The property is located in the heart of South Beach, along Collins Avenue, one of the most prominent hotel and retail corridor nationwide. The property currently operates as a licensed hotel building with 22 units all including full kitchens and averaging 370 square feet. The hotel license is transferable. Out of the 22 units, 12 units are currently master-leased to a short-term rental operator, Nuovo Properties LLC. The lease expires in May 2022 and features $21,000 per month in rent. The remaining 10 units are owner-managed and operated as short-term rentals listed on Airbnb.