Boardwalk Inn
Carolina Beach, NC
PROPERTY & INVESTMENT OVERVIEW
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A 16-room boutique hotel on the Carolina Beach boardwalk, featured as one of America’s most awesome Boardwalks by Budget Travel
- The property is on Carolina Beach, which was voted one of the best beaches in North Carolina by U.S. News
- Current office will be converted to an additional rentable unit
- Spectacular ocean views from its balcony
- Purchase Price: $4.5M
- Down Payment: $1.25 million ($1 million due at closing, $250,000 due by December 30, 2024)
- Seller Note: $3.25 million at 3% interest for 5 years
- Payment Terms: 12 months no payments, with 6 months deferred to the balloon payment
- Capital Raise, CAPEX, and Reserves: $1.85 million for down payment, working capital, and reserves
- Investor Payments: Monthly, starting the month after closing
- Closing Date: September 30th
INVESTOR RETURNS
Investors will receive preferred returns paid monthly and are first in line to receive profits before GP splits.
We plan to do a cost segregation which should create tax-free returns for investors.
With a Cost Segregation study and 60% bonus depreciation, our IRR is estimated at 28.5% with a 2.24x equity multiple. If 100% bonus depreciation is reinstated, the IRR could reach 30%.
Investors and their families will be allowed to stay during peak season and off-season, excluding major holidays (4th of July, Memorial Day, Labor Day, Thanksgiving, Christmas, New Year’s).
LIMITED SPACE AVAILABLE
This is on a first come, first-served basis.
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