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Joe Creek Condos 56 Central Ave

7 Room Hotel Pacific Beach, WA 98571 £954,589 (£136,370/Room) 4.67% Net Initial Yield

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Investment Highlights

Renovated
Location

Ocean views and access

Executive Summary

Located in Opportunity Zone... ask listing broker about those benefits. Overnight rentals allowed. Monthly rentals are in high demand. 8 renovated units including a dramatic 1 bedroom penthouse with ocean view. Centrally located... just a short walk to the beach and the growing number of shops and eateries on Main Street. Only one mile from the resort community of Seabrook, which offers upscale shops and restaurants. Pacific Beach is being discovered. Continue operating as motel or live in the penthouse and rent the other 7 units. Owner's health has limited them from operating full time. Laundry room and renovated courtyard. Solid concrete block construction. Truly a hidden gem on the Washington Coast. There is one additional unit that houses coin operated washer and dryer for guests and public use. Owner's health prevented them from operating full time.

Joe Creek Flyer

Financial Summary (Actual - 2023) Click Here to Access	Annual	Annual Per SF
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$99,999	$9.99
Net Operating Income	$99,999	$9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per SF	$9.99

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	$99,999
Annual Per SF	$9.99

Property Facts

Price	£954,589	Building Size	5,095 SF
Price Per Room	£136,370	No. Rooms	7
Sale Type	Investment	Number of Floors	3
Net Initial Yield	4.67%	Year Built/Renovated	1947/2024
Property Type	Hospitality	Parking Ratio	2.55/1,000 SF
Property Subtype	Hotel	Corridor	Exterior
Building Class	C	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Lot Size	0.11 AC

Price	£954,589
Price Per Room	£136,370
Sale Type	Investment
Net Initial Yield	4.67%
Property Type	Hospitality
Property Subtype	Hotel
Building Class	C
Lot Size	0.11 AC
Building Size	5,095 SF
No. Rooms	7
Number of Floors	3
Year Built/Renovated	1947/2024
Parking Ratio	2.55/1,000 SF
Corridor	Exterior
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.