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2618 Collins Avenue

Updated Dec 4, 2024

Eli Dadon & Investors Sell Miami Beach Hotel For $27M With Broker Orine Dadon Of Adar Investments & Management LLC
SOLDHotel

Eli Dadon & Investors Sell Miami Beach Hotel For $27M With Broker Orine Dadon Of Adar Investments & Management LLC

2618 Collins Avenue

$27,000,000

$567/SF

Building Size

47,585 SF

Asset Type

Hotel

Closing

Nov 3, 2023

About this deal

AI

The historic landmark hotel located at 2618 Collins Avenue in Miami Beach has been sold in a closed transaction. The property, comprising 88 units and spanning 47,585 square feet, was listed for an asking price of $27,000,000. The sale was successfully completed at the full asking price of $27,000,000, resulting in a price per unit of $306,818 and a price per square foot of $567.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $27,000,000
  • Units: 88
  • Price per Unit: $306,818
  • Square Footage: 47,585
  • Price per Square Foot: $567

This notable transaction was facilitated by Orine Dadon of Adar Investments & Management LLC acting as the broker. Eli Dadon and his investors, represented by 2618 Collins Capital Holdings, served as the sellers in the deal. Adar Investments & Management successfully secured the full asking price, and the project includes plans and permits for a breathtaking renovation that is set to commence shortly.

Players

Orine Dadon

Adar Investments & Management

Broker

$27M

vol

3 deals

Broker

Eli Dadon

Seller

$29.7M

vol

2 deals

Seller

Miami Beach Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Deal FAQ

About $567 per square foot on a published $27M for 47,585 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.59%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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