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Available For Sale - Multifamily

12,971 SF

AVAILABILITY DETAILS

Size
12,971 SF
Price/SF
N/A - Contact for Info
Listing ID
SA517550
Notes
Richards Motel North and Redevelopment is an exceptional opportunity to acquire a very well maintained Hospitality asset in the burgeoning City of Hollywood, Florida. As Hollywood undergoes a renaissance that is decades in the making, the Richards Motel North and Redevelopment is poised to participate in the highly expansive rezoning efforts for the cities main corridors. As Federal Highway and Young Circle go, so does Hollywood. There is no rival in South Florida as it relates to the comprehensive city plan that Hollywood, Florida is currently executing on.



The property consists of a highly desirable unit mix with many repositioning opportunities including mixed use redevelopment. Current use is as a select service motel in a market that is well located to many South Florida amenities including the Hard Rock Hotel and Casino, World Famous Hollywood Beach and Broadwalk, Hard Rock Stadium, Shopping and more. Hollywood, Florida is embracing it's current and future as a top tier leisure destination with demand drivers for well positioned hospitality like Richards Motel North and Redevelopment opportunity.



Richards Motel North shows a true pride of ownership with a reputation in the market for clean rooms and high demand from repeat clientele from across the globe. The property has significant historical operating revenue due to fully staffed maintenance staff with a very engaged owner on site maximizing operations.



As evidenced in the pro forma analysis, CoStar analytics reports a Hollywood sub market ADR of $136.65 for Upper and Upper Mid Scale Hospitality Assets which represents a year over year improvement of 54.20% showing renewed strength in the hospitality market for the area. Cap Rate compression is happening due to the demand drivers in the travel industry to South Florida with deals trading at 7.5% cap rates per CoStar. The Florida market has seen an immense resurgence as people migrate to warm, sunny, and travel friendly destinations like the one that world famous Hollywood, Florida provides!
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
John Andrews, SVN | Commercial Partners
BRE# SL3441557