$12.97 Million Sale of South Beach Apartment Hotel Arranged by Marcus & Millichap
May 06, 2016
MIAMI BEACH, Florida, May 6, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Sadigo Court South Beach, an historic, 30-unit, boutique apartment hotel building in Miami Beach’s Collins Park neighborhood. The asset sold for $12,975,000.
“There’s tremendous demand for product in the Collins Park submarket given the renovations planned for the Miami Beach Convention Center,” says Joseph P. Thomas, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “Sadigo Court is ideally located between Lincoln Road, the convention center and the Bass Museum.”
Thomas represented both the seller, a private investor from Miami Beach, and the buyer, a private investor from Bay Harbor Islands, Fla.
Sadigo Court was originally constructed in 1936 on an 18,750-square-foot lot with 30 apartments and 24,200 square feet of adjusted living area. The building is composed of five junior suites with kitchenettes and 25 fully furnished, one-bedroom suites with separate full kitchens.
“Current zoning and available FAR allow for the potential subdivision of some existing rooms, as well as the opportunity to construct a new building along the south side of the property,” Thomas concludes. “The buyer has the opportunity to renovate and reposition Sadigo as a 50-plus room boutique hotel just two blocks from the ocean and some of South Beach’s most iconic luxury resorts.”
Sadigo Court South Beach is located at 334 20th St. in Miami Beach.