Hard To Find 'Beach Botique Motel' (Located in Florida - W/Walking Distance to Beach!!)
HERE IS A CLOSE TO THE BEACH BOUTIQUE HOTEL/MOTEL THAT IS SELLING AT CLOSE TO A 10% CAP.........THIS IS LIKE AN ATM, IT SIMPLY KEEPS SUPPLYING MONEY, NICE!!!!!!!!
PURCHASE PRICE IS $3,999,000 PLUS 5%
(TO MOVE FORWARD, BUYERS PLEASE SEE THE PROTOCOL BELOW)
HERE IS A MONEY MAKING REALLY LOW MAINTENANCE HOSPITALITY ASSET JUST A SMALL BLOCK FROM THE BEACH AND OCEAN
THE LOCATION IS CRAZY GREAT AT 925 SE 20TH AVENUE, DEERFIELD BEACH, FLORIDA 33441
DEERFIELD BEACH IS A COASTAL SUBURB NORTH OF FORT LAUDERDALE AND SOUTH OF BOCA RATON (THIS IS BROWARD COUNTY)
THE PROPERTY SPORTS 11,504 SQUARE FEET ON ABOUT 1/2 ACRE, ONCE AGAIN THE OCEAN & THE SAND IS JUST A REALLY SHORT WALK FROM THE PROPERTY
THE ZONING IS RM-25 LIBERAL MULTI UNIT
THE SELLER HAS DONE EXTENSIVE RENOVATIONS OVER TIME
DISCLOSURE: THIS ASSET WAS AND EMPHASIZE "WAS" POSTED ON LOOPNET. THIS IS NO LONGER THE CASE. THE POSTING EXISTS BUT IS NOT A VALID POST
THERE ARE 23 UNITS WITH TWO STORIES IN THIS LONGTIME BOUTIQUE HOTEL
THIS ASSET HAS A MONEY MAKING ON SITE LAUNDRY ROOM BRINGING IN OVER $4,200 ANNUALLY
OCCUPANCY RATE IS APPROXIMATELY 80%
THE GROSS INCOME IS APPROXIMATELY $582,000..ANNUAL EXPENSES $194,600..APPROXIMATELY THE NOI IS $388,000..PROVIDING A CAP RATE IS ABOUT 10%
THE IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE A PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS UP THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR EARNEST MONEY DEPOSIT, THE SELLER WILL MAKE ALL OF THE P&Ls, ANY VENDOR CONTRACTS AND ANY OTHER FINANCIAL PAPERWORK THAT APPLIES TO THE SALE AND PURCHASE OF THIS ASSET AVAILABLE IN THE FORMAL DUE DILIGENCE PERIOD.
TO MOVE FORWARD, THE BUYER TO SIGN THE ASSET SPECIFIC NCND/MFA, BUYER TO PROVIDE A LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW DATE AND THE EARNEST MONEY AMOUNT TO WILL BE ESCROWED UPON THE PURCHASE & SALE AGREEMENT BEING EXECUTED. THE BUYER TO PROVIDE A VERIFIABLE PROOF OF FUNDS (MUST IN THE FORM OF A BANK OR FUND STATEMENT IN THE END BUYER'S NAME). PLEASE NO TRANSACTIONAL FUNDING.