Here’s another project that requires improvements and will be a crown jewel for your portfolio. The property is a 34 room hotel and is hosting over 13000 square feet in space total. The building is a two storey with second floor dedicated to the hotel rooms and two bars and a cafe on the main floor. The full basement is a night club and all are currently in need of some cosmetic renovations to bring them up to today’s standard.
The investment is perfect for a user/investor who is looking to upgrade the space, and make this into a crown jewel of their portfolio. The current cap rate for the property (based on actual income) is 14% as it requires major renovations. The property is currently generating over $9,000 per month in cash flow as is.
For more information, please reach out to me ASAP