The infamous Runway Inn is going on the auction block. As you may remember, the Runway Inn was shut down in September of 2020 by the City of Miami Springs after multiple incidents including drug trafficking, human trafficking, and even shootings.
We are happy to see that the property is for sale. We hope it will be bulldozed and redeveloped into something more upscale. If it just operates under a new owner as another low rent motel, we’ll continue to see the kind of crime that led to the original shutdown of the operation.
The auction will take place between February 28 and March 2nd. The bidding starts at $2.1 Million.
The property is described as “…a two-story, 104-key, select-service hotel built in 1950 just north of Miami International Airport. 656 East Drive consists of two separate parcels. The hotel parcel and a separate parking parcel to the northeast. The property is ideally located on East Drive, just one block to the north of NW 36th Street, which runs along the northern edge of the airport. Combined, the two land parcels measure over 46,000 SF, and the hotel building is 29,400 SF in size.
The Runway Inn presents investors with an opportunity to scoop up a vacant hotel in a strong submarket. The submarket is rebounding greatly after the Covid-19 pandemic, with a high sales volume in the fourth quarter of 2021. As of November, the 12-month average RevPAR in the Miami Airport/Civic Center hotel submarket was up 39.3%, in line with the similarly impressive market-wide average. Construction in the area is also stagnant, with only two projects in the works making properties already on the market highly valuable.”
- Primary Property Type: Hotel
- Rooms: 107
- Year Built: 1950
- Lot Size (Acres): 0.84
Prior news coverage on the Runway Inn: