La Jolla Bed & Breakfast Inn - 15 Bedroom, 16 Bath - Offered at: $5,950,000
Property Features: 15 Bedrooms (all with bathrooms) 16 Bathrooms Lobby Kitchen Dining Room Laundry Room Rooftop Ocean View Patio Air Conditioned 5 off street parking spaces Plus good street parking Sale Includes All: Furniture Decorations Fixtures Equipment Supplies Beer & Wine License Name Website (Not included: Courtyard Statue) Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Property Background: The front portion of the property was designed by renowned architect Irving Gill. It was originally built as a residence for the George Kautz family in 1913. The original Gardens were designed by famed horticulturist Kate Sessions, also a well known San Diego figure, who was responsible for Balboa Park and the Scripps Family Gardens. It also served as the home to the "March King," John Philip Sousa's family in the 1920s. It is listed as Historical Site No 179 in the San Diego Registry. In 1984 the original building was renovated, and a new building was built behind the original; all fully permitted. The new remodel was all designed and completed to match the historic look and feel of old La Jolla elegance. In 1985 The Bed & Breakfast Inn at La Jolla opened for business. Each of the 15 guest rooms and suites are appointed with luxury furnishings. Just a short one block stroll from the most beautiful and breathtaking coast line in Southern California, and unique to San Diego s premier beach community, La Jolla by the Sea, this Romantic Boutique B&B was voted "The Best San Diego Bed & Breakfast." Located in the heart of the picturesque La Jolla village, acclaimed for it s international flavor and flare, and centrally situated just minutes from San Diego s Downtown city scene and San Diego North County s pastoral settings. There is an endless selection of choices and preferences, from pub dining to 5-Star cuisine, hang gliding and hot air ballooning to snorkeling, hiking to biking, boutique shops to haute couture, art galleries to museums, nightlife to theatre, micro breweries to wine tasting tours, Stephen Birch Aquarium to kayaking with the sharks. Other areas of interest are Seaport Village, La Jolla Cove, Li ttle Italy. San Diego Zoo, Safari Park, Sea World, Del Mar Race Track and Fairgrounds, Torrey Pines Golf Course, Temecula Wine country, San Diego Harbor and the Gaslamp District. Website: www.sandiegolajollabnb.com Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Property Details: Owner: La Jolla Bed and Breakfast, Inc. DBA: The Bed & Breakfast Inn at La Jolla Building: 6,110 square feet Land: 7,009 square feet Parcel APN: 350-312-02-00 Parking: 5 off street Parking: Plus good street parking Building: 2 story Height: 30 feet plus Penthouse Zone: R-1000 Use: Hospitality C.U.P.#: 83-0714 Costal Zone: Permit #6-84-219 Utilities: Water, sewer, gas, electric; connected Construction: Wood frame, stucco, plaster, drywall Irrigation: Automatic sprinklers Roof: Flat asphalt, well maintained HVAC: Central Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Property CAP Rate: 2017 CAP Rate 4.33% 2016 CAP Rate 5.47% 2015 CAP Rate 4.28% 2014 CAP Rate 4.51% The CAP Rates above may actually be higher for Years 2014, 2015 and 2016 because current years depreciation was not listed on the P&L s, therefore was unable to be added back into net income. Supporting financial information is available upon qualified interest signed Non Disclosure Agreement. Major Property Tax Savings: The properties historical designation provides for a major property tax reduction. The Mills Act provides that property that is subject to a historical property contract be valued using the rental income and what could be expected from that property rather than using comparable sales to establish the assessed value. This generally results in a much lower assessment if the property has been recently purchased. 7753 Draper Ave has a current voluntary Mills Act contract with the City of San Diego. The term of the contract is ten years; however, it is automatically extended unless the property owner cancels the contract. The new owner would receive the full benefit of the contract because the contract goes with the property. 7753 Draper Ave, 2017 Property Tax: $13,350.68 Compare to regular sale 1.25% Property Tax: $74,375.00 Property Tax Savings est: $61,024.32 Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Upside Opportunities: This Trophy La Jolla Property value speaks for itself. There are also many potential opportunities to increase occupancy, revenue, profits and income streams via the current, expanded, or alternative uses: Increase room rates (currently low) Increase sales & bookings Add long term corporate rentals Add wedding receptions Add private wine events Add private micro brewery event Add special events Add tours & activities Add guest chef private dinners Improve management New owners live on property to save housing cost Convert 8 rooms into 4 larger units & add kitchens for long term rentals and increased room rates Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Pricing: Offering price: $5,950,000 Comparison price: Use of sold price of 7757 Eads, per square foot : $1,246.72 X 6,110 sqft 7753 Draper = $7,617,459.20 Sold Comparison: 7757 Eads, La Jolla, Ca 92037 See insert page Close of escrow: 10/15/2017 Sold price: $3,800,000 Est. Sq Ft: 3,048 Sold price per sq ft: $1,246.72 Staffing: 2 part time chefs 4 part time maids 2 part time front desk 1 near full time front desk 1 part time owner/manager No staff live on site. All W-2 Paid Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Floor Plans Drive by Only. Do not go onto the property. Staff are unaware of sale, please do not speak to them. All Offers subject to Inspection. Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.
Private tour with only. Financial information is available upon qualified interest signed Non Disclosure Agreement.