Blue Road has snapped up an apartment hotel building on South Beach for $12.98 million. The 30 unit building that sits on a 18,750 sqf site at 332 20th Street changed hands for $432,667 per unit. Built in 1936 the 24,200 sqf foot building was sold by Eisenberg Development Corp. Marcus & Millichap VP Joseph P. Thomas brokered the deal for both the seller and the buyer.
“Current zoning and available FAR [floor-area ratio] allow for the potential subdivision of some existing rooms, as well as the opportunity to construct a new building along the south side of the property,” said Joseph P. Thomas VP Marcus & Millichap. “The buyer has the opportunity to renovate and reposition Sadigo as a 50-plus room boutique hotel just two blocks from the ocean and some of South Beach’s most iconic luxury resorts.”
