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GREAT HOTEL OPPORTUNITY
Built: 1971
Building Size: 104, 880 SF
NOI 2023: $1.93M
Purchase Price: $23M
Cap Rate: 8.6%
Here are some more details on the Grand Hotel located in Oakland Park, Fort Lauderdale. This value-add opportunity includes a 5-Story Hotel with 196 keys with potential to build an additional 67 keys or with a slight change in zoning would allow up to 126 units – The Hotel features an Outdoor Pool, Business Center, Lounge, Hotel Restaurant + Bar, Fitness Center. There is also a bonus Nightclub AND income-producing Event Space that can be further utilized. Please see OM for photos and information.The property recently appraised last year at $34M+, initially willing to sell around $28/27M but now looking to heavily discount for a quick closing at $23M. This would give a buyer instant equity walking into the deal. The property has most likely increased in value since the last appraisal.
CALL OR TEXT (480) 210-2120
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OFF-MARKET INVENTORY
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Disclaimer:
House is being sold as-is, and the buyer is to pay all closing costs. 5k EMD. Non-Refundable earnest money to be deposited within the same business day contract is executed or the contract will be canceled. Buyer must close with cash or a hard money loan.
The buyer is not relying on any representations, whether written or oral, regarding the properties above. Price based on a cash or hard money offer and is net to seller. Buyers to do their own independent due diligence.
Buyer must do your own due diligence, evaluation and inspection prior to making an offer. Determining value is the buyer’s responsibility. Seller strongly recommends buyers employ an Investment Realtor to help determine value. Any reference to the value of a property by the Seller or any representative of the Seller is an opinion of value. Everyone has a differing opinion on value, cost of construction, materials, quality of workmanship and market speculation. Value is ultimately the buyer’s responsibility and they should be diligent in determining market value.
REALTORS:
If you are currently working with a client, and wish to receive a commission, please note that the wholesale price does not include your commission. You may want to negotiate a commission with your client separate from the wholesale price or you may adjust the wholesale price upwards to include your commission.
WHOLESALERS:
If you’d like to JV on this deal send us a text message, email, or call to let us know you are going to be sharing our deal with your investors.
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