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94 Canal St
New York, NY 10002
Canal Loft Hotel · Hospitality Property For Sale
·
51 Rooms
Investment Highlights
- Prime Chinatown location, one block from the Manhattan Bridge and a 10-minute walk to Essex Crossing
- NNN lease to an experienced operator, backed by a full personal guarantee
- The Canal Street corridor in the Lower East Side (LES) is undergoing gentrification, with Chinatown becoming increasingly vibrant
Executive Summary
Canal Loft Hotel, an economy hotel in a prime Chinatown location, is being offered for sale. The offering includes the hotel portion with 51 keys, situated at the intersection of Canal Street and Eldridge Street.
The building features ground-floor retail, with residential units above the fourth floor. These components are held under separate ownership. The entire property was completed and placed into service in 2018.
In 2022, the hotel entered into a new NNN lease with its current tenant. The lease has approximately five years remaining, with an annual net rent of $1,112,400 currently and 3% escalation. The tenant holds a five-year renewal option with 3% annual rent escalations. The tenant provides a full personal guarantee covering entire lease term.
The building features ground-floor retail, with residential units above the fourth floor. These components are held under separate ownership. The entire property was completed and placed into service in 2018.
In 2022, the hotel entered into a new NNN lease with its current tenant. The lease has approximately five years remaining, with an annual net rent of $1,112,400 currently and 3% escalation. The tenant holds a five-year renewal option with 3% annual rent escalations. The tenant provides a full personal guarantee covering entire lease term.
Property Facts
| Price Per Room | $483,674 CAD | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 58,291 SF |
| Cap Rate | 6.18% | No. Rooms | 51 |
| Sale Condition | 1031 Exchange | No. Stories | 12 |
| Property Type | Hospitality | Year Built | 2018 |
| Property Subtype | Hotel | Corridor | Interior |
| Building Class | C | ||
| Zoning | C61G | ||
| Price Per Room | $483,674 CAD |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Sale Condition | 1031 Exchange |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 58,291 SF |
| No. Rooms | 51 |
| No. Stories | 12 |
| Year Built | 2018 |
| Corridor | Interior |
| Zoning | C61G |
Amenities
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 51 | $501.57 CAD | - |
Property Taxes
| Parcel Number | 0292-1103 | Improvements Assessment | $146,739 CAD |
| Land Assessment | $58,203 CAD | Total Assessment | $204,942 CAD |
Property Taxes
Parcel Number
0292-1103
Land Assessment
$58,203 CAD
Improvements Assessment
$146,739 CAD
Total Assessment
$204,942 CAD
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