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Collection of 23 San Diego condominiums and three penthouse residences situated high atop this 22 story hotel. The hotel features 161 guest rooms and one-bedroom suites. Built by two of the nation's top architects and designers which was completed in 2008. The Rockwell Group, led by the infamous David Rockwell, envisioned the hotel design, and interior designer Dodd Mitchell illustrated the design of restaurant and lounge.
All 23 Residences are unsold and built on Levels 16 through 22. The 2-story Penthouses are on levels 20 and 21 and range from 900 to 2,700 square-feet and each unique in design and character with all living areas decadent in style and opulence. The Grand Penthouse with three levels and over 5,000 square feet is situated on the 22 floor with luxurious living and entertaining space, complete with a chef's kitchen, formal dining room and pool table. This exceptional unit features European and custom designed furniture with a large landscaped wrap-around patio deck including a soaking tub boasting views from Mexico to the ocean, the bay and Coronado Island.
The NanoWall retractable glass wall system that combine outdoor space and endless views from the balcony. Furnishings and appliances are urban-chic with an Asian inspired touch that include Brazilian walnut floors, Jerusalem-stone baths, and floor-to-ceiling windows that paint the perfect backdrop to the San Diego skyline.
BUILT IN 2008 FOR $150 MILLION IN DOWNTOWN SAN DIEGO
The hotel opened in December 2008 and is currently operating under Chapter 11.
The speculative fire sale value today is $59.5 million
This is a once in a lifetime opportunity. Never before has the opportunity presented itself to purchase such a large group of properties on the Newport Beach Peninsula in the City of Newport Beach on California's Gold Coast. This unique portfolio of properties has been amassed over the past 10 years and they all have recently been renovated and remodeled in addition to going through the City of Newport Beach's condo conversion process. All of these properties were originally duplex rental properties, that were constructed from the late 1960/s to the mid 1980's. All properties were completely remodeled and renovated all the way down to the wood studs. Specifics of the renovation and the quality of improvements are available to serious buyers.
The total portfolio encompasses 21 individual condos at 11 different structures, all within close proximity to each other and within immediate proximity to the beach and Newport Bay. All of the properties are located in the city of Newport Beach and the condo conversion has complied with the City of Newport Beach building codes, planning department, condo conversion process and all projects have been approved by the California Coastal Commission. All parcel maps, condo maps and CC&R's have been filed with the County of Orange. These properties can be operated as rental income properties or sold off in pieces for individual home ownership. Most of the units are currently rented. Lease and rent rolls will be provide to potential Buyer upon submission of a Letter of Intent to purchase.
The ownership has elected to sell the properties in a bulk portfolio sale and has significantly reduced the price from a market value of approximately $29,403,000.
A potential buyer can purchase the entire portfolio at a reduced price of $20,000,000. FOR A PACKAGE - YOU MUST HAVE SHOWN OR DISCUSSED THIS INITIAL INFORMATION WITH AN ACTUAL BUYER, IF YOU ARE A BROKER, YOU WILL NEED TO SIGN AN NCND AND REGISTER YOUR CLIENTS. If the buyer has interest, we will set up a phone call directly with the Seller.
Renta! Income @ $81,935/ month $983,220: Late Fee Income $7,200:
Security Deposit Income @ 3.5% $2,977
Total Income: $993,3970
Taxes @ 0.0104% $260,000: Insurance $13,971: Landscaping $2,400
Utilities $0: Maintenance & Repairs $8,400:
Management @ 3% $29,372: Vacancy @ 1% $9,907
Total Expenses $324,050
NOI on Market Rent $730,750
* Does not factor depreciation for tax purposes
* Does not factor appreciation in value