300 17th St
Miami Beach, FL 33139
Domio Kaskades Hotel · Hospitality Property For Sale · 26 Rooms

Marcus and Millichap is proud to exclusively market the Kaskades Hotel Net Leased investment opportunity located in World Famous South Beach, Miami Beach, FL. Located at 300 17th Street just east of busy Washington Avenue and just west of Collins Avenue and the Beach, the Kaskades Hotel is sits in the center of an incredible amount of both walking and vehicle traffic. This exclusive Art Deco 26 Unit Boutique hotel was originally designed in 1953 and has since been completely renovated and restored in 2015 to act as an all-suite destination hotel for those looking for a more authentic boutique experience on South Beach. The property includes a rooftop terrace and pool. The owners have recently signed a long-term net lease of the entire property to Domio, a growing national short-term rental operator that runs well over 2,000 hotel and short term rental units in over 14 different worldwide cities including London, Chicago, New York, San Diego, Austin, Philadelphia and New Orleans. Launched in August 2016, Domio has grown its team to more than 125 full-time employees. Domio estimates its apartment-hotel rooms are sized about 40 percent larger than traditional hotel rooms and cost 25 percent less. Domio has signed a 10-year NNN lease, whereby they are fully responsible for maintenance of all aspects of the property. The lease includes aggressive 2.5% annual base rental increases and one option to extend the lease for an additional 5 years. This is a rare and exciting opportunity for a passive investor to own a well know boutique hotel with excellent cash flow and no management responsibilities. An investor can simply collect rent from a strong rental operator while the surrounding market continues to appreciate from both a land value and hotel ADR perspective. Currently there is an incredible amount of local development in and around the Kaskades Hotel’s central location. Directly to the west of the subject property a brand-new Thompson Hotel concept will begin construction in 2020. Across the street from the Subject property is the Filmore Jackie Gleason theater which is constantly bringing concert-goers to the immediate area as well. The most significant addition to the area is the recent completion of the renovation of the Miami Beach Convention Center which now open is drawing many new large-scale conventions to the South Beach market driving up hotel demand.