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The Rocket Motel
$200 FIRST TRUST DEED FOR SALE
Discounted 5% for a 17% Yield
Loan Request: $200,000.00
Property Value: $400,000.00 (Four Hundred Thousand US Dollars) Which was the purchase price in January, 2007.
Loan to Value: 50% (Fifty Percent)
Surplus Equity: $200,000.00 (Two Hundred Thousand US Dollars)
Interest Rate: 12% Interest Only
Monthly Payment: $2,000.00
Terms: 1 Year
Lot Size: .50 Acre
Building Size: 4,000 Square Foot
Units: 15 includes one managers quarters
This motel was purchased in January, 2007 for $400,000.00. It is being converted into a 14-unit apartment complex. The property also has a live in managers office which can be easily converted to a real estate office, conducting real estate activities to generate approximately $3,000.00 to $6,000.00 in additional revenue.
This property consists of two parcels. It entails an "L" shaped 14-room motel plus an attached 2-bedroom managers apartment. The building is constructed of brick and mortar. The roof is approximately 8 years old and in excellent condition. All of the rooms have been painted and newly carpeted. The office is currently being upgraded to a deluxe office.
There are 6 kitchenettes with full kitchen appliances and 8 single rooms with full baths. Commercial laundry room. Large electrical signage, ample off street parking,and excellent reputation/location. Property is currently under renovation.
City water, on sewer system and propane gas. Each room is in need of AC/Heating units which will cost approximately $6,000, plus the cost of electrical upgrade of $4,200 for a one-time total expense of about $10,200.
Each unit is rentable at $500 per month, which totals $7,000 gross monthly income. After expenses, the net income will be $3,000. Plus any income generated from operating the manager's quarters as a Real Estate office. A extra income of $3,000 to $6,000 is realistic. The owner has 35 years experience as a Real Estate professional, Lender and past Appraiser.
Property is located on "E" Street in the center of the town right on the main strip as you enter from the freeway's main business corridor. The Rocket Motel is within walking distance (500 feet) of Hawthorne's main attraction, the El Capitan Casino. Hawthorne is situated approximately 120 miles southwest of Reno, on Highway 95, north of Las Vegas. It is 300 miles from Las Vegas.
Terrance "Dez" Dzvonick Phone: (951) 283-0557 Email: TenFourUSA@yahoo.com
www.TenFourUSA.com A real esate foreclosure training website
www.USPOA.com United States Police Officer's Association
Located at 690 and 694 "E" Street Hawthorne, Nevada 89415. Mineral County, Nevada. The APN of the Rocket Motel Inc. is 001-135-01.