$7,645,000
Fountain Hills, AZ 85268
MLS# 5905710
Status: Closed
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Property Description
Sperry Commercial is pleased to present for sale the well-located and impeccably well-maintained LakeShore Hotel & Suites, a 104 room full service hotel located in the heart of Fountain Hills, AZ. Originally built as a Holiday Inn and converted to a Lexington Hotel in January, 2014, the property is presently named Lakeshore Hotel & Suites and is unencumbered by any franchise agreements. Listed at a price of $8,500,000, with an existing Credit Union loan of +/-$4,500,000. This loan may be paid off at close of escrow subject to a small prepayment penalty (see Listing Broker for details regarding this financing). *Minimal Competition in Area *Originally Built to Holiday Inn Specifications in 2005 *Not Burdened by Current Franchise Agreement *Situated On 3 Acres of Prime Downtown Land
Details
Maps
Contract Info
Current Price: $7,645,000
Sold Price: $7,645,000
Status: Closed
List Date: 2019-03-04
Ownership: Other (See Remarks)
Sub Agent $/%: %
Buyer/Broker: Y
Buyer Broker $/%: %
Location, Tax & Legal
Map Code/Grid: L41
House Number: 12800
Compass: N
Street Name: Saguaro
St Suffix: Boulevard
City/Town Code: Fountain Hills
State/Province: AZ
Zip Code: 85268
Country: USA
County Code: Maricopa
Legal Description (Abbrev): LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549
Subdivision: FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT
Assessor's Map #: 25
Assessor's Parcel #: 560
Add'l Parcels: No
Assessor Number: 176-25-560
Census Tract: 216818
Legal: LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549
Tax Municipality: Fountain Hills
Taxes: 84995
Tax Year: 2018
Marketing Name: Lakeshore Hotel & Suites
General Property Description
Ttl Apx SqFt Bldg: 67953
# of Buildings: 2
Year Built: 2005
Uncvrd Parking Spcs: 100
Zoning: C-2
Remarks & Misc
Directions: Lakeshore Hotel & Suites is located approximately 25 miles northeast of Central Phoenix, 19 miles northeast of Old Town Scottsdale, and 10 miles due east of Shea Blvd. and the Loop 101 Freeway.
Geo Lat: 33.602415
Geo Lon: -111.716627
Status Change Info
Status Change Date: 2019-08-19
Off Market Date: 2019-08-19
Under Contract Date: 2019-05-10
Close of Escrow Date: 2019-08-15
Sold Price: $7,645,000
Legal Info
Township: 3N
Range: 6E
Section: 14
Lot Number: 4
Income & Expenses
Owner Association: No
Operating Exp: 84995
Pmt & Rate Info
Equity: 8500000
Sold Info
Loan Type: Conventional
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession $/%: %
Property Features
Building Type: Commercial; Other (See Remarks)
Current Use: Restaurant; Other; See Remarks
Stories: 3 - 4 Stories
Construction: Other (See Remarks)
Roofing: Other (See Remarks)
Floors: Other
Ceiling Height: 8.1 Feet to 10 Feet; 10.1 Feet to 12 Feet
Heating: Other; See Remarks
Cooling: Other; See Remarks
Loading Facilities: Other (See Remarks)
Interior: Other (See Remarks)
Fencing: Other; See Remarks
Parking: Other (See Remarks)
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Water: Other; See Remarks
Sewer: Other (See Remarks)
Lockbox Type: None
Source of Fincl Data: Provided by Owner; Provided by Accntnt
Existing 1st Loan: Other (See Rmks)
Existing 1st Ln Type: Not Applicable
Existing 1st Ln Trms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Ln Type: Not Applicable
Existing 2nd Ln Trms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Ln Type: Not Applicable
Existing 3rd Ln Trms: Not Applicable
Existing Othr Ln Trm: Not Applicable
Reports/Disclosures: Other (See Remarks)
Environmental: Other (See Remarks)
Listing Office: Sperry Commercial
Last Updated: August - 06 - 2021
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