TITLE:
Michigan 300 key Hotel Conversion & Convention Center Syndication/ Signature Partner
CONTROL:
Buyers Broker
VALUE:
$6,000,000
LOAN:
$0
EQUITY:
$6,000,000
TYPE:
Hotel/Motel
HAVE:
300 key hotel & 23,000 sft convention center. Converting 150 doors to studio apartments & updating the remaining 150 hotel rooms. Increasing NOI from ~$50,000/yr to $1,500,000/yr. Lansing, MI. $4.6M Construction budget, 14.1% CAP Rate after construction.
WEBSITE URL:
ADDRESS:
6820 S Cedar St, Lansing, Michigan
BENEFITS TO NEW OWNER:
Cash flow
Capital Injection after Refinance
OTHER FILES:
GROSS SCHEDULED INCOME:
$5,400,000 Projected
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$5,400,000
EXPENSES:
$3,800,000
NOI:
$1,600,000
DEBT SERVICE:
$0
CASH FLOW:
$1,600,000
CAP RATE:
26.67%
BENEFITS SOUGHT:
Signature partner
Syndication/capital raise
CAN ADD:
$50,000-$100,000 equity in SFH
REMARKS:
Partner team is a 35 yr Licensed General Contrator and Builder as well as the Hospitality/conference Center Manager who has been at the hotel for 20+ years. Builder has references and a lot of experience and quotes from subcontractors for all of the work.
COUNSELOR:
Cara Kennedy
Great Lakes Real Estate Exchange
PO Box 430676
Pontiac, Michigan, 48343
