Joel Tucker & Martin Agnew Acquire Joshua Tree Hotel For $1.5M With Broker Representation
SOLD
$1,500,000
California
See Similar DealsHotel2,055 SF
Sold 03/14/2022
SOLD
Joel Tucker & Martin Agnew Acquire Joshua Tree Hotel For $1.5M With Broker Representation
64491 Twentynine Palms Hwy, Joshua Tree, California 92252, United States
See Similar DealsHotel2,055 SF
Sold 03/14/2022
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$729
Total Square Footage:2,055 SF
Transaction Type:Sale
The property involved in this transaction is a hotel located at 64491 Twentynine Palms Highway in Joshua Tree. The sale took place on 03/14/2022. The buyer was Joel Tucker and Martin Agnew, while the seller was Stacy L. Binns. The brokers representing the deal were Martin Agnew and Ryan Serling from the Agnew-Serling Group at Marcus & Millichap.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $1,500,000
- Address: 64491 Twentynine Palms Highway, Joshua Tree
- Market: Joshua Tree
- Buyer: Joel Tucker & Martin Agnew
- Seller: Stacy L. Binns
- Brokers: Martin Agnew & Ryan Serling (Agnew-Serling Group) - Marcus & Millichap
The hotel has a total of 5 keys, and the price per key (PPK) is $300,000. The property spans 2,055 square feet with a price per square foot (PPSF) of $729.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$79,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,329.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,110.77
Annual Debt Service$85,329.18
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