the dolphin hotel€¦ · fort lauderdale, fl 33304 sale date: pro forma cap rate: price/sf: sale...
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Each office independently owned and operated
The Dolphin Hotel315-319 McKinley Street | Hollywood, FL 33019
JOHN DEMARCO, ACP, [email protected]
The Dolphin Hotel located on desirable Hollywood Beach Florida➢
A+++ Location➢
Turn Key Operating Asset➢
$156,615 actual net operating income➢
Potential to build 28 new units➢
RE/MAX 5 STAR REALTY4151 Hollywood BlvdHollywood, FL 33020(954) 361-0000www.DeMarcoGroup.com
INVESTMENT DETAILS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
ANALYSIS
Analysis Date February 2019
PROPERTY
Property The Dolphin Hotel
Property Address 315-319 McKinley StreetHollywood, FL 33019
Year Built 1965
FINANCIAL INFORMATION
All Cash
PURCHASE INFORMATION
Property Type Hospitality
Purchase Price $3,400,000
Tenants 11
Total Rentable Sq. Ft. 5,189
LOANS
Type Debt Term Amortization Rate Payment LO Costs
All Cash
INCOME & EXPENSES
Gross Operating Income $378,564
Monthly GOI $31,547
Total Annual Expenses ($140,867)
Monthly Expenses ($11,739)
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EXECUTIVE SUMMARY315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Acquisition Costs
Purchase Price, Points and Closing Costs $3,400,000
Investment - Cash $0
Investment Information
Purchase Price $3,400,000
Price per Tenant $309,091
Price per Sq. Ft. $655.23
Income, Expenses & Cash Flow
Gross Scheduled Income $378,564
Total Vacancy and Credits $0
Operating Expenses ($140,867)
Net Operating Income $237,697
Debt Service $0
Cash Flow Before Taxes $237,697
Financial Indicators
Debt Coverage Ratio N/A
Capitalization Rate 6.99%
Gross Income / Square Feet $72.96
Gross Expenses / Square Feet ($27.15)
Operating Expense Ratio 37.21%
P. 3
PROPERTY DESCRIPTION315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
John DeMarco with Re/Max 5 Star Realty is pleased to present the sale of The Dolphin Hollywood Hotel.The subject offering includes three parcels with 4 lots (one double lot). The total leasable square footage is 5,189. TheHotel consists of 11 guest rooms. The entire property has been tastefully renovated, very well managed andwell operating.
This hotel business is currently grossing $378,573 per year, netting $156,615.44 per year. The hotel is a trueturn-key business that is stabilized. They have a great reputation with positive reviews on all travel websites and manyrepeat customers.
The physical property can also be re-developed. The current owner had approved plans to redevelop the entiresite and build a new 28 room hotel. There are also plans to build only 4 new rooms on the vacant lot, which would notaffect or change the current hotel operations. The 4 room addition would cost approximately $250,000-$300,000 andwould add an additional $60,000 a year in NOI.
The current owner owns the Sun Beach Inn, just one block away from the subject property, Sun Beach has 9hotel rooms and is netting $150,000 per year. It could be included in the sale for an additional $2mil.
Please remember to not disturb existing business or approach staff. For all showings and furtherinformation contact listing broker.
