22-Key Newly Constructed Class A Miami Hotel | 1343 NW 1st St
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
22-Key Newly Constructed Class A Miami Hotel 1343 NW 1st St
22 Serviced Apartment Rooms Online Auction Sale Miami, FL 33125
You have won the auction!
Please check your email for next steps from the Contracts & Closing Team.
The bid amount you entered is less than the next minimum bid amount, please try again
Confirm your bid amount of
{{Auction.BidAmount}}
Investment Highlights
- Newly constructed boutique hotel in the heart of Little Havana and offering proximity to tourism demand drivers and Miami International Airport.
- Located just two blocks away from the Marlins’ newly constructed loanDepot Park and minutes to FL SR 836.
- Little Havana remains a strong demand market with a 12-month average occupancy rate of 71.4%, which is on par with the overall Miami-Dade County.
- The hotel features 22, sleekly designed, units that feature flat-screen TVs, new climate control systems, and ample dining and lounge space.
- Guests can reach the Downtown Miami Shopping District, Vizcaya Museum and Gardens, and Miami Design Shopping District in under 10 minutes.
- Close to national retailers and service providers, including Walgreens, The Home Depot, Publix, Planet Fitness, and more.
Executive Summary
Colliers is pleased to offer for sale a fee simple interest in the 22-key Metro Park Class A Hotel, located in Miami, Florida. The subject property is a newly constructed 12,146 SF boutique hotel located in the heart of Little Havana. The property is a class A 4-story hotel offered as a turnkey product for a new investor. Common area amenities include onsite parking, Wi-Fi, and an elevator. Each room has been thoughtfully designed, featuring comfortable sofas and state-of-the-art climate control systems to ensure a welcoming and pleasant stay. Entertainment is guaranteed with flat-screen TVs equipped with satellite channels, enhancing the leisure experience. The accommodations also include well-appointed bathrooms with separate toilets, showers, hair dryers, and bath sheets. Also, convenience is provided by self-catering facilities such as coffee and tea-making amenities.
Little Havana, located between Miami’s CBD and the Miami International Airport, is Miami's vibrant Cuban heart. It is home to many immigrants from Central and South America and Cuban exiles, named after the largest city and capital of Cuba, Havana. Noted as a center of social, cultural, and political activity in Miami, Little Havana is characterized by its street life, restaurants, and music and is the best-known Cuban exile neighborhood in the world. In 2015, Little Havana was included in the National Trust for Historic Preservation's annual list of 11 Most Endangered Places, and in 2017, the Trust declared it a national treasure. The neighborhood has a rich Cuban history, rare art and colorful murals, live music, and authentic Cuban food, all centered around the world-famous Calle Ocho.
The Little Havana hospitality market consists of nine buildings with a total of 308 rooms, each building averaging about 34 rooms. The buildings range in age from the historic 1920s to the most recent renovation completion that finished construction in 2018. Among the most comparable hotels in the Little Havana submarket, the Average Daily Room (ADR) rate graph reflects the market’s affordability, capturing rates below the Miami-Dade County average. That said, ADR rates have steadily increased since 2020, reaching a 12-month average of $132.39 in November 2023, with highs in the $170s during peak months. Little Havana remains a strong demand market with a 12-month average occupancy rate of 71.4%, which is on par with the overall Miami-Dade County at 72.0%. As the hospitality market continues to grow in Little Havana, there is currently one project in the final planning stages, the Icon on 8 (140 rooms), which is expected to be complete by 2026. Additionally, there is one proposed project, the Trademark Collection by Wyndham Miami (120 rooms). If it wins all approvals, the hotel project will also be completed by 2026.
Little Havana, located between Miami’s CBD and the Miami International Airport, is Miami's vibrant Cuban heart. It is home to many immigrants from Central and South America and Cuban exiles, named after the largest city and capital of Cuba, Havana. Noted as a center of social, cultural, and political activity in Miami, Little Havana is characterized by its street life, restaurants, and music and is the best-known Cuban exile neighborhood in the world. In 2015, Little Havana was included in the National Trust for Historic Preservation's annual list of 11 Most Endangered Places, and in 2017, the Trust declared it a national treasure. The neighborhood has a rich Cuban history, rare art and colorful murals, live music, and authentic Cuban food, all centered around the world-famous Calle Ocho.
