Description
Attention new buyers! This property is the perfect oceanfront location for those interested in an income-producing motel. The property consists of two buildings, each with 48 rooms. The motels have been converted into 14 apartments, generating $2900 in rent per month. Furthermore, the new owners have the option to convert the property into long-term apartment complexes, studio apartments, or extended-stay motels, with the potential to achieve up to 100% occupancy. The demand for weekly and monthly business is high, particularly due to the oceanfront location. Weekly rates range from $400 to $450, inclusive of electricity and water.
New owners also have the opportunity to collect HOA fees within the apartment complex. Notably, there is no available land for building a new hotel/motel, and the property has no major expenses. The roof has been replaced within the last five years, eliminating the need for immediate floor replacement. The seller is motivated to sell as they are planning to retire soon.
Moreover, the seller is willing to offer seller financing with a 50% down payment and the remaining amount financed at 7% interest, with a 30-year amortization and a 3-5-year balloon payment.
For more information, please contact the Vip’s Commercial team at 407-453–3415.
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