Blue Water Development Acquires Hotel In Atlantic Beach, NC For $18M
511 Salter Path Road, Atlantic Beach, North Carolina 28512, United States
$18,000,000
Building Size
—
Asset Type
Hotel
Closing
May 1, 2023
AI
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
Atlantic Beach 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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93