the dolphin hotel - loopnet · 2019. 4. 15. · the dolphin hotel 315-319 mckinley street |...

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


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%

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PROPERTY DESCRIPTION315-319 McKinley Street | Hollywood, FL 33019


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


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PROPERTY PHOTOS315-319 McKinley Street | Hollywood, FL 33019


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SALES COMPARABLES315-319 McKinley Street | Hollywood, FL 33019


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:


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:


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:


Actual Cap Rate:

$720.83$2,466,667 - Allocated07/12/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated


Broward County

Research Status:



4 1907 N Surf Rd - Part of Multi-Property Sale SOLD

51-42-12-01-1220

Hollywood, FL 33019

Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$742.52$3,175,000 - Full Value09/06/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value


Broward County

Research Status:



Copyrighted report licensed to RE/MAX 5 Star Realty - 995182. 2/21/2019

Page 1

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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


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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


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.

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LOCATION MAP315-319 McKinley Street | Hollywood, FL 33019


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HOLLYWOOD FLORIDA315-319 McKinley Street | Hollywood, FL 33019


CITY OF HOLLYWOOD

From the sand to the city, Hollywood is Broward County’s hot spot.

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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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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

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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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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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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


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


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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the dolphin hotel - loopnet · 2019. 4. 15. · the dolphin hotel 315-319 mckinley street |...

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