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PROPERTY PHOTOS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
P. 5
PROPERTY PHOTOS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
P. 6
SALES COMPARABLES315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
1 908 NE 15th Ave - Las Olas Guesthouse @15th Avenue SOLD
49-42-34-05-8030
Fort Lauderdale, FL 33304
Sale Date:
Pro Forma CapRate:
Price/SF:Sale Price:
Actual Cap Rate:
$698.46$1,450,000 - Confirmed08/15/2017 Bldg Type:
Year Built/Age:RBA:
-6.50%
Parcel No:
Confirmed
HospitalityMotelBuilt 1958 Renov 2003 Age: 592,076 SF
Broward County
Research Status:
Price/Room: $181,250 # of Rooms: 8
Sale Conditions: 1031 ExchangeComp ID: 3984849
2 3021 Alhambra St - Alhambra Beach Resort/Motel SOLD
50-42-12-10-0730
Fort Lauderdale, FL 33304
Sale Date:
Pro Forma CapRate:
Price/SF:Sale Price:
Actual Cap Rate:
$794.15$3,800,000 - Full Value06/30/2016 Bldg Type:
Year Built/Age:RBA:
--
Parcel No:
Full Value
HospitalityMotelBuilt 1952 Age: 644,785 SF
Broward County
Research Status:
Price/Room: $345,455 # of Rooms: 11
Sale Conditions: -Comp ID: 3644095
3 335 Desoto St - Multi-Property Sale (Part of Multi-Property) SOLD
Hollywood, FL 33019
Sale Date:
Pro Forma CapRate:
Price/SF:Sale Price:
Actual Cap Rate:
$720.83$2,466,667 - Allocated07/12/2018 Bldg Type:
Year Built/Age:RBA:
--
Parcel No:
Allocated
HospitalityMotelBuilt 1970 Age: 483,422 SF
Broward County
Research Status:
Price/Room: $246,666 # of Rooms: 10
Sale Conditions: -Comp ID: 4392578
4 1907 N Surf Rd - Part of Multi-Property Sale SOLD
51-42-12-01-1220
Hollywood, FL 33019
Sale Date:
Pro Forma CapRate:
Price/SF:Sale Price:
Actual Cap Rate:
$742.52$3,175,000 - Full Value09/06/2018 Bldg Type:
Year Built/Age:RBA:
--
Parcel No:
Full Value
HospitalityMotelBuilt 1960 Age: 584,276 SF
Broward County
Research Status:
Price/Room: $352,778 # of Rooms: 9
Sale Conditions: -Comp ID: 4519853
Copyrighted report licensed to RE/MAX 5 Star Realty - 995182. 2/21/2019
Page 1
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SALES COMPARABLES315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Dollar Volume
Legend:
Current Survey
Sold Transactions4
$10,891,667Number of TransactionsTotal Dollar Volume
14,5590.74
Total Bldg Square FeetTotal Land in Acres
32,23438
Total Land in SFTotal Rooms
$2,722,9173,640
Average PriceAverage Number of SF
$748.11$731.68
Average Price Per Bldg SFMedian Price Per SF
0.198,059
Average Number of AcresAverage Number of SF(Land)
--
Average Price Per UnitMedian Price Per Unit
-$286,623
Average Number of UnitsAverage Price Per Room
SoldTransactions
$296,061Median Price Per Room
10Average Number of Rooms
Time Interval - Quarterly
Report Time Frame: 4/1/2016 - 2/21/2019
Trend Report
Copyrighted report licensed to RE/MAX 5 Star Realty - 995182. 2/21/2019
Page 2
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SALES COMPARABLES315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Trend Report
Sold Transaction
2Q16 04/1-6/30/16 3Q18 07/1-9/30/18
Number of TransactionsTotal Dollar VolumeTotal Bldg Square FeetTotal Land in AcresTotal Land in SFTotal RoomsAverage PriceAverage Number of SFAverage Price Per Bldg SFMedian Price Per SFAverage Number of AcresAverage Number of SF(Land)Average Price Per UnitMedian Price Per UnitAverage Number of UnitsAverage Price Per RoomMedian Price Per RoomAverage Number of Rooms
3Q17 07/1-9/30/17
Sold TransactionSold Transaction
1$3,800,000
4,7850.29
12,63211
$3,800,0004,785
$794.15$794.15
0.2912,632
---
$345,455$345,455
11
1$1,450,000
2,0760.15
6,5348
$1,450,0002,076
$698.46$698.46
0.156,534
---
$181,250$181,250
8
2$5,641,667
7,6980.30
13,06819
$2,820,8343,849
$732.87$731.68
0.156,534
---
$296,930$299,722
10
Copyrighted report licensed to RE/MAX 5 Star Realty - 995182. 2/21/2019
Page 3
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MAPS AND AERIALS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
P. 10
LOCATION MAP315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
P. 11
HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
CITY OF HOLLYWOOD
From the sand to the city, Hollywood is Broward County’s hot spot.
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HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
2
Advantages of Hollywood, Florida
• The Clean Beaches Council, a
national coastal group in
Washington DC, has presented its
first-ever "Most Innovative Beach"
awards to Broward County’s
Hollywood Beach.
• Hollywood Beach is among the first
in Florida to be designated Blue
Wave Beaches, a distinction that
places them among the nations
cleanest, safest and most user-
friendly beaches.
• Characterized by quaint sidewalk
cafés, brick-lined walks, and six
blocks of unique boutiques, shops,
art galleries and dozens of
excellent restaurants along
Hollywood Boulevard and Harrison
Street, this pedestrian-friendly
environment is the perfect place to
enjoy South Florida.
