The Keyes Company Acquires Hotel On Collins Avenue In Miami Beach For $26.5M
1401 Collins Avenue
$26,500,000
$819/SF
Building Size
32,330 SF
Asset Type
Hotel
Closing
Feb 2, 2023
AI
The property involved in this closed transaction is a hotel located at 1401 & 1411 Collins Avenue in Miami Beach. The hotel comprises 18 rooms and has a total square footage of 32,330. The sale price for this hotel was $26,500,000, while the asking price was $28,000,000. The price per square foot of the property is $820.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $26,500,000
- Address: 1401 & 1411 Collins Avenue, Miami Beach
- Market: Miami Beach
- Broker: Tony Ulloa - The Keyes Company
Tony Ulloa from The Keyes Company represented the parties involved in this hotel sale transaction. The sale of this hotel showcases the involvement of key individuals and companies in the Miami Beach market.
Players
Market Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93