SOLD - 1800 James AV, Miami, FL $3,000,000 - SOLD

Property Description

This is a true, once in a lifetime opportunity to buy freehold interest, subject to a leasehold interest with 32 years remaining (out of 99 years), for land with an Art Deco South Beach hotel in the heart of Miami Beach near the SLS, Delano, Setai and many other high end stylish hotels.  As per the terms of the lease, leaseholder pays all carrying costs (property tax, insurance, etc) and annual rent to freehold of $8,500.  Once the lease expires in 2047, all improvements on the land revert to freehold.  As an Art Deco style hotel, the property is historically protected by the City of Miami Beach Historic Preservation.  The building was fully cosmetically renovated in 2012 by the current leaseholder who spent $3.95m to buy the leasehold in 2012.  Whilst the hotel is historically protected, a potential buyer should revert to the Miami Beach zoning code for development potential on the site.

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