11.44% Cap Rate and 19+% pre-tax cash return for an owner/operator PLUS attractive seller financing with a reasonable down payment!! The Old Wheeler Hotel in Wheeler, Oregon is a well located mixed use property with seven hotel rooms each with private bath, six retail spaces, and four long term apartment units. The property is highly visible and located directly on scenic Highway 101 in the City of Wheeler. Only 85 miles west of downtown Portland, Wheeler is an easy and convenient drive for weekend visitors and out-of state tourists alike.
Nearby tourist attractions include:
Nehalem Bay State Park Coaster Theater, Cannon Beach Oswald West State Park Pioneer Museum
Cape Meares Lighthouse Three Capes Scenic Loop
Tillamook Cheese Factory Latimer Quilt Center
Popular Scenic Beach Villages of Manzanita & Cannon Beach
In addition, the area offers a full range of outdoor recreational activities in the Coast Range, on the Pacific Ocean beaches, nearby golf courses, or in the many local rivers.
The property consists of a two story, interior corridor building with an additional 8,000 sf unfinished in the basement.
The hotel offers spacious rooms and inter-connecting suites for business and vacation travelers. All hotel rooms are fully furnished with modern amenities including free high speed internet.
The four apartment units are long-term rentals, much in demand on the North Coast for their convenience to local attractions.
Seller will pay 2% to Buyer's Broker with acceptable offer!
