12800 N Saguaro Boulevard, Fountain Hills, AZ 85268
$7,645,000
Property Type: Comm/Industry Sale Square Footage: 67,953 Lot Size (sq. ft.): 140,062 Status: Closed
Current Price: $7,645,000 List Date: 4/03/2019 Last Modified: 8/06/2021
Description
Sperry Commercial is pleased to present for sale the well-located and impeccably well-maintained LakeShore Hotel & Suites, a 104 room full service hotel located in the heart of Fountain Hills, AZ. Originally built as a Holiday Inn and converted to a Lexington Hotel in January, 2014, the property is presently named Lakeshore Hotel & Suites and is unencumbered by any franchise agreements. Listed at a price of $8,500,000, with an existing Credit Union loan of +/-$4,500,000. This loan may be paid off at close of escrow subject to a small prepayment penalty (see Listing Broker for details regarding this financing). *Minimal Competition in Area
*Originally Built to Holiday Inn Specifications in 2005 *Not Burdened by Current Franchise Agreement *Situated On 3 Acres of Prime Downtown Land
More Information MLS# 5905710
Contract Info
Ownership: Other (See Remarks) Current Price: $7,645,000 Sold Price: $7,645,000 Status: Closed List Date: 2019-03-04
Location, Tax & Legal
Assessor's Map #: 25 Legal Description (Abbrev): LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549 Assessor's Parcel #: 560 Add'l Parcels: No Tax Municipality: Fountain Hills Census Tract: 216818 Taxes: 84995 Legal: LOT 4 FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT MCR 061549 Marketing Name: Lakeshore Hotel & Suites Map Code/Grid: L41 House Number: 12800 Compass: N Street Name: Saguaro St Suffix: Boulevard City/Town Code: Fountain Hills State/Province: AZ Zip Code: 85268 County Code: Maricopa Subdivision: FOUNTAIN HILLS ARIZONA FP NO 208 BLK 7 REPLAT Assessor Number: 176-25-560 Tax Year: 2018
General Property Description
Ttl Apx SqFt Bldg: 67953 # of Buildings: 2 Uncvrd Parking Spcs: 100 Year Built: 2005 Zoning: C-2
Legal Info
Range: 6E Section: 14 Township: 3N Lot Number: 4
Construction
Other: 1
Roofing
Other: 1
Floors
Other: 1
Income & Expenses
Annual Elec Exp: 0 Annual Gas Exp: 0 Annual Ins Exp: 0 Annual Land Lse Exp: 0 Annual Landscape Exp: 0 Annual Legal & Acctg: 0 Annual Maint Exp: 0 Annual Mgmt Exp: 0 Annual Trash Exp: 0 Annual Wtr/Swr Exp: 0 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Rplcmnt Rsrvs: 0 Annual Other Expense: 0 Operating Exp: 84995 Other Income: 0 Vacancy Allowance: 0 Adjusted Gross Inc: 0
Building Type
Commercial: 1 Other (See Remarks): 1
Business Type
Restaurant: 1 Other: 1 See Remarks: 1
Stories
3 - 4 Stories: 1
Pmt & Rate Info
Down Payment: 0 Equity: 8500000 Total Owed: 0 Assessment Balance: 0
Lockbox Type
None: 1
Ceiling Height
8.1 Feet to 10 Feet: 1 10.1 Feet to 12 Feet: 1
Heating
Other: 1 See Remarks: 1
Cooling
Other: 1 See Remarks: 1
Interior Features
Other (See Remarks): 1
Loading Facilities
Other (See Remarks): 1
Source of Fincl Data
Owner: 1 Accountant: 1
Fencing
Other: 1 See Remarks: 1
Water Source
Other: 1 See Remarks: 1
Sewer
Other: 1
Parking Features
Other: 1
Electric
Other (See Remarks): 1
Gas
Other (See Remarks): 1
New Financing
Other (See Remarks): 1
Existing 1st Loan
Other (See Rmks): 1
Existing 1st Loan Type
Not Applicable: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan
Other (See Remarks): 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Other (See Remarks): 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Other (See Remarks): 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
Other (See Remarks): 1
Existing Othr Ln Trm
Not Applicable: 1
Sold Info
Loan Type: Conventional Payment Type: Other Clsing Cost Split: Normal - N Buyer Concession to Seller: 0 Buyer Concession $/%: % Seller Concession to Buyer: 0 Seller Concession $/%: %
Remarks Misc
Directions: Lakeshore Hotel & Suites is located approximately 25 miles northeast of Central Phoenix, 19 miles northeast of Old Town Scottsdale, and 10 miles due east of Shea Blvd. and the Loop 101 Freeway. Geo Lat: 33.602415 Geo Lon: -111.716627
Status Change Info
Off Market Date: 2019-08-19 Under Contract Date: 2019-05-10 Close of Escrow Date: 2019-08-15 Sold Price: $7,645,000
Property Features
Building Type: Commercial; Other (See Remarks) Business Type: Restaurant; Other; See Remarks Stories: 3 - 4 Stories Construction: Other Roofing: Other Floors: Other Ceiling Height: 8.1 Feet to 10 Feet; 10.1 Feet to 12 Feet Heating: Other; See Remarks Cooling: Other; See Remarks Loading Facilities: Other (See Remarks) Interior Features: Other (See Remarks) Fencing: Other; See Remarks Parking Features: Other Electric: Other (See Remarks) Gas: Other (See Remarks) Water Source: Other; See Remarks Sewer: Other New Financing: Other (See Remarks) Lockbox Type: None Source of Fincl Data: Owner; Accountant Existing 1st Loan: Other (See Rmks) Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable Environmental: Other (See Remarks)
Listing Office: Sperry Commercial
Last Updated: August - 06 - 2021
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