Potential Tax Credits- Affordable Housing or SRO Conversion
Potential Tax Credits - Affordable/SRO Conversion Opportunity
Marketing description
POTENTIAL TAX CREDITS - OWNED FOR MORE THAN 10 YEARS BY SELLER.
JUST PRICE ADJUSTED $650,000 FROM $11,500,000 TO CURRENT $10,850,000
Currently an operating La Quinta Inn, the property is a Potential Conversion of the Existing Hotel to Affordable Housing or SRO Permanent Housing.
The Current Zoning may allow the Conversion to Affordable/SRO Housing Per the City of Moreno Valley Planning Department, with a CUP (Please see enclosed Zoning/Conversion Section)
Built in 2009 and situated on an approximately 1.36-acre concrete lot, the Property comprises 62 rooms and is three stories in height, with approximately 29,669 square feet of construction.
Located just to the South of Highway 60, the Property is located near significant retail establishments and to the immediate east of the Pigeon Pass and Sunnymead intersection
Investment highlights
- 10-Year Ownership Tax Credit Potential!
- Seller Familiar with the Conversion Process!
- Proper Zoning for Conversion - City Planning has confirmed Affordable Housing or SRO!
- Well-Maintained and Located Property Built in 2009
- Amenities include Kitchen, Dining Area, Indoor Pool, 11 Suites, Lobby Area, Meeting Room (approximately 750 Square Feet), and Gymnasium
- Pro Forma NOI: $831,351.00 for Non Prot/$687,601 for Prot
- Cap Rate: 7.77% Non Prot/6.34% For Prot
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