For Sale: Commercial |
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Next photo -> Commercial for sale
The Cumberland Lodge has been continually owned by two local investors for its 11 year life and has had the some manager for 9 of those years. The current manager would like to remain with the new owner.
The two buildings are two story with pitched asphalt shingle roofs and wood siding. Each 209 Sq. Ft. Unit includes furnishings, efficiency kitchenettes, central telephone system, and satellite dish system with television connections in all rooms.
The property stays virtually 100% occupied at all times and rates are $140.00 per week for one or two adults with a $100.00 security deposit. The Gross Income for 1997 was $865,000 with expenses being $305,000 and the Net Operating Income coming in at $560,000. With a price of $4,000,000, the Capitalization Rate is a very attractive 14%.
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