N. California hotel for sale: tax-break opportunity, mixed-use, historic property with many opportunities Susanville California Lassen County
Northern California hotel property for sale. It is 46,000 sq ft, for $70. per sq ft. The property is multi-use, mixed-use. Asking price is $3,250,000. Once renovated, this property will be a financial boon to both the owner & the community; who want this structure to be a vibrant part of their town.
-- Building contains: * 50-60 Keys, * 5 Retail Shops, * 3 Restaurant Areas, * Liquor License, * Interior Corridor.
Property is historically eligible for tax breaks. Financing is available. There is a possibility for a JV.
Owner has a good contractor, for any changes a buyer would like to make.
This hotel is a unique, historical building; powerfully built, with tall ceilings, and a solid concrete foundation. It was constructed in 1926, and has successfully withstood many a natural event; with no structural damage. There is a 7%+ cap rate on this property.
This historic building offers multi-use flexibility. In the past, assisted living accommodations have been part of the multi-use purposes, cultivated within this property. Implementation for today's needs can be ongoing; including multi-family residence.
The hotel comes with at least 50 keys, but can be expanded to include 60, or more. Some rooms are suites, and many rooms are equipped with kitchens. A #47 liquor license is granted, so wines and other alcoholic beverages can be served in the rooms.
Five retail stores provide convenient shopping for residents and hotel guests.
Three restaurants offer nutrition and entertainment for visitors, shoppers, guests and tourists.
Remodeling was done in 2008. Implementing ongoing, value-added considerations will increase the property's income traffic, & community pride. A building contractor is available to work with a buyer, for any changes they may desire.
This lovely, historic building sits on an elevated point above the surrounding environs; permitting a panoramic view of beautiful, expansive scenery.
The hotel's northern California location is in an area which constitutes a connecting hub between Sacramento, Redding, Mt Shasta and Reno, NV. It is a convenient rest-stop for travelers on their way to Seattle and Vancouver; as well as vacationers throughout the NW region of the United States..
Nearby vacation tourist attractions include Lassen Volcanic National Park, which is one hour from the hotel. Lake Almanore can be reached in 25 minutes. The Bizz-Johnson hiking Trail is a close 5 minutes from Hotel Mount Lassen. This area is rated #29 in the top 200 hunting and fishing locations in the United States.
Purchasing this property is a magnificent opportunity for investors with a philanthropic desire.
Some highest & best uses for this property are:
1. ** To designate one floor of the hotel to USA Veterans.
The VA center in Susanville is one block from Hotel Mount Lassen. Yet, the center is currently sending Veterans to Reno, NV.
If at least one floor of the Hotel was devoted to housing our Veterans, they and their visitors could enjoy the restaurants and shopping on the ground floor. The hotel could benefit with steady revenue streaming into their restaurants from this resident and visitor source.
IN ADDITION, THE GOVT. SUBSIDIZES VETERANS PROGRAMS AT LEAST 80%. THIS IS A WIN-WIN for our country, it's warriors, their families, and the hotel's owner.
2. ** To designate one floor of the hotel to Assisted Living.
In 2004 and 2005, this assisted living component had a 90% occupancy rate. What owner doesn't want to pursue a 100% occupancy rate? Baby-Boomers are ready & waiting.
The same income-streams are inherent with assisted living, as with the Veterans. Both residents, and their visitors can enjoy the restaurants and shopping on the ground floor. This is preferable to transporting the elderly in busses, wheelchairs, & other cumbersome systems, just to get some enjoyment and entertainment. It would encourage visits to the elderly, and brighten their lives. Relatives of those in assisted living would find visiting easier and happier, than nursing homes.
The good news of such a facility in the hotel, would ensure it's high occupancy rate, & build community spirit. Local news organizations could do regular coverage on the hotel's community service endeavors.
3. ** Apartment Living:
This building can accommodate family-style living. Kitchens are in built into some of the rooms, & more can be constructed.