PROPERTY FOR SALE: NEW JERSEY
Location: Atlantic City Area
Number of Units: 36
Year Constructed: Completely Renovated 2007
Corridors: Exterior
# of Stories: 2
Chain Affiliated ? : No
Cost to Transfer Franchise: N/A
AAA Rated ? : No
Asking Price:$ 2,995,000now $ 2,295,000
Gross Rooms Revenue: $ 550,000 *
Gross F&B Revenue: $ N/A
Gross Other Revenue: N/A
Annual Property Taxes: $ 34,384
Annual Insurance Costs: $ 11,253
Seller/Private Financing Available ?: Yes, Lease-Purchase Negotiable
Other Property Included: N/A
* - Projected Revenue
Other Information: Here is an excellent opportunity to enter the Atlantic City gaming market just before a new
multi-billion-dollar casino opens nearby! The current owners are motivated to sell, enabling them to build other
ventures and will consider any reasonable offer. This fully renovated property re-opened in February 2007 after
undergoing a $ 1,000,000 renovation. No expenses were spared in this gem of a property! All 36 beautifully
appointed guestrooms feature 27" Televisions, granite furnishings and vanities, low maintenance knock-down
wall surfaces and designer lighting fixtures. This property is located just 10 minutes from Atlantic City's casinos,
boardwalk and ocean. The property features a beautiful exterior swimming pool, and an expansive 2BR living quarters
for an owner/operator. Approvals for 4 additional guestrooms are underway.
Lease Purchase Notes: Minimum 10% Down, Monthly Payment only $ 15,000 per month during the lease period,
with all principle paid during that time applied toward final purchase price (3 to 5 year lease term). Details will be
provided by the seller. The "Asking Price" above includes a discount for an outright purchase, this discount does not
apply to any lease-purchase arrangement.
Note: A significant Buyer's Rebate may apply; contact LodgingIndex for additional information. For immediate
updates on this property, and other new properties-for-sale opportunities, follow LodgingIndex on Twitter!
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