Joel Tucker & Martin Agnew Acquire Joshua Tree Hotel For $1.5M With Broker Representation
64491 Twentynine Palms Hwy, Joshua Tree, California 92252, United States
$1,500,000
$729/SF
Building Size
2,055 SF
Asset Type
Hotel
Closing
Mar 13, 2022
AI
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.
Players
Joshua Tree Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93