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    Property profile & analytics

    600 Ocean Dr Miami Beach, FL 33139

    • Hotels
    • 30,739 SF
    • 0.39 lot acres
    For Sale
    View listing
    $50,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1516896
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hotels

    Property Details for 600 Ocean Dr

    Year built
    1933
    Construction
    CONCRETE
    Lot size
    0.39 lot acres
    Property size
    30,739 SF
    Zone code
    6501:COMMERCIAL
    Property type
    Hotels
    APN
    02-4203-004-0060
    APU
    242030040060

    Description

    This exceptional oceanfront hotel in Miami Beach presents a unique investment opportunity. The property, built in 1933, features 54 keys across three stories within a single building, totaling 30,739 square feet. Situated on a double lot encompassing 16,939 square feet, it enjoys a coveted corner location at 600 Ocean Drive, Miami Beach, FL 33139 (APN: 02-4203-004-0060). Currently operating at 100% occupancy, the hotel offers a compelling cap rate of 0.02% and boasts a price per square foot of $1,626.60, with an asking price of $50,000,000. The property's prime location in the heart of South Beach, near Ocean Drive, places it within walking distance of the beach and surrounded by high-traffic areas with established businesses. The hotel's mixed-use zoning allows for diverse development possibilities. Its historic Art Deco architecture is complemented by modern amenities, and the on-site restaurant adds to its appeal. This is a rare chance to acquire a thriving hospitality asset in one of the world's most desirable destinations. The property's strong performance and strategic location make it an attractive investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $740,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,087,000
      Market price range: $664k - $2.01M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-dade
    State
    Florida
    Longitude
    -80.132
    Latitude
    25.7758
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $234,439
    $10,163,400
    $2,242,929
    $12,406,329
    -
    $10,163,400
    $2,242,929
    $12,406,329

    Comparable in this City

    • Value Estimation
      $900,000
      37,754 SF

      940 Ocean Dr

      HOTEL • 37,754 SF
      940 Ocean Dr, Miami Beach, FL 33139-5013
      View Details
    • Value Estimation
      $490,000
      20,040 SF

      405 Espanola Way

      HOTEL • 20,040 SF
      405 Espanola Way, Miami Beach, FL 33139-8152
      View Details
    • Value Estimation
      $450,000
      14,160 SF

      1666 James Ave

      HOTEL • 14,160 SF
      1666 James Ave, Miami Beach, FL 33139
      View Details
    • Value Estimation
      $580,000
      12,500 SF

      1701 James Ave

      HOTEL • 12,500 SF
      1701 James Ave, Miami Beach, FL 33139-7508
      View Details
    • Value Estimation
      $810,000
      32,517 SF

      1800 James Ave

      HOTEL • 32,517 SF
      1800 James Ave, Miami Beach, FL 33139-7423
      View Details
    • Value Estimation
      $505,000
      20,016 SF

      750 Ocean Dr

      HOTEL • 20,016 SF
      750 Ocean Dr, Miami Beach, FL 33139-6220
      View Details

    Similar Nearby for Sale

    • $21,900,000

      Iconic Miami Beach Hotel

      Historic Art Deco Hotel, Prime Location
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    • $2,500,000
      Pending

      Licensed Hotel/STR Multi-Family Building

      Rare, fully licensed hotel/short term rental in South Beach.
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    • $6,750,000
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      Turnkey Hospitality Property in Miami Beach

      20-unit hospitality asset in a high-growth Miami Beach submarket.
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      View Details
    • $532,000
      502 SF

      Miami Beach Condo Hotel

      Modern condo hotel with private terrace, suitable for short-term rentals.
      1215 West Ave, Miami Beach, FL 33139
      View Details
    • $50,000,000
      30,739 SF

      Oceanfront Miami Beach Hotel

      Historic 54-key hotel, prime location.
      600 Ocean Dr, Miami Beach, FL 33139
      View Details
    • $19,600,000

      Historic James Hotel Miami Beach

      Art Deco hotel with development potential near Ocean Drive.
      1680 E James Ave, Miami Beach, FL 33139
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Prime Miami Beach Retail Space

      2,000 SF Retail/Restaurant Space Available
      1201 Washington Ave, Miami Beach, FL 33139
      View Details
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      5,332 SF

      Lincoln Road Retail Opportunity

      Prime Miami Beach Storefront, Multiple Tenancies
      635 Lincoln Rd, Miami Beach, FL 33139
      View Details
    • $5 SF/Yr
      27,412 SF

      Oceanside Restaurant - Art Deco Charm

      Prime location, 27,412 sq ft, two terraces.
      300 21 St, Miami Beach, FL 33139
      View Details
    • $4 SF/Yr
      22,000 SF

      Lincoln Road Retail Gem

      Prime Michigan Ave. Boutique Space
      1628 Michigan Ave, Miami Beach, FL 33139
      View Details
    • Contact for pricing
      10,000 SF

      Prime Retail Space Available

      Hard corner retail space with exceptional street presence.
      500-520 Collins Ave, Miami Beach, FL 33139
      View Details
    • Contact for pricing
      50,000 SF

      Prime Corner Retail/Restaurant Opportunity

      Land lease or build to suit opportunity near Lincoln Rd.
      1685 Lenox Ave, Miami Beach, FL 33139
      View Details
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    600 Ocean Dr
    Miami Beach, FL 33139
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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