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Ready to Go, Housing/Hospice/Medical/School 8301 S Figueroa St 19 Room Hotel Los Angeles, CA 90003 $2,922,150 CAD ($153,797 CAD/Room)
EXECUTIVE SUMMARY
The Story:
Initially, the New Bay Motel, the City of Los Angeles forced the Seller to close as a Motel in late 2024. All signage was removed. A nonprofit leased the hotel and made conversions to accommodate its desire for permanent residency. Several upgrades were made to the interior and electrical system. Unfortunately, the nonprofit, after paying over $200,000 in lease payments and upgrading the property for its intended use, lost its funding and was forced to vacate the property. Now vacant, the Property is now exclusively listed for sale.
Changes and Current Interiors
Per ZIMAS in 2023, the New Bay Hotel consisted of 21 rooms and 21 bathrooms. The tenant converted the property to what it now is – 7 large rooms with 1 dedicated community bathroom/shower area on the ground floor comprised of 6 individual shower areas. 6 sinks and 6 toilet stalls (please see photos). Much was spent by the tenant to convert the property with the promise that at the end of the lease, the Property would be reverted back to its original 21 rooms. The tenant has declared bankruptcy and is not able to do as promised.
Each room was remodeled with wood vinyl floors and attractive paint. None of the 7 individual rooms has a restroom
Protection of Investment:
To protect the property, the Seller has installed exterior perimeter gates and has hired a security guard during the evenings.
Initially, the New Bay Motel, the City of Los Angeles forced the Seller to close as a Motel in late 2024. All signage was removed. A nonprofit leased the hotel and made conversions to accommodate its desire for permanent residency. Several upgrades were made to the interior and electrical system. Unfortunately, the nonprofit, after paying over $200,000 in lease payments and upgrading the property for its intended use, lost its funding and was forced to vacate the property. Now vacant, the Property is now exclusively listed for sale.
Changes and Current Interiors
Per ZIMAS in 2023, the New Bay Hotel consisted of 21 rooms and 21 bathrooms. The tenant converted the property to what it now is – 7 large rooms with 1 dedicated community bathroom/shower area on the ground floor comprised of 6 individual shower areas. 6 sinks and 6 toilet stalls (please see photos). Much was spent by the tenant to convert the property with the promise that at the end of the lease, the Property would be reverted back to its original 21 rooms. The tenant has declared bankruptcy and is not able to do as promised.
Each room was remodeled with wood vinyl floors and attractive paint. None of the 7 individual rooms has a restroom
Protection of Investment:
To protect the property, the Seller has installed exterior perimeter gates and has hired a security guard during the evenings.
PROPERTY FACTS
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 19 | $100.19 CAD | - |
1 1
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 6032-020-001 | Improvements Assessment | $1,262,403 CAD |
| Land Assessment | $841,600 CAD | Total Assessment | $2,104,003 CAD |
PROPERTY TAXES
Parcel Number
6032-020-001
Land Assessment
$841,600 CAD
Improvements Assessment
$1,262,403 CAD
Total Assessment
$2,104,003 CAD
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Ready to Go, Housing/Hospice/Medical/School | 8301 S Figueroa St
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