Property details
Illinois Hotel Convertible to Multifamily, Great Lakes - Big Rivers Region
Property Description
Illinois Hotel Convertible to Multifamily
This is an Off-Market, Confidential, Controlled and Deliverable Property.
125 unit hotel located in Northeastern IL.
The hotel rooms are convertible to studios and mini apartments.
On property there is a pool, fitness center, 12,000 sq ft of banquet space, and a restaurant.
All can be terminated upon sale to a potential buyer.
Currently at $3.1 million in gross annual income
Market pricing is currently at 3 times gross revenue which is the standard in the industry which would price this asset in todays market at $9.3 million.
Owner will only pursue all cash offers at $8 million.
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Images
Highlights
- Status:
- Available
- Price:
- $8,000,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 125
- 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.