Property details
Turnkey Florida Oceanfront Motel For Sale, Southeast Region
Property Description
Turnkey Florida Oceanfront Motel For Sale
Located on Florida's Atlantic Coast.
10.22% Cap!
This is one of the best deals we have come across for an oceanfront motel property that is turnkey, completely renovated, staff in place producing strong revenue.
The gross revenue is over $800K with the NOI approx. at $460K making this deal north of a 10% Cap.
A loan commitment from a local bank was just received.
Currently controlled under contract by an investor who will make this available for either a Joint Venture partner or for a full assignment of the contract to the next buyer.
The Joint Venture requirement is $2,000,000 and the investor will then stay on as managing partner.
The current investor has a local bank that has approved the investor for a loan with a 65% LTV.
There has been 4 other front oceanfront hotels/motels sold in the area in the last 14 months. This is by far the best deal out of all of them.
This asset requires no renovations, (current seller completely renovated the property in the last 18 months), as well as having the current on site manager that lives on property, that handles everything, making it an passive investment.
The investor's plan was to put a continental breakfast in place (cost 89 cents per guest), increase revenue even further, and then put back on the market in 12 to 18 months for $5.5mil while making a great return on investment in the interim.
These terms and conditions are very confidential, as the staff of the motel has no idea that the motel is being sold. This family has owned the property since 1996 and has gone the extra mile with the renovations.
Images
Highlights
- Status:
- Available
- Price:
- $4,500,000
- Cap Rate:
- 10.22%
- Annual Rent:
- $460,000
Property Information
- Property Type:
- Hotel
- Industry Type:
- Hotel - Motel - Inn
- Units/Spaces:
- 1
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.