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6208 W West Coast HWY Newport Beach, CA 92663
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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 Sub-Type Hotel/Motel
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
Interior
Laundry Inside
Exterior
Fence None
Waterfront Description Across the Road from Lake/Ocean,Beach Access,Ocean Access
Building
Lot Description Corner Lot, Park Nearby
Story 4
Water Public
Others
Security Features 24 Hour Security,Carbon Monoxide Detector(s),Card/Code Access,Fire and Smoke Detection System,Fire Sprinkler System,Security System,Smoke Detector(s)
Special Listing Condition Standard
Lease Land No
Confidential INFO
BAC 0.5
TERMS Submit
LIST AGRMT Exclusive Right To Sell
SHOW CONTACT TYPE Agent
SHOW CONTACT NAME Darren Correa
SHOW CONTACT PH 909-256-7889
SHOW INSTRUCTIONS Please contact Le Investment Group for the NDA and access to the complete offering memorandum. Do not disturb tenant.
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Bought with LE INVESTMENT GROUP