1671 Washington Ave
Miami Beach, FL 33139
Greenview by Lowkl · Hospitality Property For Sale · 16,103 SF

The Greenview Hotel was originally built in 1939 of concrete block construction and consists of 45 guestrooms, a ground floor lobby and a continental breakfast seating area with a total building square footage in excess of 15,800 according to the Miami-Dade property appraiser. The room composition consists of Standard King Bed, Standard One Queen Bed, Standard Two Double Beds, Junior Suite Two Full Size Beds (City View) and Standard One Queen Beds (ADA). In 2019, The Greenview Hotel underwent a substantial renovation with approximately $1,000,000 in enhancements, which is expected to have a major positive impact on the hotel’s business. In the most recent complete 12-month period prior to the renovation, the hotel had been operating at over 84% occupancy with an average daily rate of approximately $144. The Greenview Hotel is located between Lincoln Road and 17 Street, along the east side of Washington Avenue in South Beach. The property is situated directly across from Soundscape Park and the New World Symphony, just 350 feet from Lincoln Road, less than 800 feet from the Miami Beach Convention Center and the Fillmore Miami Beach at Jackie Gleason Theater and approximately one-quarter mile from the beach. Directly north of the subject property a brand-new Thompson Hotel concept will begin construction in 2020. Lincoln Road, which attracts more than 11 million visitors per year, will be undergoing $60 million in enhancements in 2020-2021. The Miami Beach Convention Center recently completed a $600,000,000 renovation, which is expected to generate a tremendous economic impact to the surrounding area, while driving up local hotel demand. The Greenview hotel is also just half-a-mile from the Bass Museum, which recently underwent a $12,000,000 renovation that expanded the usable space by 50%. As a testament to the strength of the area, the Collins Park District has experienced significant development activity in recent years, with numerous hotels in the pipeline, under construction or recently completed throughout the neighborhood. The Greenview Hotel is being offered for sale at $14,900,000 or $331,111 per room, free and clear of debt and management. It offers a new owner the opportunity to acquire a stable, turnkey asset with minimal required post-closing capital expenditure expected that is situated in a prime location within one of the most recognizable and desirable leisure markets in the world.