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Blue Water Development Acquires Hotel In Atlantic Beach, NC For $18M

Property Image
SOLD
$18,000,000
McLean Hicklin
Leo Reilly
Benjamin Yelm
+ 1

North Carolina

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Hotel
Sold 05/01/2023
the dealplayerscompscontact
Property Image
SOLD

Blue Water Development Acquires Hotel In Atlantic Beach, NC For $18M

511 Salter Path Road, Atlantic Beach, North Carolina 28512, United States

See Similar Deals
Hotel
Sold 05/01/2023
McLean Hicklin
Leo Reilly
Benjamin Yelm
+ 1
the dealplayerscompscontact
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Summary

NORTH CAROLINA
Asset Type:Hotel
Transaction Type:Sale

The hotel located at 511 Salter Path Road in Atlantic Beach, NC, has been sold for a price of $18,000,000. The property consists of 102 keys and was acquired by Blue Water Development. The transaction was facilitated by Benjamin Yelm, Robert Hunter, Leo Reilly, and McLean Hicklin from Marcus & Millichap.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $18,000,000
  • Address: 511 Salter Path Road, Atlantic Beach, NC
  • Market: Atlantic Beach, NC
  • Buyer: Blue Water Development
  • Brokers: Benjamin Yelm, Robert Hunter, Leo Reilly, and McLean Hicklin - Marcus & Millichap
  • Keys: 102

Benjamin Yelm, Robert Hunter, Leo Reilly, and McLean Hicklin from Marcus & Millichap played a crucial role in representing the buyer, Blue Water Development, in this hotel acquisition transaction at 511 Salter Path Road.

Players

Robert Hunter
Marcus & Millichap
Robert Hunter
18 deals$190.4M volume
BROKER
Benjamin Yelm
Marcus & Millichap
Benjamin Yelm
6 deals$61.3M volume
BROKER
Leo Reilly
Marcus & Millichap
Leo Reilly
10 deals$140.5M volume
BROKER
McLean Hicklin
Marcus & Millichap
McLean Hicklin
5 deals$53.1M volume
BROKER

Details

SOLD
IMAGE: Benjamin Yelm, Robert Hunter, Leo Reilly & McLean Hicklin DATE: 01/05/2023 ADDRESS: 511 Salter Path Road MARKET: Atlantic Beach, NC ASSET TYPE: Hotel BUYER: Blue Water Development BROKERS: Benjamin Yelm, Robert Hunter, Leo Reilly & McLean Hicklin - Marcus & Millichap SALE PRICE: $18,000,000 KEYS: 102 ~ PPU: $176,471

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

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20