2648 32Nd St, Fort Lauderdale, FL 33306
16 Room Hotel | Fort Lauderdale, FL 33306 | $5,200,000 ($325,000/Room) | 5.40% Cap Rate
For Sale
Active
22 pictures
Asking Price $5,200,000
- Property Type
-
Hospitality
- Square Feet
- 6,726 SF
Listing Contacts
Alessandra Bianchi
- Property Info
Property Overview
Casitas - Value-add Hotel in Coral ridge - 2640-2648 NE 32nd St, Fort Lauderdale
Property is in a great location. Situated near million-dollar homes and a few blocks away from the beach. Target & Publix are only a block away from the property.
The Property is comprised of two buildings, 8 units in each side.
16 Units total.
3 units - 2bed/2 baths
10 Units -1 bed/1 bath - 3 units have a kitchenet.
Value-add with rates below market; By adding new furniture, the new owner could raise the rates by at least 30%.
The owner has in-house employees, including a housekeeper and a front desk person who only works from 10 am to 5 pm. Therefore, reservations are only accepted during these hours. The new owner could utilize the property as AIRBNB, eliminating the need to pay a front desk person and allowing reservations to be accepted throughout the day.
The seller invested over $100k last year in upgrading most of the bathrooms.
The property is zoned for residential and hotel use. It could potentially be re-develop into a 5 story building.
87% occupancy
Below market rates, $89 per 1 bed and $98 per 2 bed.
NOI: $282,661
Price: $5.2M
Property is in a great location. Situated near million-dollar homes and a few blocks away from the beach. Target & Publix are only a block away from the property.
The Property is comprised of two buildings, 8 units in each side.
16 Units total.
3 units - 2bed/2 baths
10 Units -1 bed/1 bath - 3 units have a kitchenet.
Value-add with rates below market; By adding new furniture, the new owner could raise the rates by at least 30%.
The owner has in-house employees, including a housekeeper and a front desk person who only works from 10 am to 5 pm. Therefore, reservations are only accepted during these hours. The new owner could utilize the property as AIRBNB, eliminating the need to pay a front desk person and allowing reservations to be accepted throughout the day.
The seller invested over $100k last year in upgrading most of the bathrooms.
The property is zoned for residential and hotel use. It could potentially be re-develop into a 5 story building.
87% occupancy
Below market rates, $89 per 1 bed and $98 per 2 bed.
NOI: $282,661
Price: $5.2M
Property Details
- Class
- C
- Year Built
- 1959
- Stories
- 1
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 20,038 SF
- Units
- 16
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