Deal of a lifetime! 2 hotels side by side on us 1 and a steel building with tons of land to build an extension. seller is retiring after 25 years of ownership. 1 acre of commercially zoned land with 165' of us1 frontage! hotel 1: 20 units with excellent rental income potential. presently, 50% occupied with weekly rentals. owner has evidence to show 100% occupancy for the greater part of 25 years. there is also an office and owners unit on-site.
rental potential is as follows: 20 x 800/month (as monthly rentals payable weekly): 16,000/mth gross; exps = 1400/th paid by owner; net is approx. 14,600 hotel 2 (deluxe hotel) with 11 cottages on it. this property is not rented, but has a 65% remodel done to it, and needs another 60k to finish it. rental potential is as follows: 11 x 600/mth = 6600/mth gross, exps paid by owner = 1000/mth; net is 5600/mth.
steel building: 500/month
total net operating income = $20,700.00/month. for qualified buyers, seller is willing to carry a note of 20%. if buyer has 20%, there is tremendous positive cash flow: mortgage would be approx. 8000/mth + prop taxes of approx. 1650/month = 9650/month. $20,700 - $9650 = $11050/month positive cash flow after paying all expenses, mortgages, taxes, etc.
conservatively, if an on-site manager is employed at 400/month, provided the owners unit, and runs the 31 units with only 80% occupancy as an easy daily and weekly rental; net cash flow is approx. $8520/month!
There may be a possibility of obtaining funds from the city for remodelling purposes.
