ocean drive - loopnet€¦ · located one short block from the oceanfront and walking distance to...
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CBRE, INC. | LICENSED REAL ESTATE BROKER
3 3 4 OCEAN DRIVE
RENDERING
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A F F I L I A T E D B U S I N E S S D I S C L O S U R E A N D C O N F I D E N T I A L I T Y A G R E E M E N T
CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
C O N F I D E N T I A L I T Y A G R E E M E N T
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
D I S C L A I M E R
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.© 2017 CBRE, Inc. All Rights Reserved.
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CBRE is pleased to present for your investment consideration, 334 Ocean Drive, a 28-room boutique hotel located along infamous Ocean Drive
in the heart of the prestigious South of Fifth (“SoFi”) neighborhood. The hotel is one block from South Beach’s pristine sand and turquoise blue
waters and is surrounded by street-side eateries and star-studded restaurants, such as Joe’s Stone Crab and Prime 112. There is also potential
to expand the property by adding rooms and/or a rooftop deck as well as capacity to increase revenue by reconfiguring the hotel for a new
ground-floor café.
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• Famous Ocean Drive and South of Fifth location
• Unencumbered by brand and management
• Potential for hotel expansion and redevelopment
• One block from the oceanfront and close to
Miami’s most desirable hotspots
• Extremely high barriers-to-entry market
• Top five lodging market, on par with New York,
Oahu, and San Francisco
I N V E S T M E N T H I G H L I G H T S
LOBBY
3 3 4 OCEAN DRIVE
HALLWAY
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HOTEL ADDRESS 334 OCEAN DRIVE MIAMI BEACH, FL 33139
PROPERTY SIZE 5,750 SF / ±0.13 AC
BUILDING SIZE 7,631 SF
YEAR BUILT 1941
HOTEL UNITS 28
AVERAGE UNIT SIZE 185-200 SF
BRAND & MANAGEMENT UNENCUMBERED
FAR 1.75
ZONING RPS - 3
CURRENT FIRST FLOOR LAYOUT
CURRENT SECOND FLOOR LAYOUT
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LOBBY
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R O O M T Y P E SP R O P E R T Y O V E R V I E W
The two-story 28-room boutique property faces iconic
Ocean Drive, world-renowned for its Art Deco architecture
that has been featured extensively in films and TV shows,
within the affluent SoFi neighborhood. The hotel is also
located one short block from the oceanfront and walking
distance to many of Miami Beach’s most celebrated
restaurants and the Marjory Stoneman Douglass Ocean
Beach Park.
The hotel currently offers 28 guestrooms, ranging from
185 to 200 sq. ft. in size. In addition to beds, guestrooms
feature a closet, bathroom with a tub, as well as a
small kitchenette with a burner, sink, microwave, and
mini-fridge. However, guestrooms would be easy to
reconfigure if so desired.
The property has not yet maxed out its approved FAR
so additional development is a significant value-add
opportunity. In the South of Fifth market, hotels tend to
be small boutiques with very few rooms so expansion
ability is highly valuable.
IN-ROOM KITCHENETTE
GUEST BATHROOM
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T Y P I C A L G U E S T R O O M
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L O C AT I O N O V E R V I E W
South of Fifth, also known as
SoFi, is South Beach’s most coveted
neighborhood. The area is a peaceful
oasis with immediate access to
many of South Beach’s most popular
attractions. South of Fifth is home to
South Pointe Park—a 17-acre park and
promenade—Miami’s most historic and
famous restaurants, as well as some of
Miami Beach’s most luxurious condos
like the Apogee and Continuum.
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Ocean Drive is the one of Miami Beach’s most popular and historic streets, running from north from South Pointe to 15th Street. The street
is most famous for its pastel-hued Art Deco buildings and hotels, sidewalk cafes, and more. The street has served as the backdrop for some
of Hollywood’s most iconic films and TV shows, from classics like Scarface, The Birdcage, Miami Vice, Reno 911: Miami, to Bad Boys, There’s
Something About Mary, Dexter, Burn Notice and many more.
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M I A M I B E A C H L O D G I N G M A R K E T O V E R V I E W
Miami Beach has approximately 36% of hotel rooms in the Miami-
Dade market and is the highest RevPAR submarket (excluding the
small Surfside/Bal Harbour). In 2016, Miami Beach hotels had
occupancy of 72.7%, ADR of $250.58, and RevPAR of $182.28.
For the July YTD period, Miami Beach had occupancy of 76.5%,
ADR of $256.85, and RevPAR of $201.59; for the month of July,
RevPAR was $175.04, an increase of 9.5% over the same month
prior year, driven by occupancy of 82.5% and ADR of $212.15.
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Located in world famous South Beach, 334 Ocean Drive is steps away from golden sands and crystal waters, as well as
renowned restaurants and attractions.
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I N V E S T M E N T C O N TAC T S
NATALIE J. CASTILLO
+1 305.381.6452
JENNIFER JIN
+1 305.381.6445
RAMMY BASSETT
+1 305.428.6331
CBRE, INC | LICENSED REAL ESTATE BROKER
3 3 4 OCEAN DRIVE