$19,000,000
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22,814 SqFt
SOLD DATE : 12/06/2023
Key Details
Sold Price $19,000,000
Property Type Commercial
Sub Type Hotel/Motel
Listing Status Sold
Purchase Type For Sale
Square Footage 22,814 sqft
Price per Sqft $832
MLS Listing ID IV23101301
Sold Date 12/06/23
HOA Y/N No
Year Built 1970
Lot Size 0.460 Acres
Acres 0.46
Property Description
Investment Highlights; Seller Financing available at 5.50% interest only with 50 % LTV. Attractive 7.54% Cash-on-Cash return with seller financing.
ProForma CAP Rate of 6.68%. Current CAP Rate of 6.52% / 10-Year Corporate Backed Lease with (2) 5-Year Options to Extend / Recent Capital Improvements Exceeding $225,000+ /
Master-leased boutique hotel located in Newport Beach, CA. The hotel offers 47 rooms with a range of amenities. The asset is situated along the Pacific Coast Highway (90,000+ VPD), providing guests with stunning views of the ocean and easy access to the beach. The hotel is in a prime location for exploring Newport Beach, with a variety of shops, restaurants, and attractions located nearby.
Location
State CA
County Orange
Area N26 - Newport Coast
Zoning CV
Rooms
Other Rooms Living Quarters
Ensuite Laundry Inside
Interior
Laundry Location Inside
Fireplace No
Laundry Inside
Exterior
Fence None
Community Features Park
Waterfront Description Across the Road from Lake/Ocean,Beach Access,Ocean Access
Building
Lot Description Corner Lot, Near Park
Story 4
Water Public
Additional Building Living Quarters
Others
Tax ID 04511120
Security Features Security System,Carbon Monoxide Detector(s),Fire Detection System,Fire Sprinkler System,24 Hour Security,Key Card Entry,Smoke Detector(s)
Acceptable Financing Submit
Listing Terms Submit
Financing Seller Financing
Special Listing Condition Standard
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Bought with ALBERT LE • LE INVESTMENT GROUP
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
25101 The Old Road Suite 240, Ranch, Ca, 91381, United States