The Porosoff Group at Compass Commercial is pleased to present the South Beach Suites, a 4 building, short-term licensed portfolio consisting of 31 units and a total of 63 bedrooms. The properties are situated in the heart of South Beach, several short blocks away from Lincoln Road, Washington Avenue, the Art-Deco historic Flamingo Park district, Ocean Drive and the Atlantic Ocean.
1536 Jefferson Avenue, also known as “The Courtyard” was built in 1938 and consists of 16 fully furnished apartments divided between two buildings on a 15,000 square-foot lot. Both buildings are two stories with a management office located towards the rear of the property. The building has a units mix consisting of 12 two-bedroom units and 4 three-bedroom units. The property also contains a large pool between the buildings, offering a rare amenity that competing properties are unable to offer. The Courtyard is in the heart of South Beach, two blocks to the east of the rapidly developing Alton Road corridor and two blocks to the south of Lincoln Road Mall.
1534 Euclid Avenue, also known as “Le’toile” was built in 1937 and consists of 4 fully furnished apartments on a 7,500 squarefoot lot. Le’toile is a 2-story building consisting of 3 one-bedroom apartments and 1 two-bedroom apartment. A private pool is located towards the rear of the property offering guests a quiet sanctuary. Le’toile is centrally located offering a near equidistant trek to Collins Avenue and Ocean Drive while also being a short walk to Lincoln Road, the Alton road corridor and Sunset Harbor.
1440 Pennsylvania Avenue, also known as “Hispaniola House” was built in 1937 and consists of 6 fully furnished apartments on a 3,900 square-foot lot. The building consists of 5 two-bedroom apartments and 1 one-bedroom apartment. The property sits directly along Espanola Way, a quaint street with some of the best dining and nightlife in Miami Beach. This property is several short blocks away from Lincoln Road, while beach access is a 5-minute walk from the property.
1032 Michigan Avenue, also known as “Casa Gaby” was built in 1939 and consists of 5 fully furnished apartments on a 10,000 square-foot lot. There are two buildings on the property with the Michigan facing property containing a 2 story building. The buildings are divided by a beautiful pool offering a resort like feel to the property. The second building towards the rear of Casa Gaby is a single-story building. Casa Gaby consists of 2 four-bedroom apartments and 3 one-bedroom apartments. The massive 4-bedroom apartments are a rarity within the competitive market set and combined with the onsite pool make it a highly desirable asset. Casa Gabby sits in the heart of the Flamingo Park district and is within proximity to Alton Road, South Point Park and Lincoln Road.
The South Beach Suites offer an investor the opportunity to purchase value-add, income producing properties 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 make this an investment that will only appreciate over time as the capital migration to South Florida continues to accelerate. The assets have historically grossed over 2 million a year, with performance steadily increasing as South Florida cements its place as global destination. By executing a renovation strategy to modernize the buildings and move them to a more luxurious tier, the properties can potentially yield a 50% increase in NOI, driven by a best-in-class unit mix that hotels in the market simply cannot compete with.
→ Rare, fully licensed 31-Unit Short-Term rental portfolio situated in the heart of South Beach.
→ Best in class unit mix comprised of large 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom apartments.
→ Potential to assume seller debt on the portfolio.
→ Direct proximity to Lincoln Road, Espanola Way, Washington Avenue, Alton Road and the Atlantic Ocean.
→ Superior guest amenities with a total of 3 pools with one of the properties located directly on Espanola Way.
→ High occupancy and high ADR submarket in the premier global travel destination with limited short-term rental availability due to strict municipal zoning laws.
→ Upside through capital improvements and management efficiencies.
→ Located at the epicenter of the capital migration boom to South Florida, accelerated by Covid-19 demand to both reside and place capital in South Florida.
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
1032 Michigan Avenue
1536 Jefferson Avenue
1440 Pennsylvania Avenue
1534 Euclid Avenue
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