Property For Sale Listing 9701
Apartment Conversion From Motel
Status as of Oct-8-2008 at 02:01 AM: Off The Market
Property Summary
Our firm offers motel/apartments investment opportunity for sale. This income producing property is currently operating as motel and could be converted to efficiency apartments for optimum income potential. Located in quiet area of a Coastal City this motel/apartments has a 30 plus year history and is well known in the community receiving word-of-mouth advertising. This is a two story structure with 21 units, 15 are spacious rooms and 6 are efficiencies. Property is easy to locate with ample on-premises parking both on side and in back. Lots of opportunity to grow and expand by converting the 15 large rooms into efficiency apartments to meet demand for weekly rentals and by leasing two retail spaces to tenants such as convenience store, restaurant or office. Cost to convert 15 units to efficiencies has not been determined. Buyer is strongly cautioned to seek assistance of professionals during due diligence period regarding conversion to efficiencies. Seller is motivated to sell and is offering seller financing with favorable terms. Additional financing is available through broker sources making this a potentially low down payment entry situation.
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Location
| Classification: | United States // Southeast States // Florida // Other Florida |
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Price
| Price Classification: | Between $500 Thousand and $1 Million |
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| Asking Price: | $795,000 |
Property Type
| Classification: | Multi-Family Properties // 10+ Family |
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| Type: | Multi-Family Housing |
