Updated Oct 28, 2024
SSN Hotels Sells Hotel In Absecon, NJ For $5.66M
405 Absecon Boulevard, Absecon, New Jersey 08201, United States
$5,660,000
$75/SF
Building Size
75,000 SF
Asset Type
Hotel
Closing
Apr 4, 2022
About this deal
AI
Anudeep Gosal of Besen Partners facilitated the sale of a hotel property located at 405 E. Absecon Blvd in Absecon, NJ. The property, with a total area of 75,000 square feet, was sold for a price of $5,660,000, resulting in a price per square foot of $75. The transaction included 199 keys, with a price per key of $28,442.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $5,660,000
- Address: 405 E. Absecon Blvd, Absecon, NJ
- Market: Absecon, NJ
- Seller: SSN Hotels - Peter Bhai
- Broker: Anudeep Gosal - Besen Partners
Anudeep Gosal, representing Besen Partners, played a key role in facilitating the sale of this hotel property. The transaction involved SSN Hotels as the seller, with Peter Bhai as their representative. The successful deal was closed on 04/05/2022, marking a significant milestone in the Absecon, NJ market.
Players
Absecon 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
2.80%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93