NEW JERSEY
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Location: New Jersey, Atlantic City Area
Number of Units: 36
Year Constructed: 1988
Corridors: Exterior
# of Stories: 2
Chain Affiliated ? : No
Cost to Transfer Franchise: N/A
AAA Rated ? : Yes
Asking Price: $ 3,450,000
Gross Rooms Revenue: $ 625,000
Gross F&B Revenue: N/A
Gross Other Revenue: N/A
Annual Property Taxes: $ 33,000
Annual Insurance Costs: $ 18,000
Seller/Private Financing Available ?: Yes, Lease-to-Purchase Option Offered (See Below)
Other Property Included: N/A
Other Information: This property, built in 1988, was closed down for an extensive "down to the studs" renovations in 2006, and re-opened as a "new" property in February 2007.
On the exterior, the original facade was completely removed with new upgraded siding installed. Also included were new exterior fixtures, all new asphalt, a new canopy (outside the office), and new landscaping with a $10,000 fountain. On the inside, the lobby and office were rebuilt, with new counters (including a new breakfast counter), new vending machines, a new property management system, WiFi Internet for guests, and a 9-camera surveillance system. In the guestrooms, renovations included: new 27" TVs, new knockdown walls, carpeting, doors, windows, granite furniture and vanities, enclosed closests, toilets, refinished bath tubs with new tub trim kits, new tiling throughout property, new designer gold lamps, new AC Units with active warranties, and new electronic locks. The property currently includes a huge 6BR "Manager's Quarters". It is possible to reduce these living quarters to 2BR, thus creating 4 new revenue-producing guest rooms.
Lease-to-Purchase Notes : Minimum $600K Down Payment, seller will finance balance. At the end of lease term (maximum 3 years), lease must convert to purchase with remaining principle due at that time, financed via an outside source. All principle paid during lease period shall apply towards principle balance due when lease converts to purchase.