Prime LES NNN Leased Hotel For Sale
Canal Loft Hotel For Sale
Marketing description
Canal Loft Hotel, an economy hotel in a prime Chinatown location, is being offered for sale. The offering includes the hotel portion with 51 keys, situated at the intersection of Canal Street and Eldridge Street.
The building features ground-floor retail, with residential units above the fourth floor. These components are held under separate ownership. The entire property was completed and placed into service in 2018.
In 2022, the hotel entered into a new NNN lease with its current tenant. The lease has approximately five years remaining, with an annual net rent of $1,112,400 currently and 3% escalation. The tenant holds a five-year renewal option with 3% annual rent escalations. The tenant provides a full personal guarantee covering entire lease term.
Investment highlights
- Prime Chinatown location, one block from the Manhattan Bridge and a 10-minute walk to Essex Crossing
- The Canal Street corridor in the Lower East Side (LES) is undergoing gentrification, with Chinatown becoming increasingly vibrant
- NNN lease to an experienced operator, backed by a full personal guarantee
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