TITLE:
EIGHT UNIT BOUTIQUE MOTEL
CONTROL:
Owner
VALUE:
$1,395,000
LOAN:
$477,000
EQUITY:
$918,000
TYPE:
Hotel/Motel
HAVE:
Vintage 1953 'old west' style motel in Joshua Tree Ca. The national park (entrance 1 mi away) brings 2.5M visitors a year, many from overseas. Completed rehabbed in 2019 and all new furniture and furnishings in 4Q2023. Excellent offsite mgt. can remain
WEBSITE URL:
ADDRESS:
61589 Division St., Joshua Tree, California
BENEFITS TO NEW OWNER:
1. Daily rate below comp. motels. 2. potential to improve landscaping etc. 3. appx 1.3 Ac vacant land (incl can add) medium density Res zoning
GROSS SCHEDULED INCOME:
$376,680 Projected
VACANCY LOSS:
$155,308
GROSS EFFECTIVE INCOME:
$221,372
EXPENSES:
$111,688
NOI:
$109,684
DEBT SERVICE:
$64,000
CASH FLOW:
$45,684
CAP RATE:
7.86%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$800,000
$5,333
8%
04/01/2029
Yes
BENEFITS SOUGHT:
1. LLC dissolution. Down and out. prefer paper and cash. consider lateral exchange for NNN. Can deliver free and clear
CAN ADD:
two adjacent vacant lots approx 1/3 ac ea. zoned med density multi family 20 units per acre. $145k free and clear very flexible terms (IRA owned)
REMARKS:
GREAT BONES. very attractive . great location. walk to all restaurants, bars, etc but one block off hwy so quiet. Great reviews on AirBNB etc. ea room has kitchenette . Three room, two ba suite sleeps 7. Great for weddings, fam reunions. Movie Sets etc
COUNSELOR:
Bob Zweig
Peartrei Capital
8502 E. Chapman Ave. #106
Orange, California, 92869
