Motel 23854 Lake Dr

9 Room Hotel Crestline, CA 92325 $525,000 ($58,333/Room)

INVESTMENT HIGHLIGHTS

  • Resort area with need for vacation housing, short term rentals, limited stay rentals
  • Street to street property on two lots
  • Main street location with heavy traffic

EXECUTIVE SUMMARY

Price Reduction! Great income potential! MOTEL Opportunity for the investor or contractor who wants income property in fantastic downtown Crestline, close to Lake Gregory and all the shopping, restaurants, local bus stops, postal service, and banking. Tourist attractions include Lake Gregory Recreation, Hiking, water sports, parks, shopping and close to other mountain resorts and attractions. Now are five units but were 9 units before the fire. Original construction 1935. There is a 4-unit building that needs finishing, manager's unit in front has a fireplace and needs to be finished. There is also a burned 4-plex. All have kitchens (unfinished) and 3/4 baths. Property runs street to street, so it has dual access and rear could provide level access. Situated on two adjoining lots of land with a total square footage of about 9,700. It underwent a fire after being renovated. A demolition permit of the burned four-plex, expires September 2024, which would leave the remaining 5 units for rental income. The right rear building is salvageable but needs repair to the floor framing and the smoke damaged walls and siding. There are stoves and gas heaters that need to be installed. Some of the roof and siding needs to be re-done. There are some broken or missing windows. There are a few holes inside where the firemen opened up the ceilings. The managers unit in the front was under renovation needs to be finished; a repair permit needs to be pulled to finish the Manager's unit and to fix the Four-Plex. There used to be a swimming pool but was buried and covered in concrete, is now a huge open patio toward the front, great for gatherings. The motel was never rented out fully and was under renovation for a several years prior to the fire, so there is no history of income. Consider the potential income! Check the google street view to appreciate the location in town!

PROPERTY FACTS

Price $525,000
Price Per Room $58,333
Sale Type Investment
Sale Conditions Distress Sale
Property Type Hospitality
Property Subtype Hotel
Building Class C
Lot Size 0.22 AC
Building Size 3,150 SF
No. Rooms 9
No. Stories 1
Year Built 1935
Parking Ratio 1.27/1,000 SF
Corridor Interior

ROOM MIX INFORMATION

DESCRIPTION NO. ROOMS DAILY RATE SF
Guest Room 9 $73.00 -

PROPERTY TAXES

ZONING

Zoning Code Commercial General (Land use zoning district provides sites for retail trade and personal services, lodging services, office and professional services, recreation)
  • Listing ID: 30211967

  • Date on Market: 11/30/2023

  • Last Updated:

  • Address: 23854 Lake Dr, Crestline, CA 92325