The Porosoff Group at Compass Commercial is pleased to present 250 Collins, a licensed short-term property consisting of 27 fully furnished units consisting of a total of 41 bedrooms. The property is situated in the heart of South Beach, two blocks away from the Atlantic Ocean, Ocean Drive, South Point Park and various high-end dining and retail establishments. 250 Collins resides in the heart of the South of Fifth District which is considered by many to be the premier destination in Miami Beach surrounded by high-end condo projects catering to high-net-worth individuals and families. The South of Fifth District is considered a high-barrier-to-entry submarket with limited legal short-term rental supply and close to no developable land left. Additionally, short-term rental restrictions were recently put in place which will limit competing STR product in the immediate area.
250 Collins was originally built in 1959 and underwent a full gut rehabilitation in 2017, with an additional 6,500 square feet of new construction which was completed in 2017. This included a brand new elevator to service the building, a third-floor penthouse level, and a spacious rooftop pool terrace with panoramic views of Miami Beach. 250 Collins consists of two buildings and sits on a 13,000-square-foot lot with 22,844 square feet of rentable space. The buildings are both 3 stories with a 4th-floor rooftop pool and have maintained the historic Art Deco façade that defines South Beach architecture.
250 Collins offers an investor the opportunity to purchase a fully renovated property in one of the strongest short-term rental markets in the country. This coupled with high occupancy and rates driven by limited short-term rental inventory makes this an investment that will only appreciate over time as the capital migration to South Florida accelerates. New ownership can also choose to continue partnering with Roami (formerly Sextant) or can take over full management and enhance the asset and move up to a more luxurious tier. Additionally, new ownership could potentially convert the building into condos, rent them out as luxurious furnished rentals, or can create a condo-hotel product.
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