Sunny Isles Marco Polo Beach Resort ~ Condo Hotel Advice. In reviewing a customer’s excellent condo hotel deal with Sunny Isles real estate, I decided to relay the answer here on the MiamiBeachRealEstateBlog.us…
The maximum residency in a condo hotel (zoning) is 6 months. Income may cover costs with the typical financing at 20 to 30% down. The rental income through Ramada management is a good way to offset taxes and maintenance fees. It would cover only a small portion of the principal. Through owner management or property management outside of Ramada, net income could be slightly higher. The current owner rented this unit for $525 weekly plus $50 cleaning plus 13% tax. On the flip side, I like the idea of Ramada’s network, which may keep occupancy higher hence netting an equivalent as owner/management.
Marco Polo Beach Resort
Oceanfront condo hotels are typically purchased by the vacationer & investor looking for passive income with stress-free management in place. The potential for appreciation is great based on the price point of $110,000. Anything oceanfront less than $200k in a highly desirable area is RARE. Also, this high tourist area makes it more exclusive in the coming years.
- The Yearly Taxes are Estimated at $2,082 or $173 per month
- Maintenance fees at ~ $550 per month
- At 25% down ($27,500), the remaining balance is $82,500. At 7% (example only), the monthly would be $548.87.
- Total monthly expense estimate = $1,272