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I'm looking for a cash buyer or buyer rep for a bank-owned distressed Las Vegas, NV hotel note.
This note represents a very attractive extended-stay hotel property that is run more like an apartment complex than a hotel. Fee simple ownership would not be difficult to attain.
Perhaps could be bought for $27.3M which is 70% of the $39M UBP.
This equates to a 7-cap offering using the 2010 NOI.
2010 NOI = $1,981,442
July 2011 NOI = $200,718 (excluding BK legal fees)...annualized would make this a 9-cap offering.
July 2010 OCC = 47.87%
July 2011 OCC = 67.2%
2010 OCC = 46.85%
No improvements are needed and the property is currently very attractive and well-maintained.
3% fee required...to be paid by buyer; 1 pt each for buyer and seller reps; 1 pt for IM.
NCND, LOI & POF required to get full DD package from the bank.
Interested cash buyers or cash buyer reps please email me at firstname.lastname@example.org .