Embed Size (px)
Citation preview
KIDDER.COM | MAHONEYCOMMERCIAL.COM
RODEWAY INN WATSONVILLE
OFFERING MEMORANDUM | 1620 W BEACH | WATSONVILLE, CA
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
EXCLUSIVELY LISTED BY
DEV PATEL
[email protected] N° 01858087
01INVESTMENT SUMMARY
The OfferingProperty OverviewLocation OverviewLocation HighlightsLocation Map
02PROPERTY DESCRIPTION
Property SummaryAerialsProperty Photos
03COMPARABLES
Hotel Comparables Map ComparablesTABLE OF
CONTENTS
KIDDER.COM
PETER BAIRD
831.646.1919 [email protected] LIC N° 00533485
RYAN EDWARDS
831).646.1919 [email protected] LIC N° 01403313
3ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
01INVESTMENT
SUMMARYTHE OFFERING
PROPERTY OVERVIEW
LOCATION OVERVIEW
LOCATION HIGHLIGHTS
LOCATION MAP
4RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
Kidder Mathews in partnership with Mahoney and Associates
THE OFFERING
The Rodeway Inn Watsonville is a 95-room interior corridor hotel which sits on 2.5 acres of commercial zoned land located just off of Highway 1.
The property’s location is ideal with highway visibility off of Highway 1 in both northbound and southbound directions. The property is also
INVESTMENT SUMMARY
located amongst several leisure and business demand generators including a large FedEx facility and agricultural production.
The current owner recently invested several hundreds of thousands of dollars into the property, so the property itself is up to date with modern interiors. The majority of upgrades were made to the guest rooms and public areas. In 2015 the property went through a change in
management and was converted from a Days Inn to an independent property before it was finally converted to a Rodeway Inn.
With that being said, the Rodeway Inn is an ideal investment opportunity as it is centralized between some of the largest tourist areas (Santa Cruz County and Monterey County) and will attract those who are passing through for vacation or business purposes.
PROPERTY OVERVIEW
Address 1620 W. BeachWatsonville, CA 95076
Property Name Roadway Inn
No. of Rooms 95
Fee Simple
Unencumbered by Management
Total Building Size 56,088 SF
Total Land Size 108,029 SF
Year Built 1999
Price $9,000,000.00
LOCATION OVERVIEW
Watsonvil le is a signif icant agricultural location which sits right in between two major tourists destinations – Santa Cruz and Monterey. Since it is inland enough, it provides a slightly warmer climate, yet is close enough to the coast which makes it a prime location for many reasons. It is best known for being surrounded by local beaches, redwood forests, wine tasting, mountain biking, whale watching, bird watching and much more!
Watsonville, CA is a well know small destination just south of Santa Cruz and just north of Monterey. This lush
agricultural area offers visitors a number of amenities ranging from agriculture tourism to days at the beach, to wine tasting and rugged hikes. The rich culture of Watsonville in close enough to more well-known areas (Santa Cruz and Monterey) but offers a more affordable stay while still being close enough to all the desirable sites neighboring towns have to offer.
DESIRABLE LOCATION
The Pajaro Valley, where Watsonville is located, has a climate that is around 60 to 70 degrees Fahrenheit throughout majority of the year. This climate makes Watsonville an attractive coastal environment for the neighboring inland communities with very hot summers.
EXCELLENT ACCESS
Conveniently located off Highway 1 and in-between Santa Cruz and Monterey.
