Tucked away in the Collins Park neighborhood of the South Beach Historic District sits Sadigo Court, a historic apartment and hotel complex. The historic boutique apartment hotel, located at 334 20th St., has been in business since 1936 and is one of the oldest surviving suite hotels in Miami Beach.
On May 6, commercial real estate investment firm Marcus & Millichap announced the sale of the property for $12.975 million. The 30-unit building was purchased by a private investor represented by Joseph P. Thomas, vice president investments and director of the national multi housing group, who also represented the seller.
According to the Real Deal, the Blue Road development company made the purchase, and it’s one the buyer is already familiar with in the Miami Beach area. Blue Road was responsible for the renovations of Waldorf and Berkeley hotels in South Beach.
“There’s tremendous demand for product in the Collins Park submarket given the renovations planned for the Miami Beach Convention Center,” Thomas said in an announcement of the sale. “Sadigo Court is ideally located between Lincoln Road, the convention center and the Bass Museum.”
Sitting on an 18,750-square-foot lot, the building boasts 30 apartments, including five junior suites with kitchenettes and 25 fully-furnished, one-bedroom apartments.
The new owner has the opportunity to expand and build and additional structure at the south side of the property. Being in one of the most iconic areas of Miami, the opportunities for success are vast.
