Price Improvement! Call for Offers: Motivated Sellers. Now Priced at 2.7-3.9x Room Revenue on 2021-2023. Lodging Brokers Network is proud to be the exclusive listing broker of both the Victorian Inn and Redwood Suites located in charming downtown Ferndale. Located just down the street from each other on Ocean Avenue, approximately a half block apart, the two properties total 24 guestrooms offering a selection of room types for both leisure and business travelers.
The local architectural monument known as the Victorian Inn features 13 guestrooms, the VI Restaurant and bar which includes a full liquor license, a 705 SF conference/meeting room, a currently unused 2,268 SF banquet room, new roof, and an 1,800 SF lobby area that has previously been home to a jewelry store which could be transformed into a grand lobby and/or retail space. The jewelry store business is not included in the offering, is not included in the business financials, and the jewelry store space will be delivered vacant upon a change in ownership. Redwood Suites features 11 guestrooms, innkeeper's quarters, and many suites include full kitchens. Redwood Suites offers great rates for savvy travelers, families and/or guests looking for a longer stay.
Located in Humboldt County, just south of Eureka, near the ocean as well as the renowned California Redwoods and Avenue of Giants, Ferndale is one of the best-preserved enclaves of Victorian architecture on the west coast. The charming small-town atmosphere of Ferndale is an attractive tourist destination which features shopping for art, clothing and antiques, and many wonderful restaurants. This rare opportunity is being offered at a 10.2% cap rate on 2022 adjusted net operating income, and multiple upside opportunities allow for a projected cap rate of easily over 13%.
Contact Kathryn Proctor at 415-606-4587 for more information. Do NOT contact manager or employees. Appointments made through Listing Broker ONLY.
For more information, please download, complete, and return the Confidentiality Agreement by clicking the attached link.