Veeraj Patel Acquires Lake Placid Hotel For $2.9M From Seller Ram Bhai - GPT Commercial Represents
SOLD
$2,900,000
Connecticut
See Similar DealsHotel46,204 SF
Sold 12/08/2022
SOLD
Veeraj Patel Acquires Lake Placid Hotel For $2.9M From Seller Ram Bhai - GPT Commercial Represents
2165 Us Route 27
See Similar DealsHotel46,204 SF
Sold 12/08/2022
Summary
CONNECTICUT
Asset Type:Hotel
Price Per Square Foot:$62
Total Square Footage:46,204 SF
Transaction Type:Sale
The hotel located at 2165 US Route 27 in Lake Placid has been sold in a transaction. The property spans 46,204 square feet and was sold for a price of $2,900,000, resulting in a price per square foot of $63. The sale took place on 12/08/2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $2,900,000
- Address: 2165 US Route 27, Lake Placid
- Market: Lake Placid
- Square Footage: 46,204
Veeraj Patel purchased the hotel from the seller, Ram Bhai. The transaction was facilitated by Taj Patel from GPT Commercial, who represented Veeraj Patel as the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$154,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,303.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,747.48
Annual Debt Service$164,969.75
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