• Hollywood Beach features a one-
of-a-kind oceanfront promenade
called the Hollywood Beach
Boardwalk that stretches nearly
two and a half miles along the
Atlantic.
• The Hollywood Trolley provides a
public transportation service to
improve mobility, enhance the
visitor experience and ease
parking demand and traffic
congestion.
• The easy ocean access and
village-like feel make this a can't
miss destination with numerous
highly-rated restaurants, small
inns and hotels.
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HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
3
Suspendisse elementum rhoncus velit. Nulla turpis
metus, faucibus nec, dignissim at, cursus in,
tortor. Hollywood, Florida is ideally located between two major
international airports. The Fort Lauderdale/Hollywood
International Airport is just a short 10-minute drive, and
the Miami International Airport is located just 30
minutes South. Hollywood is a popular driving
destination, which is easily accessible from several major
Interstates and highways such as I-95, I-75 and Florida’s
Turnpike. Port Everglades, the world’s premier cruise
port is located just 10 minutes away, serves nearly 20
cruise lines. Additionally, the Hollywood Trolley makes
getting around Hollywood Beach and Downtown a
breeze. Visitors and residents can board the trolley at
more than a dozen convenient locations near Hollywood's
major activity and parking areas. Hollywood stands at
the most advantageous location, where everything is
located no more than a 10-minute drive. According to
the United States Census Bureau, the city has a total
area of 30.8 square miles (80 km2), of which 27.34
square miles (71 km2) is land and 3.46 square miles
(9 km2) is water (11.23%). Hollywood is located in
southeastern Broward County, and includes
approximately 5 to 6 miles of Atlantic Ocean beach,
interrupted briefly by a portion deeded to Dania Beach.
Location
P. 14
HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
4
Population/Demographics
The city's age demographic shows a mixed population
with 21.3% under the age of 18, 7.0% from 18 to 24,
31.3% from 25 to 44, 23.1% from 45 to 64, and 17.3%
who were 65 years of age or older. The median age was
39 years. For every 100 females there were 94.1 males.
For every 100 women age 18 and over, there were 90.9
men. As of 2000, Hollywood had the seventy-fifth highest
percentage of Cuban residents in the U.S., at 4.23% of
the city's population,[17] and the sixty-fifth highest
percentage of Colombian residents in the US, at 2.26%
of the city's population. It also had the fifty-seventh
highest percentage of Peruvian residents in the US, at
1.05% of the city's population and the twentieth highest
percentage of Romanian residents in the US, at 1.1% of
the its population. As of 2000, speakers of English as
a first language accounted for 66.94% of
residents, Spanish accounted for 21.62%, French made
up 2.06%, French Creole consisted of 1.32% of the
population. The median income for a household in the
city was $40,714, and the median income for a family
was $55,849.
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HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
5
The Art and Culture Center of
Hollywood presents contemporary
gallery exhibitions, live stage
performances and high-quality
education programs for adults and
children. The Center fosters a
creative environment where new and
challenging work can flourish
through programs that reflect the
highest standards of artistry and
diversity. The Downtown Hollywood
Mural Project’s mission is to
beautify and add culture the
Downtown area. You can often watch
the creation of a new mural during
the Third Saturday ArtWalk.
At Hollywood’s Boardwalk you can
find unique shopping, beachfront
restaurants and bars in addition
to yearlong activities and live
music. With oceanfront hotels
and resorts, you will find the
perfect accommodation for a
weekend getaway or staycation.
he Hollywood Beach Boardwalk,
a 2.5-mile-long pedestrian
promenade, bustles with joggers,
skaters, cyclists and old-
fashioned charm, a mere four
steps from the beach's western
edge.
Downtown Hollywood has various
options for any budget and taste.
The growing arts and culture hub
includes grand murals, art
installments, galleries and the
unique ArtsPark at Young Circle,
which hosts weekly activities for
families, foodies, art enthusiasts,
locals and visitors alike. It
includes a 10-acre family friendly
park, outdoor musical
performances, festivals, visual
art, fountains, free glass blowing
demonstrations, beautiful
landscapes, sidewalk cafes in the
area.
Hollywood Attractions
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HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection byand/or with the appropriate professionals.
