Worldwide Properties is pleased to present our newest South of Fifth Exclusive Listing in Miami Beach at 448 Ocean Drive, #302, Miami Beach, FL 33139. This Unique 6% Cap Rate ocean-front and rarely available Condo-Hotel Investment Opportunity in South of Fifth, Miami Beach, offers a Premium Ocean Drive Location and walking distance to all the very best SoFi and South Beach has to offer including top restaurants, art galleries, shopping, and nightlife!
The Condo/Hotel is located in the heart of Miami Beach in the chic South of Fifth neighborhood and directly on Ocean Drive and 5th Street. 448 Ocean Drive is in the heart of the Art Deco District and steps to the pristine sandy beaches of South Beach and Lummus Park where you can soak up the sun all day,
The Ocean Five Hotel is perfectly situated for world-class shopping just minutes to world-famous Lincoln Road Mall, the Design District, and dining. The location is within walking distance to Joe’s Stone Crab, Prime 112, Milos, IL Molino and many other fine dining experiences, cafes, shops, art galleries, chic bars and prime nightlife attractions in the prestigious South of Fifth area of Miami Beach. The surprisingly tranquil location on the south side of 5th Street and Ocean Drive offers proximity to the best the beach has to offer while maintaining a laid-back neighborhood feel.
Beautiful and Bountiful Parks Just Outside Your Doorstep
Lummus Park is located just across the street from the Condo/Hotel with beautiful paved paths for walking, biking, a plethora of beach volleyball courts, newly designed muscle beach with art-sculpture like gym equipment, playgrounds, year-round festivals, and more. Just two blocks away south is Marjory Stoneman Douglas Ocean Beach Park featuring a Playground adjacent to the beach, and houses Lolo’s Surf Mexican Cantina and a Starbucks in the middle of palm tree heaven.
South Pointe Park just 5 blocks away from the condo-hotel and arguably one of Miami’s most breathtaking parks, this sprawling 17-acre urban park designed by Hargreaves Associates Architects offers jaw-dropping views of downtown Miami and Fisher Island a government cut where the cruise ships parade out at sunset hour. Another prime attraction is the newly constructed South Pointe Pier, a favorite view-vantage point and also offers fishing amenities too! Smith and Wollensky is right on the waters edge for wonderful al-fresco lunch or dining and happy hour! There are also two dog parks, black granite illuminated fountains, water parks for the kids and of course we can’t leave the pooches out of having their very own dog park with their doggy water fountains. Don’t be surprised to see kids sleighing down the green grassy hills!
Ocean Five Hotel is a beachfront modern, Art-Deco inspired 5-story, 13-Suite boutique condo-hotel in South of Fifth just steps away from the sand! The hotels flexible daily rental program offers two management solutions: By Owner, with your broker, or you may elect the on-site hotel rental program. This hotel is managed meticulously by its experienced staff and most remarkable is the fee revenue sharing program at 70% Owner and 30% Hotel or 70/30. This is 10% less to the hotel and more for the owner than the commonly seen 60/40 split in favor of the Hotel.
Ocean Five Hotel Amenities Include:
At 448 Ocean Drive, Unit #302 you will bask in panoramic views from a dramatic rotunda wall of glass looking over the Art Deco District of South Beach, Lummus Park, and the ocean! This prime corner unit is the only condo that offers three terraces in the entire condo/hotel building and boasts an oval shaped expansive sun-drenched living area with an expansive split floor-plan and wrap-around ocean views. The Condo /Hotel offers a private rooftop pool & observatory, gym, 24hr valet, bell-man services & more! The boutique concept is a favorite among families with kids as they can navigate in and out of the Condo/Hotel very easily with its boutique qualities versus a huge compound where some visitors prefer not to have long walking distances within the resort itself. Families can easily access all the local and wonderful amenities within minutes enhancing their action experience. The current owner has proudly managed the hotel operation on their own and can attest to various repeat visitors due to its unique qualities.
Perfect for investors looking for fast return supported by a Ten (10) Year proven track record of high occupancy and performance year-round. A most attractive, approximately 6% CAP RATE is in place. We should note that a typical Cap Rate for a properly performing condo-hotel unit in South Beach is usually around + -3% – 4 %, making this particular condo hotel a very attractive option.
ABOUT WORLDWIDE PROPERTIES
Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and real estate associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.
Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia, and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.
Worldwide Properties is located at 225 Collins Avenue, Ste 101, Miami Beach, FL.