Description - Amenities - Financing - Rental Rates - Maps

(click image for larger view)

www.InnAtTheShore.com

(current hotel operations)

 

Inn At The Shore, in Seaside, Oregon

2275 S. Promenade Seaside, Oregon

(S. Promenade & Avenue U.)

The Property: The owner has just submitted an application to the State of Oregon to permit the existing 18 room motel to be registered and run as a hotel condominium complex. Inn at the Shore is located at Avenue “U” and Seaside’s famous Promenade. It consists of six two bedroom units and 12 studios. All units are ocean front, except for six studios on the south side which have views of the ocean and Tillamook Head from their decks. The three story property has recently been extensively refurbished to pristine condition. Work included new roof & siding, new exterior doors and walkway surfacing, new decking and glass rails, new TV’s, and complete upgrade to one of the units as a model. Buyers may choose to upgrade their units similar to the model.

Seller Financing: The Seller has agreed to provide financing to all buyers who are in need of a loan. The terms are 25% down payment, interest-only payments at 6.5%, with the balance due in five years. Credit scores are not factors, however, buyers are advised that non-payment would result in foreclosure, the same action as any lender would take. It is very likely that buyers will be required to sign a deed in lieu of foreclosure to protect the seller.

Management: Professional management will run the day to day motel operations for owners from the onsite office. Income and expense details can be discussed with the seller.

Additional information: Please contact Les or Ellen Bick for additional information and photos. At these very low prices, for ocean front units, it is anticipated that the 18 units will be quickly reserved. Marketing will begin for the first time over Memorial Day, 2008.

Price $3,600,000

To request additional information, or to schedule a tour of the property.

Contact Les or Ellen Bick at First West Realty (503) 297-3910

or by email: bickwest@comcast.net in Portland.

Photos and additional information will be posted as soon as they are available.

First West Realty  (503) 297-3910  -  (503) 297-3921 fax
 

INN AT THE SHORE
SELLER CARRY &
FINANCING PROPOSAL
                                                                                                                                 Seller carry  Unit #  |  Price  |  25% Down Pmt.  |  7% Clos,misc  |  Bal.for Lender  |   Net.Bal.

103     $359,900   $89,975                $25,193                $64,782        $269,925
104      369,900      92,475                  25,893                  66,582          277,425
203      399,900      99,975                  27,993                  71,982          299,925
204      369,900      92,475                  25,893                  66,582          277,425
303      379,900      94,975                  26,593                  68,382          284,925
304      399,900      99,975                  27,993                  71,982          299,925
       $2,279,400   $569,850              $159,558              $410,292    $1,709,550

101    $259,900     $64,975               $18,193                $46,782        $194,925
102      259,900       64,975                 18,193                  46,782          194,925
201      259,900       64,975                 18,193                  46,782          194,925
202      259,900       64,975                 18,193                  46,782          194,925
205      229,900       57,475                 16,093                  41,382          172,425
206      219,900       54,975                 15,393                  39,582          164,925
207      199,900       49,975                 13,993                  35,982          149,925
301      269,900       67,475                 18,893                  48,582          202,425
302      269,900       67,475                 18,893                  48,582          202,425
305      239,900       59,975                 16,793                  43,182          179,925
306      229,900       57,475                 16,093                  41,382          172,425
307      219,900       54,975                 15,393                  39,582          164,925
       $2,918,800   $637,136             $204,316               $525,384    $2,189,100 

       $5,198,200 $1,206,986            $363,874             $935,676      $3,898,650

$1,600,000 needed to pay off current loans of $1,500,000, pre-payment penalty of $10,000, loan fees, and six months of loan payments. Lender to receive $935,676 (down payments less closing costs for the 18 units) leaving a balance owed of $664,324 secured by a lien on $3,898,650 of Notes payable to seller from seller financing. Balance payable as per lender’s terms and conditions. Note: Seller will be receiving about $21,118 per month at 6.5% interest-only payments on the $3,898,650 balance owed to seller from buyers. Thus, there should be an ample amount to service $664,324 of remaining debt.

Hotel Amenities

2 Bedroom Oceanfront Suites (6 units)

v Main room
v Gas fireplace
v dining table for 4
v 6 arm chairs for the dining table
v TV stand with drawers
v New 37" HD LCD TV
v Direct TV HD satellite receiver
v Combo (DVD/tape) player
v Hide-a-bed sofa and matching chair
v coffee table
v Kitchenette with 2 burner cook top, microwave, refrigerator,
v sink & cupboard space
v Balcony Bedroom (with door out to balcony area)
v bed with pillow top mattress
v dresser
 

King With Whirlpool Bath

Each room faces the ocean and has a king sized bed, large whirlpool bath, microwave, frig and coffee maker. First floor rooms have small terraces. Second and third floor rooms have balconies.
 

Two Bedroom Suites

Each suite faces the ocean and sleeps 2 -6. Each bedroom has a queen-sized bed. The couch in the living room opens into a queen-sized bed. There is a kitchenette, dining area and one and a half bathrooms. First floor rooms have small terraces. Second and third floor rooms have balconies

TV, 2 bedside tables
2nd bedroom (adjoining the full bath) bed with pillow top mattress, dresser, bedside table, A half bath is accessible from the full bath and the main area.
 

DELUXE Two Bedroom Suite

This second floor oceanfront suite is newly remodeled in beach cottage style. It has a kitchenette with granite countertops, dining area and one and a half bathrooms. One bedroom has a queen bed, the other a day bed and trundle. The couch in the living room opens into a queen sized bed.

Double Queen Rooms: Each room has two queen beds, microwave, frig and coffee maker, a view of Tillamook Head and when you step out onto the balcony, there is a view of the ocean.

Oceanfront Studio (6 units)

with large whirlpool tub
Gas fireplace
King size mattress bed
Bedside table
Chair
Coffee table
Couch
Dresser
New 37" HD LCD TV
Direct TV HD satellite receiver
Combo (DVD/tape) player
meal preparation area with sink, refrigerator, microwave oven and
coffer maker.
A 2nd TV is located in the bath area.

South Studios (6 units)

Gas fireplace
2 queen size mattress beds
Table with 4 chairs
New 37" HD LCD TV
Direct TV HD satellite receiver
Combo (DVD/tape) player
meal preparation area with sink, refrigerator, microwave oven and
coffer maker.
 

Oceanfront Rooms

1st Floor Rooms   101 King Whirlpool Room 102King Whirlpool Room 103 2 Bedroom Suite Room 104 2 Bedroom Suite	2nd Floor   201 King Whirlpool 202 King Whirlpool 203 Deluxe 2 Bedroom*** 204 2 Bedroom Suite
3rd Floor   301 King Whirlpool 302 King Whirlpool 303 2 Bedroom Suite 304 2 Bedroom Suite King Whirlpool

Oceanfront Rooms

FIRST WEST REALTY
4455 SW Laurelwood Avenue
Portland, Oregon 97225
(503) 297-3910, Fax# (503) 297-3921
bickwest@comcast.net