$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
Contract Info
Ownership: Other (See Remarks)
Current Price: $7,645,000
Sold Price: $7,645,000
Status: Closed
List Date: 2019-03-04
Location, Tax & Legal
Assessor's Map #: 25
Legal Description (Abbrev): LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549
Assessor's Parcel #: 560
Add'l Parcels: No
Tax Municipality: Fountain Hills
Census Tract: 216818
Taxes: 84995
Legal: LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549
Marketing Name: Lakeshore Hotel & Suites
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
County Code: Maricopa
Subdivision: FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT
Assessor Number: 176-25-560
Tax Year: 2018
General Property Description
Ttl Apx SqFt Bldg: 67953
# of Buildings: 2
Uncvrd Parking Spcs: 100
Year Built: 2005
Zoning: C-2
Legal Info
Range: 6E
Section: 14
Township: 3N
Lot Number: 4
Construction
Other: 1
Roofing
Other: 1
Floors
Other: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 0
Annual Land Lse Exp: 0
Annual Landscape Exp: 0
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 0
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 0
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 0
Operating Exp: 84995
Other Income: 0
Vacancy Allowance: 0
Adjusted Gross Inc: 0
Building Type
Commercial: 1
Other (See Remarks): 1
Business Type
Restaurant: 1
Other: 1
See Remarks: 1
Stories
3 - 4 Stories: 1
Pmt & Rate Info
Down Payment: 0
Equity: 8500000
Total Owed: 0
Assessment Balance: 0
Lockbox Type
None: 1
Ceiling Height
8.1 Feet to 10 Feet: 1
10.1 Feet to 12 Feet: 1
Heating
Other: 1
See Remarks: 1
Cooling
Other: 1
See Remarks: 1
Interior Features
Other (See Remarks): 1
Loading Facilities
Other (See Remarks): 1
Source of Fincl Data
Owner: 1
Accountant: 1
Fencing
Other: 1
See Remarks: 1
Water Source
Other: 1
See Remarks: 1
Sewer
Other: 1
Parking Features
Other: 1
Electric
Other (See Remarks): 1
Gas
Other (See Remarks): 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Sold Info
Loan Type: Conventional
Payment Type: Other
Clsing Cost Split: Normal - N
Buyer Concession to Seller: 0
Buyer Concession $/%: %
Seller Concession to Buyer: 0
Seller Concession $/%: %
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
Off Market Date: 2019-08-19
Under Contract Date: 2019-05-10
Close of Escrow Date: 2019-08-15
Sold Price: $7,645,000
Property Features
Building Type: Commercial; Other (See Remarks)
Business Type: Restaurant; Other; See Remarks
Stories: 3 - 4 Stories
Construction: Other
Roofing: Other
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 Features: Other (See Remarks)
Fencing: Other; See Remarks
Parking Features: Other
Electric: Other (See Remarks)
Gas: Other (See Remarks)
Water Source: Other; See Remarks
Sewer: Other
New Financing: Other (See Remarks)
Lockbox Type: None
Source of Fincl Data: Owner; Accountant
Existing 1st Loan: Other (See Rmks)
Existing 1st Loan Type: Not Applicable
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan: Other (See Remarks)
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Other (See Remarks)
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
Environmental: Other (See Remarks)
Listing Office: Sperry Commercial
Last Updated: August - 06 - 2021
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