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Proposed Settlement Date

Financing Terms

Include Furniture

Include Future Bookings

By submitting an offer, I understand and acknowledge that vrolio corp is not real estate brokerage and does not represent me in any capacity on a real estate transaction. I understand that this is not a purchase commitment and I am simply presenting a non-binding letter of intent to the seller of this property and the seller is in no way obligated to respond or accept my offer.

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Whitehall Cottages Boutique Motel

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Whitehall, MI 49461

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$970,000
12
11
3,500
sq. ft.
$277
per sq ft
Heated sq ft: 3,500 sq ft
Avg Nightly Rate: $78
Home Legally Sleeps: 38
Occupancy Rate: 13 weeks
Annual Gross Income : 120000
Annual Net Operating Income : 65000
Property Type: Other
Ownership Type: Full (100%)
Seasoned Short Term Rental: Yes
Furnishings Included: Yes
For Sale By: Owner
Seller Financing: Will Consider
Niche: Beach, Couples/Romance
New Construction: Inquire
Days on Vrolio: 141

Property Description

This downtown Whitehall, MI motel has been completely renovated and just steps away from local restaurants and breweries. A great business opportunity for someone wanting to take a profitable business to the next level. Featuring all new plumbing, HVAC, electrical, and roof. All rooms have been remodeled in the last few years. The business is currently the highest-rated Hotel/Motel in the city. Lots of room to grow as the asking price is based on a 7% cap rate from 2022 earnings. Current owners have only passively marketed through Airbnb & VRBO. With an aggressive marketing campaign and updates to the exterior of the property, the new owners could easily double the occupancy rates as they are currently less than half the county average.

Presented by:
Owner:
gary hall
Seller Financing
Will Consider
Distress Sale
None
Seller Financing Terms
Seasonal Nightly Rates
High: 150
Low: 55
Peak: 150
Special Event: 250
Avarage: 78.00
Furniture Age
3
Est Value of Furnishings
$50,000
Peak & High Seasons
June, July, August
Ownership Percentage
Full (100%)
Qualifies for foreign national visa
Not sure
Reason for Selling
New business opportunities.
Foreign national buyer restrictions from government?
Not sure
Gross Annual Income
120000
Net Operating Income
65000
Stories
1
Additional Indoor Rooms
Living Room, Other
Appliances
Dryer, Full stove, Gas appliances, Microwave, Refrigerator, Washer
Heating/Cooling
Central A/C (gas or electric), Central Heat (gas or electric), Wall Unit A/C, Wall Unit Heat, Other
Floor Coverings
Laminate Wood
Security
No
Security Description
Half Baths
Inquire
Master Suite(s)
Inquire
Energy Efficiency
Energy Star certified windows, Low flow faucets/toilets
Year built
1940
Outdoor Features
Other
View
City
Backyard Exposure
South
Lot Size
GIS Land Acreage: 0.23 Acres
Community Features
Restaurant(s), Stores, Other
Tax Amount/Year
$1,863
CDD Amount
Inquire
Neighborhood
Inquire
Deed Restricted Community
No
Interview Required
No
Neighborhood Amenities
Restaurant(s), Stores, Other
Mandatory HOA
Inquire
Home Legally Sleeps:
38
Onsite Parking
Parking lot and street parking
Neighborhood Association STR Rules
Inquire
Municipality STR Rules
No restrictions documented by owner. Verification recomended
Transferrable Permit or License
Yes, Municipality Issuing New Permits
Rental Tax Info
$11.00
Minimum Nightly Rental
No Minimum
Rental Length Requirement
No Restriction
Has Rental History
Yes
Established Rental History
5 Years
Occupancy Rate
13
Being Sold with Bookings
Inquire
Caretaker Info
InquireCaretaker cannot stay and oversee the property
Bookings Placed By
Owner, Third Party
Managed By
Owner
Management Bookings Percentage
Inquire
Caretaker Bookings Percentage
Inquire
Paid Booking History
Yes
Future Booking Calendar
Management Fees
Inquire
Caretaker Fees
Inquire
Sold with Marketing Collateral
Yes, Private website, Existing database of guests, Professional photos, Social media profiles
Manager Cancellation Policy
 
  •  
Credit Card Fee
$3.00
Cleaning Fee
$35.00
Licesnes & Permits (Annual)
$200.00
Advertising & Tech Costs (Annual)
$2,149.20
Yard & Pest Control (Annual)
$1,519.00
Pool & Spa Maintinence (Annual)
Inquire
Electricity (Annual)
$4,039.76
Water/Sewer (Annual)
$855.14
Cable/Interbet (Annual)
$649.89
Accounting Fee (Annual)
$1,085.00
Property Taxes (Annual)
$1,863.14
Homeowner's Insurance (Annual)
$4,083.03
Short Term Rental Insurance Rider (Annual)
$453.67
CDD Fee (Annual)
Inquire
Annual Homeowner's Association Dues
Inquire
Additional Membership Fees (Annual)
Inquire
Acquisition
Purchase price
Closing costs
Home Inspection
Furniture & Interiors Package
Rehab Work Estimates
Other
Total Capital Investment

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Income
Average Nightly Rent

Weekly Rent

Potential Annual Rent

Weeks Rented (of 52)

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Effective Gross Rent

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Management Rental Commission Annually ($)

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Credit Card Fee Annually ($)

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Cleaning Fees Annually

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Booking Site Service Fees ($)

Management Fee ($ per mo)

Management Fee Annually

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Additonal Nightly Insurance Policy Annually

Sales, Bed, Resort, Tourist Tax (%)

Sales, Bed, Resort, Tourist Tax Annually ($)

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Fixed Expenses (Annual)
Annual Permits/Licences

Advertising & Tech Costs

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Pool Maintenance

Electricity

Water/Sewer

Cable/Internet

Accounting

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Loan
Down Payment (%)

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Returns
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Annual Cash Flow

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Break-Even Occupancy (Weeks)

Net Operating Income (NOI)

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User understands this calculator is deemed reliable but not guaranteed. Vrolio makes absolutely no guarantees on returns or income. User should do their own due diligence and verify all data before making a purchasing decision. User understands that this is an educational tool only. We therefore accept no liability arising from any reliance made by any user or person to whom this information is made available to. Please use this tool at your own discretion and use caution always before buying any real estate investment.

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