The Real Deal Miami

Two ’60s-era motels sell for over $100,000 per room

The two motels in Lauderdale-by-the-Sea have a combined total of 48 rooms

August 27, 2016 01:35PM

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4220/4208 North Ocean Drive, Lauderdale-by-the-Sea

4220/4208 North Ocean Drive, Lauderdale-by-the-Sea

Two small motels in Lauderdale-by-the-Sea built more than a half century ago sold for prices topping $100,000 per room.

Blue Strawberry By The Sea, a two-building motel at 4220/4208 North Ocean Drive, changed hands for $3.6 million, and the smaller Tropicaire Resort went for $2.19 million.

But the 13-room Tropicaire at 4553 Bougainvilla Drive in Lauderdale-by-the-Sea commanded a bigger price per room: $168,451 compared to $102,857 for the 35-room Blue Strawberry.

Holm Property Inc. sold the Tropicaire, built in 1964, to Seva Florida Tropicaire LLC. The $2.19 million sale price was 29 percent more than the previous sale price of $1.7 million in August 2014, the last time the Tropicana changed hands.

Egoa Realty LLC sold the Blue Strawberry motel, built in 1961, to a company called Blue Strawberry By The Sea Inc. The $3.6 million sale price is 9.7 percent higher than last sale price of $3.28 million in December 2013 for the Lauderdale-by-the-Sea property.

A small motel in Fort Lauderdale recently changed hands, too, but at a much lower price. Medici Hotels LLC bought the 16-unit By Eddy Motel for $1.25 million, or $78,125 per room. The seller is By-Eddy Apartments Inc. Built in 1973, the By Eddy Motel last changed hands in 1980 for $465,000. [Sun-Sentinel] — Mike Seemuth