MIAMI, Oct. 5, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing of a 112-room Doral Inn & Suites hotel in Miami, Florida. The listing price is $21 million.
“The offering is a tremendous opportunity for an investor looking to expand their real estate portfolio and/or a buyer in pursuit of a conversion opportunity,” said Luis Garino, a hospitality property investment specialist in Marcus & Millichap’s Miami office. “The property is a one-of-a-kind, 12-building complex with units that have full and completely functional kitchens. The layout of the rooms is also beneficial as all bedrooms in the one- and two-bedroom units are separated from the living room, which gives each unit a pleasant apartment-like feel.”
Garino and Ahmed Kabani, senior vice president investments, have the exclusive listing to market the property on behalf of the seller, a limited liability company. “Located near the Miami International Airport, the asset is a gem,” commented Kabani. Situated at 1212 NW 82nd Ave. on 3.35 acres, the property’s rooms range from 540 square feet to 790 square feet. “Unencumbered by a franchise agreement, a new owner will be able to re-flag the property to one of a variety of brands if desired,” added Garino.
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About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.