Casitas Coral Ridge 2648 NE 32nd St 16 Room Hotel Fort Lauderdale, FL 33306 $2,500,000 ($156,250/Room) 17.69% Cap Rate

Casitas Coral Ridge is a stabilized, high-performing 16-unit boutique hotel generating consistent returns in Fort Lauderdale’s high-barrier coastal market. The property produces ±$442,000 in Net Operating Income (2024) supported by $599,889 in Gross Revenue and a proven operating history. This fully licensed hospitality asset offers investors immediate in-place yield with clear value-add levers and long-term redevelopment potential.
Sale Type: Auction
Pre-Auction Offers: Accepted
Auction Begins 01/04 10:00 AM, Auction Ends 01/08 11:00 AM
Starting Bid: $2,500,000
Financial Performance & Investment Highlights
• 2024 Gross Revenue: $599,889
• 2024 Net Operating Income: ±$442,172 (Full-Year Financials Available)
• Licensed Units: 16 Keys (License MOT1603176)
• Occupancy: Historically ±78% with strong repeat transient demand
The property operates with streamlined expenses and efficient management, producing unusually strong NOI for its size. Multiple near-term upside levers remain available:
Immediate Revenue Upside:
– One standard guest room is currently used as office/admin space; converting back to a rentable unit is projected to add $30,000–$40,000 annually in top-line revenue.
– Current operations run only 10am–5pm, limiting late-arrival bookings. Expanding to standard hospitality hours or employing automated late check-in systems creates additional ADR and occupancy growth opportunities.
This asset is fully stabilized with verified financials, yet still provides operational and revenue enhancement potential for an active owner, boutique operator, or investor seeking predictable cash flow in a supply-constrained location.
Asset Overview: Turnkey, Updated, and Low-Maintenance
Unit Mix (16 Total Keys):
• (8) One-Bedroom Suites w/ Full Kitchens
• (5) Standard Hotel Rooms
• (3) Studios w/ Kitchenettes
Site & Building Summary:
• Two single-story buildings
• Impact windows on the rear building
• Updated interiors and well-maintained mechanical systems
• Situated on a ±20,004 SF lot (0.45 Acres) with ±200 ft of frontage
• On-site amenities include a tiki terrace and laundry facilities
The property benefits from single-story construction, avoiding the long-term CapEx risk associated with elevators, high-rise systems, or complex building infrastructure. It is structurally simple, low-maintenance, and designed for operational efficiency.
Zoning & Future Exit Strategy
Although stabilized cash flow is the primary value driver, the site’s underlying zoning provides additional long-term upside.
Zoning: RMM-25 (Residential Mid-Rise Multifamily)
By-Right Uses Include: Multifamily, Hotel/Motel, Townhomes, and Cluster Dwellings
Density Allowance: Up to 25 dwelling units OR 30 hotel keys per net acre
This zoning flexibility positions the asset for future redevelopment into mid-rise multifamily or urban infill luxury residential product as land values continue to appreciate in Coral Ridge and East Fort Lauderdale. Investors may hold the property for current income while maintaining a competitive exit strategy centered on land value and redevelopment demand.
Location Overview: Proven, Diverse Demand Drivers
Casitas Coral Ridge sits in a coveted pocket of East Fort Lauderdale, surrounded by multiple lifestyle and economic drivers that help insulate revenue and drive consistent occupancy.
Proximity & Transportation:
• 0.2 Miles to Coral Ridge Mall (Target, Publix, AMC) – walkable retail amenity for guests
• ±0.6 Miles to Fort Lauderdale Beach via Oakland Park Blvd
• 15 Minutes to Fort Lauderdale–Hollywood International Airport (FLL)
• Close to major corridors including Oakland Park Blvd and N Federal Highway
The property attracts a blend of leisure travelers, repeat corporate guests, snowbirds, and short-stay visitors who value affordability and proximity to beaches, retail, and dining.
Demographics & Market Demand
The surrounding area provides strong household income, stable population density, and substantial local spending power—factors that continue to support transient lodging demand.
• Avg. Household Income (1-Mile): $131,227
• Population (3-Mile Radius): 115,000+ residents
• Total Annual Consumer Spending (3-Mile): $1.8 Billion+
These demographics support strong ADR performance and consistent year-round occupancy in both high and shoulder seasons.
Summary
Casitas Coral Ridge represents a rare opportunity to acquire a cash-flowing, legally conforming, turnkey boutique hotel in a prime coastal market. The property combines:
• Strong, verified NOI
• Clear operational and revenue upside
• Low-maintenance physical plant
• Flexible, high-value zoning
• Exceptional location with diversified demand drivers
This is an ideal acquisition for investors seeking immediate income, boutique hotel operators expanding in South Florida, or long-term holders looking to balance cash flow with future redevelopment potential.