The Little Havana hospitality market consists of nine buildings with a total of 308 rooms, each building averaging about 34 rooms. The buildings range in age from the historic 1920s to the most recent renovation completion that finished construction in 2018. Among the most comparable hotels in the Little Havana submarket, the Average Daily Room (ADR) rate graph reflects the market’s affordability, capturing rates below the Miami-Dade County average. That said, ADR rates have steadily increased since 2020, reaching a 12-month average of $132.39 in November 2023, with highs in the $170s during peak months. Little Havana remains a strong demand market with a 12-month average occupancy rate of 71.4%, which is on par with the overall Miami-Dade County at 72.0%. As the hospitality market continues to grow in Little Havana, there is currently one project in the final planning stages, the Icon on 8 (140 rooms), which is expected to be complete by 2026. Additionally, there is one proposed project, the Trademark Collection by Wyndham Miami (120 rooms). If it wins all approvals, the hotel project will also be completed by 2026.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Market Analytics Click Here to Access
{{summary.v}}
{{summary.t}}
{{headerValue}}
{{rowValue.t}}
{{rowValue.to}}
{{rowValue.l}}
{{rowValue.h}}
{{summary.v}}
{{summary.t}}
{{headerValue}}
{{rowValue.t}}
{{rowValue.a}}
{{rowValue.l}}
{{rowValue.h}}
{{rowValue.m}}
Market Sale Price per Room
Miami - FL USA
Market Cap Rate
Miami - FL USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
Property Facts
| Sale Type | Investment | Building Size | 12,146 SF |
| Sale Conditions | Auction Sale | No. Rooms | 22 |
| Property Type | Hospitality | No. Stories | 4 |
| Property Subtype | Serviced Apartment | Year Built | 2023 |
| Building Class | B | Parking Ratio | 0.41/1,000 SF |
| Lot Size | 0.17 AC | Corridor | Interior |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Hospitality |
| Property Subtype | Serviced Apartment |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 12,146 SF |
| No. Rooms | 22 |
| No. Stories | 4 |
| Year Built | 2023 |
| Parking Ratio | 0.41/1,000 SF |
| Corridor | Interior |
Amenities
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 22 | $282.07 CAD | 552 |
Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 01-4102-005-9180 | Improvements Assessment | $3,058,266 CAD |
| Land Assessment | $1,048,800 CAD | Total Assessment | $4,107,066 CAD |
PROPERTY TAXES
Parcel Number
01-4102-005-9180
Land Assessment
$1,048,800 CAD
Improvements Assessment
$3,058,266 CAD
Total Assessment
$4,107,066 CAD
zoning
| Zoning Code | C-1 (COMMERCIAL) |
| C-1 (COMMERCIAL) |
Sale Advisors
Sale Advisors
Virgilio Fernandez, Vice President
(305) 613-4507
Contact
As vice president of the Colliers South Florida Capital Markets team, he specializes in investment sales, particularly in the multifamily, retail, and land sectors, contributing unparalleled proficiency to his position.
With almost a decade of experience, he possesses a profound comprehension of the intricacies involved in real estate transactions, he adopts a client-centric approach with the objective of delivering excellent service. He focuses on providing comprehensive services to a diverse array of clients such as institutional investors, private equity firms, developers, and high-net-worth individuals. His proficiencies allow him to assist clients effectively in reaching their investment goals as well as maximize their returns. He and his accomplished team have a demonstrated history of success, having recently executed over $500 million in transactions.
With almost a decade of experience, he possesses a profound comprehension of the intricacies involved in real estate transactions, he adopts a client-centric approach with the objective of delivering excellent service. He focuses on providing comprehensive services to a diverse array of clients such as institutional investors, private equity firms, developers, and high-net-worth individuals. His proficiencies allow him to assist clients effectively in reaching their investment goals as well as maximize their returns. He and his accomplished team have a demonstrated history of success, having recently executed over $500 million in transactions.
Mitash Kripalani, Vice President
(786) 271-5598
Contact
Holding a distinguished career spanning over 16 years, Mitash is a leading figure in Miami's commercial real estate industry. As Vice President of the Colliers South Florida Capital Markets team, his expertise in multifamily, retail, and land investment sales is unparalleled.
Mitash is celebrated for his deep understanding of the complex dynamics of real estate transactions, which coupled with his client-centric approach, enables him to deliver top-tier service. His clientele ranges from institutional investors and private equity firms to developers and high-net-worth individuals, all benefitting from his strategic guidance in maximizing returns.
With a successful track record of executing transactions valued at over a billion dollars, Mitash and his team set industry benchmarks in South Florida. He has earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serves as the Chapter President for the CCIM Institute, Miami Dade/Monroe District.
Passionate about giving back to the community, Mitash often volunteers and participates in professional organizations. Recently, he completed the Leadership Miami Program, further sharpening his leadership skills. Mitash's remarkable accomplishments and unwavering commitment to excellence firmly position him as the leading broker in Miami's commercial real estate sector.
Mitash is celebrated for his deep understanding of the complex dynamics of real estate transactions, which coupled with his client-centric approach, enables him to deliver top-tier service. His clientele ranges from institutional investors and private equity firms to developers and high-net-worth individuals, all benefitting from his strategic guidance in maximizing returns.
With a successful track record of executing transactions valued at over a billion dollars, Mitash and his team set industry benchmarks in South Florida. He has earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serves as the Chapter President for the CCIM Institute, Miami Dade/Monroe District.
Passionate about giving back to the community, Mitash often volunteers and participates in professional organizations. Recently, he completed the Leadership Miami Program, further sharpening his leadership skills. Mitash's remarkable accomplishments and unwavering commitment to excellence firmly position him as the leading broker in Miami's commercial real estate sector.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Commercial, LLC Vibhav Kapila RE Brkr CQ1063389
-
Virgilio Fernandez -
Mitash Kripalani -
Colliers
1 of 22
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
Presented by
22-Key Newly Constructed Class A Miami Hotel | 1343 NW 1st St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Presented by
22-Key Newly Constructed Class A Miami Hotel | 1343 NW 1st St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.