54,098
POPULATION (2017)
SANTA CRUZ
COUNTY
$93,386
MEDIAN HOUSEHOLD INC
$465,293
MEDIAN HOME VALUE
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 5
6RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
OPPORTUNITY to purchase an interior corr idor asset
wel l below replacement cost
RECENTLY branded and renovated
LOCATED among several demand generators
HIGHWAY 1 Freeway Vis ibi l i ty from both north and
south bound direct ions
CENTRALLY LOCATED to Santa Cruz, Si l icon Val ley
and the Monterey Bay
THRIVING hospital i ty market
FEE Simple
UNENCUMBERED f rom Management
LOCATION HIGHLIGHTS
APARTMENT BUILDING OFFERING MEMORANDUM KIDDER MATHEWS 6
7RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
SANTA CRUZ
CASTROVILLE
PORT WATSONVILLELAS LOMAS
AROMAS
PRUNEDALE
WATSONVILLE
INTERLAKEN
CORRALITOS
LARKIN VALLEY
DAY VALLEY
PAJARO
129
152
SUBJECT PROPERTY
PACIFIC OCEAN
156
8ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
02PROPERTY
DESCRIPTIONPROPERTY SUMMARY
AERIALS
PROPERTY PHOTOS
9RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
PROPERTY SUMMARY
Address 1620 W Beach St, Watsonville, CA 95076
No. of Units 95
Year Built 1999
Land Acres 2.48 AC
Parcel No. 018-303-07-000
Parking Ratio 1.0 per Room
CONSTRUCTION SPECIFICATIONS
No. of Buildings 1
No. of Floors 3
Building SF 41,031
Land Use Hotel
Pool 1
Siding Stucco
Parcel No. 018-303-07-000
PROPERTY DESCRIPTION
*Buyer to verify all information independently
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 10
11RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
WATSONVILLE STATE WILDLIFE
AREA
SUNSET STATE BEACH
1620 W. BEACH, WATSONVILLEN
PINTO LAKE
SUBJECT PROPERTY
WEST BEACHMONTERREY BAY 20 Miles
SANTA CRUZ/UC SANTA CRUZ 18 Miles
12RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
13ROADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
03COMPARABLES
HOTEL COMPARABLES
MAP COMPARABLES
14RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS
HOTEL COMPARABLES
ROADWAY INN WATSONVILLE1620 West Beach, Watsonville, CA 95076
Rooms 95
Year Built 1999
Building SF 56,088
Stories 3
Submarket Santa Cruz/Watsonville
SUBJE
CT 01BEST WESTERN SURESTAY915 W. Cutting Blvd, Richmond, CA 94804
Rooms 108
Sale Date 8/8/2017
Sale Price $9,100.00
Price Per Room
$84,259.00
SubMarket Richmond/San Pablo
0302DEL SOL BY LA QUINTA & SUITES317 North G St, Madera, CA 93637
Rooms 97
Sale Date 6/28/2019
Sale Price $11,825.000
Price Per Room
$121,907.00
Submarket Downtown / E st District
BEST WESTERN BEACHES
DUNES INN3290 Dunes Road, Marina, CA 93933
Rooms 84
Sale Date 5/14/2019
Sale Price $13,000.00
Price Per Room
$116,000.00
SubMarket Marina/Seaside
MOTEL 62101 Loveridge Rd, Pittsburg, CA 94565
Rooms 174
Sale Date 2/12/2019
Sale Price $12,000.000
Price Per Room
$68,966.00
Submarket Antioch / Pittsburg
0504MONTEREY BEACH DUNES3280 Dunes Rd, Marina, CA 93933
Rooms 114
Sale Date 5/14/2019
Sale Price $10,000.000
Price Per Room
$116,000.00
Submarket Marina/Seaside
COMPARABLES
5
3
4
1
90 miles
48 miles 20 m
iles
TRACY
MODESTOSAN LORENZO
MADERA
PITTSBURG
TURLOCK
GROVELAND
SACRAMENTO
WATSONVILLE
SAN FRANCISCO
MONTEREY
SAN JOSE
1
00 m
iles
STOCKTON
13
0 m
iles
1
70 m
iles
2
1620 W BEACH
RADWAY INN WATSONVILLE OFFERING MEMORANDUM KIDDER MATHEWS 15
KIDDER.COM
DEV PATEL
[email protected] N° 01858087
EXCLUSIVELY REPRESENTED BY
PETER BAIRD
831.646.1919 [email protected] N° 00533485
RYAN EDWARDS
831).646.1919 [email protected] LIC N° 01403313
