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Dinesh Patel Sells Hotel In Redondo Beach For $6.3M With Broker Vinnie Park

Property Image
SOLD
$6,300,000

California

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Hotel5,976 SF
Sold 06/08/2022
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Property Image
SOLD

Dinesh Patel Sells Hotel In Redondo Beach For $6.3M With Broker Vinnie Park

716 S Pacific Coast Hwy, Redondo Beach, California 90277, United States

See Similar Deals
Hotel5,976 SF
Sold 06/08/2022
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$1,054
Total Square Footage:5,976 SF
Transaction Type:Sale

A hotel property located at 716 S. Pacific Coast Hwy in Redondo Beach has been sold. The property spans 5,976 square feet and was sold for a price of $6,300,000, translating to a price per square foot of $1,054. The transaction took place on 06/08/2022.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $6,300,000
  • Address: 716 S. Pacific Coast Hwy, Redondo Beach
  • Square Footage: 5,976
  • Price per Square Foot: $1,054
  • Keys: 21
  • Price per Key: $300,000

Dinesh Patel served as the seller in this transaction, while the buyer was represented by Vinnie Park from Coldwell Banker. The property was listed by Vinnie Park, also from Coldwell Banker.

Players

Vinnie Park
Coldwell Banker
Vinnie Park
2 deals$9.7M volume
BROKER

Details

SOLD
IMAGE: Vinnie Park DATE: 06/08/2022 ADDRESS: 716 S. Pacific Coast Hwy. MARKET: Redondo Beach ASSET TYPE: Hotel SELLER: Dinesh Patel BROKER: Vinnie Park (@ParkVinnie) - Coldwell Banker (@ColdwellBanker) SALE PRICE: $6,300,000 KEYS: 21 ~ PPK: $300,000 SF: 5,976 ~ PPSF: $1,054

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$336,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,382.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,865.21
Annual Debt Service$358,382.57