Call For Offers Issued On Miami Beach’s Historic Bath Club
May 3, 2017 by Lucas Lechuga
A call for offers has been issued on Miami Beach's historic Bath Club, according to an offering memorandum we have received. The property was built in 1926 as an oceanfront estate, then converted to a private club. It is comprised of over 15,000 square feet of interior space with a total of 5 acres of land and 500 linear feet of ocean frontage at 60th Street and Collins Avenue.
While the terms of the deal are not defined, a new owner would have several options of income streams including:
A club operation with membership plans. A charter remains that allows up to 200 members and their families. This would allow income through equity memberships, initiation fees, annual dues and food/beverage..
Private event space. The property is currently being used as this function. They have recently hosted events for corporations including HBO, Macallan, Pandora and Bacardi. A one night event currently runs $13,500 per night, give or take some depending upon the season and availability.
Restaurant or lounge. The large commercial kitchen is designed to accommodate simultaneous banquet service and restaurant operations. Several of the rooms are well-suited for dining and lounge areas with a historic setting and the food and drink service can run until 5am.
Cabana sales. There are 60 cabanas on site, of which the usage rights of 14 have been sold at prices up to $90,000. The new owners could sell the remaining cabanas or lease them to generate recurring revenue.
The club was purchased in 2000 for $10 million and a portion of the lot was developed into The Bath Club condominium in 2004. Prices of the condominiums currently range from $1.6 million up to $8.4 million, or $1335/square foot. Owners of the condo units have access to the shared amenities of the club.
Offer terms and letters of intent are due to the seller by May 19 at 5pm. The seller anticipates that the offers will fetch north of $25 million. Please contact us for the full offering memorandum.
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