to South Beach’s primary Commercial District comprised of Collins Avenue, Washington Avenue and Espanola Way, as well as Ocean Drive, the Beach, and Atlantic Ocean. It is also walking distance (three blocks) to Lincoln Road Mall and the new Convention Center.
The property lies in a CD-2 (Commercial- Medium Intensity) zoning district which allows for Hotels as a main permitted use. The property has been fully upgraded with new impact windows and doors, a fire suppression and fire alarm system, new kitchens and baths, finishes, furnishings hardscape, landscaping, and is fully ADA compliant. The property is appropriately licensed as a Hotel and is fully operational.
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 health and entertainment purveyors. Additionally, significant latent FAR allows for additional construction.
Please see attached Offering Memorandum for complete details.
