ArmenYousoufian
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I have a 4 room country Inn for sale or lease on rural Vashon Island, near Seattle, Washington, including a 3 bedroom house next door. Vashon island is a rural community only a 5, 10, or 15 minute ferry ride from the Kitsap Peninsula, Tacoma, or Seattle, respectively (there are three ferry routes to the island, Seattle being the main one). The island has become a mecca for tourism, including through the winter by Seattle residents looking for a nearby country getaway from the city's congestion, noise, etc.
I am looking for a sale, lease, lease with option to purchase, or possibly someone(s) to operate/manage it for me. I am open to all possibilities, though a sale, with or without my financing it, is my preference.
By way of background on me and the situation, I have been a commercial real estate and business entrepreneur since 1970, including having owned a 135 room full service Seattle hotel from 1986 to 2004. My involvement in this property started in 2006 when I loaned a couple $675,000 to buy this property for $875,000. They lived in the adjacent 3 bedroom house, ran the Inn and a restaurant on the first floor of the main Inn building (the 4 guest rooms are on its second floor). They made a good profit off the rooms, but didn't know the restaurant business and lost all their room profits and more in the restaurant. They defaulted two years later and I ended up with the property just as the great recession was taking hold and depressing real estate values and the market to sell them. I leased the two properties for the next 7 years, then re-sold it at October, 2016, for $855,000*, to a woman who unfortunately got ill in late 2017, and went into default some months later. She also make a good profit off the rooms, plus rented the extra bedrooms in her house, but made the same mistake of running the restaurant, where she also lost all her room profits and more. In both cases I had urged renting the restaurant space to a restaurateur who would know what they were doing and not try to get into that business vs just collecting rent for that space. If they had taken my advice they would still be in business and making their loan payments to me. I just re-acquired title at January 24, 2019 and am looking for its next owner or Lessee or operator.
The 4 room operation grossed about $100,000 in its last 12 months of operation, which ended in mid-September, 2018 and there is plenty of upside potential as the operation had been empty for a year before the last operator re-started it. The restaurant space could probably be rented for about $2,000 a month and the house has a current market rental value of about $2,000 to $2,200 a month.
You can see pictures of the property taken in December, 2017 when the last owner listed it for sale at the link below. Scroll through the "gallery" for pictures of the Inn, its rooms, the house next door, the near waterfront setting, etc. That listing has long since expired and no one should contact the original listing agent, rather, you should contact me directly. Between the last owner's illness and other factors, including probably asking about $100,000 too much and rejecting at least one offer in the mid-$800K range, the property did not sell, the amounts owed me increased, and to make a long story (and lots of legal involvement) short, I ended up getting the property back on January 24, 2019. If the link doesn't work, google "24015 Vashon Highway SW, Vashon, Washington Sotheby's". The property addresses are 24007 Vashon Highway SW (main Inn building) and 24015 Vashon Highway SW (4 bedroom house next door).
https://www.bizjournals.com/seattle/resources/real-estate/home-of-the-day/gallery/63979/427120?r=https%3A%2F%2Fwww.bizjournals.com%2Fseattle%2Fresources%2Freal-estate%2Fhome-of-the-day%2Frealogics-sothebys-international-realty%2F2018%2F01%2Fhome-of-the-day-the-burton-inn-on-vashon-home-and-63979.html
If you have any interest there is lots to discuss and I encourage you to contact me at [email protected] and we can get into the details.
Armen Yousoufian
*$235,000 cash down payment, I carried back a loan for the $620,000 balance at 5%, with interest only monthly payments, and a balloon due in 5 years from the date of sale. I am willing to do something in that ballpark again, or less for an all cash purchase.
I am looking for a sale, lease, lease with option to purchase, or possibly someone(s) to operate/manage it for me. I am open to all possibilities, though a sale, with or without my financing it, is my preference.
By way of background on me and the situation, I have been a commercial real estate and business entrepreneur since 1970, including having owned a 135 room full service Seattle hotel from 1986 to 2004. My involvement in this property started in 2006 when I loaned a couple $675,000 to buy this property for $875,000. They lived in the adjacent 3 bedroom house, ran the Inn and a restaurant on the first floor of the main Inn building (the 4 guest rooms are on its second floor). They made a good profit off the rooms, but didn't know the restaurant business and lost all their room profits and more in the restaurant. They defaulted two years later and I ended up with the property just as the great recession was taking hold and depressing real estate values and the market to sell them. I leased the two properties for the next 7 years, then re-sold it at October, 2016, for $855,000*, to a woman who unfortunately got ill in late 2017, and went into default some months later. She also make a good profit off the rooms, plus rented the extra bedrooms in her house, but made the same mistake of running the restaurant, where she also lost all her room profits and more. In both cases I had urged renting the restaurant space to a restaurateur who would know what they were doing and not try to get into that business vs just collecting rent for that space. If they had taken my advice they would still be in business and making their loan payments to me. I just re-acquired title at January 24, 2019 and am looking for its next owner or Lessee or operator.
The 4 room operation grossed about $100,000 in its last 12 months of operation, which ended in mid-September, 2018 and there is plenty of upside potential as the operation had been empty for a year before the last operator re-started it. The restaurant space could probably be rented for about $2,000 a month and the house has a current market rental value of about $2,000 to $2,200 a month.
You can see pictures of the property taken in December, 2017 when the last owner listed it for sale at the link below. Scroll through the "gallery" for pictures of the Inn, its rooms, the house next door, the near waterfront setting, etc. That listing has long since expired and no one should contact the original listing agent, rather, you should contact me directly. Between the last owner's illness and other factors, including probably asking about $100,000 too much and rejecting at least one offer in the mid-$800K range, the property did not sell, the amounts owed me increased, and to make a long story (and lots of legal involvement) short, I ended up getting the property back on January 24, 2019. If the link doesn't work, google "24015 Vashon Highway SW, Vashon, Washington Sotheby's". The property addresses are 24007 Vashon Highway SW (main Inn building) and 24015 Vashon Highway SW (4 bedroom house next door).
https://www.bizjournals.com/seattle/resources/real-estate/home-of-the-day/gallery/63979/427120?r=https%3A%2F%2Fwww.bizjournals.com%2Fseattle%2Fresources%2Freal-estate%2Fhome-of-the-day%2Frealogics-sothebys-international-realty%2F2018%2F01%2Fhome-of-the-day-the-burton-inn-on-vashon-home-and-63979.html
If you have any interest there is lots to discuss and I encourage you to contact me at [email protected] and we can get into the details.
Armen Yousoufian
*$235,000 cash down payment, I carried back a loan for the $620,000 balance at 5%, with interest only monthly payments, and a balloon due in 5 years from the date of sale. I am willing to do something in that ballpark again, or less for an all cash purchase.
