A unique investment property has just become available in Fort Lauderdale, Florida, offering a myriad of opportunities for the right buyer. The existing 145-room Clarion hotel was just completely renovated in January 2016 and has been producing revenue since February. The new owner has the option of taking over the established business as is, or can re-flag or reposition the property as a new 205 unit condo/multi-family apartment complex with 2,500 square feet of commercial space with the proper zoning already in place.
Located at 1055 N. Federal Hwy, on the curve of Sunrise Blvd. and Federal Highway (US1), the hotel is within walking distance of the beach, the Galleria Mall, 2 Publix Super markets, 3 parks, a movie theatre, and dozens of popular restaurants, shops and night spots. Across the street is the East Point Towers, where the seller has purchased two condominiums for the convenient use of the hotel management. These units are also available to the new owner, but are not included in the asking price.
Fort Lauderdale is the county seat of Broward County, located 23 miles north of Miami on the Atlantic coast. With average year-round temperatures of 75.5 °F (24.2 °C), the city is a very popular tourist destination, hosting 12 million visitors in 2015, 2.8 million of which were international. The average daily hotel rate for Broward jumped 8.3% in March 2015 (from the previous year) reaching $162.64. The area has 561 hotels, over 4,000 restaurants, 63 golf courses, 12 shopping malls, 16 museums, 132 night-clubs, 278 parkland campsites, and 100+ marinas housing over 50,000 yachts.
Asking Price: $18,125,000.00
Building Size: 53,750 sf
Land Size: 2.25 acres
Zoning: Commerical Land (B-1) Zoned for 205 multi family with 2500 sq ft of commercial space
Address: 1055 N. Federal Hwy. Fort Lauderdale, FL 33304
For more information, contact Oceanica Real Estate at (786) 270-1743 or [email protected].