Oceanfront Vacation Rental Condos

Dare County, NC (Relocatable)

Seller Financing Available
Ocean View From Balcony
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Asking Price: $3,995,000

Cash Flow: $209,416

Gross Revenue: $367,258

EBITDA: $209,416

FF&E: $30,000

Inventory: $5,000

Real Estate: $3,400,000

Established: 2004

Oceanfront Vacation Rental Condos

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Business Description

The best ocean views!! 9 spacious 2 BR 2 BA condos. Great cash flow.

Location!! Location!! Location!! EOS Properties LLC (EOS) owns 9 condos in this 30 unit condo oceanfront complex. EOS also holds the mortgage for one of the other condos. Each condo is 2 BR and 2 BA (1000 sq ft). The condos have all been updated in the past few years. All have newer HVAC systems. The complex has had several hundred thousand dollars of upgrades in the past few years. Each condo produces $34,000 - $48,000 in rental income each year. Operating costs (Insurance, HOA Dues, Electricity, Cleanings, etc) are $10,000 - $12,000 per condo per year. Leaving a nice profit margin.

Our complex has private beach access, 2 pools, basketball, and playground for kids.

Our condos are in a great location directly on the beach in the Outer Banks of North Carolina. Compared to other markets, the Outer Banks don't have much competition which allows for strong rental rates and high occupancy. We have a great base of recurring customers.

EOS owns the domain NAGSHEADCONDOS.COM. We've linked this domain to our property manager page on HomeAway/VRBO to manage all reservation activity in a single interface. EOS currently does all sales and marketing activity through HomeAway/VRBO on a phone and laptop. We booked over 375 reservations last year through the system. Our sales and marketing costs are minimal.

Attached Documents


Detailed Information

Location:
Dare County, NC
Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
9,000
Employees:
2
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This opportunity includes: - Nine 2 BR 2 BA (1000 sq. ft.) condos. Each with 25 ft wide balcony over looking the beach. - One mortgage on another condo in the complex - All furnishings & appliances - Future bookings - Nagsheadcondos.com domain - spare appliances and furnishings in a storage facility. Home based business allows most work to be done remotely online. 1099 Relationship with onsite caretakers and cleaning crew should transfer. (Home Based)
Competition:
The Outer Banks (OBX)of North Carolina is a great location. Most of our customers come from the mid-Atlantic and Northeast states. Our condos don't have much local competition. There are only a few oceanfront condo complexes in the OBX. Most oceanfront properties are large homes ranging from 4-12 bedrooms. Our 2 bedroom condos are ideal for a single family vacation. The larger homes typically cost more and require coordination for multiple families to book a vacation. Our smaller condos rent much better in the Spring and Fall months.
Growth & Expansion:
Rental rates in the Outer Banks tend to increase about 5-10% each year. Other properties in the area could also be acquired to add to the portfolio.
Financing:
Seller financing could be discussed in the form of a mortgage on the real estate
Support & Training:
We will work with the buyer to train them on managing and booking reservations on the HomeAway/VRBO system if desired.
Reason for Selling:
Looking for new business opportunities.
Home-Based:
This business is Home-Based
Business Website:
http://nagsheadcondos.com
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Business Listed By:
Mark Milam

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