Hotel - Fourteenth street west florida bradenton extended stay motel flip with vacant lot

Published on August 5, 2022
Modified on August 5, 2022
Published by jazz
Viewed by 1 people
#993
2800000.00 $US

Description of item

Here's 18 unit extended stay motel package deal in Bradenton, FL - "Contract for Assignment"

Purchase price 2.8M
EMD 24K
The local lender recommended by the Owner has all financials and is willing to lend on the property to buyers
● 18 unit Motel, attached restaurant building, adjacent 4plex, & Vacant Lot.
● Huge Cash flow opportunity as is, with multiple options for value-added revenue.
● Owner manages the property
● Financials available for qualified buyers with proof of funds.
● Motel licensure in place, inspected multiple times per year, the owner can provide instructions on the transfer process. (not difficult)
● Stable history with ownership over 25 years.
● The 18th unit in the motel is “a 3 room manager suite” that is not rented and not
calculated in rents. Can be used for an on-site site manager, or easily be rented also for
added value revenue.
● Currently run as an extended stay, with tenants staying months to a year at a time
charged weekly, plenty of potential added value revenue compared to compare rates
in the area.
● Could also change the business model to a nightly rental. Everything is in place for this
model as well.
● Take out Restaurant just celebrated the 5-year anniversary, current month to month, willing
to sign a new lease, currently under market rate.
● Roof is elastomeric, should be redone around every 5 years, redone 2 years ago.
● Water heater was replaced 2 years ago.
● All rooms exterior and interior shape and paint kept in good condition.
● Most rooms have a refrigerator/microwave. 9 of the rooms have capped plumbing in place if you want to add a kitchenette.
● 4plex on the adjacent rear street is non-conforming but rented.
● Adjacent south of 4plex is a vacant lot that is included in the deal, and is fenced in
with the 4plex, could be used for extra parking.

Here is Vacant land zoning info: Land Use: Vacant Residential Platted (1554)
Land Size:0.1370 Acres or 5,968 Square Feet

manatee county
ZONINGBR_FBC,BR_T4-R
FUTURE LAND SECURITY

Location

Country
United States
Region
Florida
City
Bradenton
Address
Bradenton