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49 Rooms
Boutique Hotel
Miami Beach, FL 33139
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- All Suite Luxury Boutique Hotel on South Beach
- Art Deco Historic District - Tremendous Appreciation
- New Construction
- Highly Regarded NYC Restauranteur
- Hotel/Hotel Condo Options
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- In The Heart Of The World Famous South Beach
- Fine Dining and International Shopping Steps From The Beach
- Located 8 miles from Miami Airport
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Price |
$27,500,000 |
Down Payment |
(100%) $27,500,000 |
Number of Rooms |
49 |
Price per Room |
$561,224 |
Occupancy |
73.00% |
ADR |
$298.28 |
RevPar |
$217.74 |
Year Built |
1930 / 2007 |
Lot Size |
21000 |
Pro Forma Cap Rate |
6.04% |
Pro Forma Total Return |
6.04% |
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OPERATING DATA
INCOME |
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Pro Forma |
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Pro Forma |
Room Revenue |
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3,895,489 |
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3,895,489 |
Other Revenue |
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Food Revenue |
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215,048 |
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215,048 |
Beverage Revenue |
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10,193 |
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10,193 |
Telephone Revenue |
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8,803 |
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8,803 |
Total Other Revenue |
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$234,044 |
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$234,044 |
Gross Revenue |
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$4,129,533 |
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$4,129,533 |
Total Expenses |
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2,468,823 |
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$2,468,823 |
Net Operating Income |
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$1,660,710 |
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$1,660,710 |
Total Return |
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6.0% $1,660,710 |
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6.0% $1,660,710 |
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EXPENSES |
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Pro Forma |
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Pro Forma |
Departmental Expenses |
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Rooms (6.5%) |
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$253,087 |
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$253,087 |
Telephone (5.9%) |
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13,200 |
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13,200 |
Administrative & General (3003.5%) |
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264,402 |
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264,402 |
Sales & Marketing |
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261,735 |
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261,735 |
Property Operations & Maintenance |
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88,030 |
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88,030 |
Utilities |
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211,823 |
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211,823 |
Food & Beverages |
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TOTAL DEPARTMENTAL EXPENSES |
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$1,092,277 |
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$1,092,277 |
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Undistributed Expenses Payroll |
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Administrative & General |
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$153,000 |
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$153,000 |
Sales & Marketing |
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141,833 |
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141,833 |
Property Operations & Maintenance |
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31,680 |
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31,680 |
Food & Beverage |
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Rooms |
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448,837 |
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448,837 |
Base Management Fee |
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PT & EB Hotel |
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217,098 |
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217,098 |
TOTAL UNDISTRIBUTED EXPENSES |
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$992,448 |
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$992,448 |
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Fixed Expenses |
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Incentive Management Fee |
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$165,181 |
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$165,181 |
Property Taxes |
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125,000 |
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125,000 |
Insurance |
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93,917 |
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93,917 |
TOTAL FIXED EXPENSES |
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$384,098 |
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$384,098 |
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TOTAL EXPENSES |
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$2,468,823 |
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$2,468,823 |
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Once frequented by Ernest Hemingway among others, The Angler's served travelers that came to enjoy South Beach then as it will today. After too many years of abandonment and decay, The Angler's has been meticulously brought back to its magnificent splendor, a true homage to the past and the future. Built in the 1930's by Architect Henry Maloney, The Angler's certainly holds its place in history here in Miami Beach. The two stately, Mediterranean Revival buildings, standout in a neighborhood surrounded by Art Deco masterpieces of creativity and charm.
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| Listing Office:
5201 Blue Lagoon Drive Suite 100 Miami, FL 33126
Tel: (786) 522-7000
Fax: (786) 522-7010
www.marcusmillichap.com |
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| This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. © Marcus & Millichap 2006 |
| (Activity ID: O0390008 Property ID: 1493271 |
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| The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Prinicpals are advised to conduct a thorough due dligigence for any potential transaction. Marcus & Millichap Real Estate Brokerage Company's name and logo are used herein for information purposes only. |
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| Copyright 2006 South Florida Land Broker, Inc. - All Rights Reserved. |
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