Benchmark Realty Group Tapped To Market Landmark South Beach Property

Benchmark Realty Group’s President Jeremy Green, and Vice President Mark Wohl have been appointed to exclusively represent the sale of The Variety, a landmark, mixed-use property located at 1700 Alton Road in South Beach.
This listing follows on the success of the $7.9M sale of the three lots at 17^th & West Ave in December in only 22 days from listing to closing.
The Variety, a highly-recognized iconic building, is located on the corner of 17^th Street and Alton Road, with the recognizable Vespa store on the corner.  Additionally, a new Residence Inn by Marriott is slated for the property immediately behind the building, along with the new 17th Street Bridge that will connect West Avenue and improve pedestrian and vehicular traffic flow and accessibility in the neighborhood.
With the emergence of the Sunset Harbor neighborhood just one block north and world renowned Lincoln Road a block to the south, investor interest continues to reach new heights as the availability of desirably- located properties and land becomes scarcer. New York-based JSRE Acquisitions acquired the 6,943-square-foot 716-720 Lincoln Road property for $34.5 million, exactly one week after Britto’s 818 Lincoln Road gallery was purchased by a Montreal-based company for $4,119 per square foot.
Formally known as The Mayflower, the 35,530 square foot building is comprised of 8,365 square feet of retail space on the ground floor and 72 efficiency/studio-sized apartments on the upper 4 floors. The property, which is currently 100% occupied with rents below market, may be converted back to its original hotel use with the activation of a current hotel license. The commercial zoning allows for other uses as well including student housing, office, and/or short-term residential. The recently renovated property also features 33 prime parking spaces, another rarity in South Beach.
The property is conveniently located at the entrance to Miami Beach’s burgeoning Sunset Harbour neighborhood. Sunset Harbour has been seeing increased development in recent years from expanded retail to new waterfront condominium towers.
“The marquis property is at the gateway of two in-demand South Beach neighborhoods, connecting Lincoln Road to Sunset Harbour and anchors the north end of the Alton Road retail district.  This offering represents tremendous value to acquire 72 hotel rooms at well below market when backing out the value of the retail,”
stated Green.
The property is being offered at a minimum bid price of $18,750,000.  Visit www.BenchmarkRG.com for more information.