The Hollywood Community Redevelopment Center
Hollywood CRA: Our Mission
THE MISSION OF THE HOLLYWOOD CRA IS TO ELIMINATE SLUMS AND BLIGHT BY:
1) Stimulating private investment and economic growth
2) Upgrading the public infrastructure and public spaces
3) Mobilizing community stakeholders 4) Partnering with the City of Hollywood and Other
Government Agencies
5) Providing leadership for the CRA Districts
For more information on the city of Hollywood, please visit:
• http://www.floridashollywood.org/default.aspx
• http://www.hollywoodcra.org/index.aspx?nid=94
• http://hollywoodchamber.org/
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DEMOGRAPHICS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Population 1 Mile 3 Mile 5 Mile
Male 1,810 (50.49 %) 37,265 (48.90 %) 86,182 (48.07 %)
Female 1,775 (49.51 %) 38,939 (51.10 %) 93,113 (51.93 %)
Total Population 3,585 76,204 179,295
Age Breakdown 1 Mile 3 Mile 5 Mile
Ages 0-4 110 (3.07 %) 2,886 (3.79 %) 7,444 (4.15 %)
Ages 5-9 165 (4.60 %) 3,664 (4.81 %) 9,634 (5.37 %)
Ages 10-14 186 (5.19 %) 3,342 (4.39 %) 9,075 (5.37 %)
Ages 15-19 173 (4.83 %) 3,069 (4.03 %) 8,535 (4.76 %)
Ages 20-24 149 (4.16 %) 3,099 (4.07 %) 8,381 (4.67 %)
Ages 25-29 122 (3.40 %) 3,239 (4.25 %) 8,400 (4.69 %)
Ages 30-34 117 (3.26 %) 3,697 (4.85 %) 8,988 (5.01 %)
Ages 35-39 164 (4.57 %) 4,466 (5.86 %) 10,229 (5.71 %)
Ages 40-44 237 (6.61 %) 5,297 (6.95 %) 11,813 (6.59 %)
Ages 45-49 303 (8.45 %) 5,946 (7.80 %) 13,156 (7.34 %)
Ages 50-54 332 (9.26 %) 5,985 (7.85 %) 13,247 (7.39 %)
Ages 55-59 326 (9.09 %) 5,711 (7.49 %) 12,742 (7.11 %)
Ages 60-64 314 (8.76 %) 5,184 (6.80 %) 11,759 (6.56 %)
Ages 65-69 269 (7.50 %) 4,614 (6.05 %) 10,436 (5.82 %)
Ages 70-74 216 (6.03 %) 4,016 (5.27 %) 9,078 (5.06 %)
Ages 75-79 156 (4.35 %) 3,435 (4.51 %) 7,770 (4.33 %)
Ages 80-84 87 (2.43 %) 2,742 (3.60 %) 6,169 (3.44 %)
Ages 85+ 159 (4.44 %) 5,812 (7.63 %) 12,439 (6.94 %)
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DEMOGRAPHICS315-319 McKinley Street | Hollywood, FL 33019
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteedand should be personally verified through personal inspection by and/or with the appropriate professionals.
Household Income 1 Mile 3 Mile 5 Mile
Median Income $68,125 $44,391 $48,565
Less than $10,000 43 3,315 7,383
$10,000 -$14,999 95 2,691 5,215
$15,000 - $19,999 54 2,862 5,724
$20,000 -$24,999 53 2,228 4,798
$25,000 - $29,999 60 2,753 5,623
$30,000 - $34,999 50 2,153 4,342
$35,000 - $39,999 20 2,046 4,284
$40,000 - $44,999 128 2,269 4,532
$45,000 - $49,999 30 1,722 3,593
$50,000 - $59,999 166 2,893 6,159
$60,000 - $74,999 174 3,344 7,430
$75,000 - $99,999 156 3,616 8,389
$100,000 - $124,999 196 2,197 5,395
$125,000 - $149,999 67 991 2,894
$150,000 - $199,999 201 1,099 2,823
Greater than $200,000 204 1,198 3,775
Housing 1 Mile 3 Mile 5 Mile
Housing Units 2,556 54,192 113,911
Occupied Units 1,815 38,579 84,850
Owner Occupied Units 1,439 19,912 49,817
Renter Occupied Units 376 18,667 35,033
Vacant Units 741 15,613 29,061
Race Demographics 1 Mile 3 Mile 5 Mile
Population Non Hispanic White 3,526 59,998 140,534
Population Black 14 11,854 28,732
Population Am In/Ak Nat N/A 35 46
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