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Hotel-Motel

O'Cairns Inn & Suites

940 E Ocean Ave, Lompoc, CA 93436

Listing Price: $10,750,000

Number of Rooms
84
RevPAR
$74
Gross SF
103,672
Price/Room
$127,976
Price/Gross SF
$103.69
Year Built
1986

Investment Overview

Marcus & Millichap is proud to present the O'Cairns Inn & Suites, a two-story independent hotel ideally located along State Highway 1/Pacific Coast Highway in Lompoc, California. The property is a short drive to Vandenberg Space Force Base, one of the largest employers in the area and one of the most important military installations in the nation. The O'Cairns Inn & Suites was built in 1986 and consists of 84 spacious, well appointed guest rooms. Hotel renovations have been completed from 2016 to 2020. The hotel offers several amenities including O'Cairns Inn Cafe, an outdoor heated pool & spa, guest laundry facilities and business center. The O'Cairns Inn & Suites represents the opportunity to acquire an upscale hotel in a desirable market near several demand drivers. Our Pro Forma analysis assumes market recovery to pre-pandemic levels by year two, then continued modest growth supported by the increasing population and demand growth in the Central Coast region. Ground Lease & PIP The O'Cairns Inn & Suites is located on a ground lease and has 49 years remaining. Current rent is $3,522 per month and will increase 10% every 3 years. The 95-year term started April 1, 1976 and ends March 31, 2071. The PIP is estimated at $250,000 for repairs and improvement. This will include exterior paint, roof re-tile, parking lot resurfacing, etc.

Investment Highlights

  • Minimal PIP Needed
  • Short Drive to Vandenberg Space Force Base, One of the Area's Largest Employers and One of the Nation's Most Important Military Installations
  • Lompoc Sits Within a Region Undergoing Tremendous Economic Growth Through the Expanding Aerospace Industry
  • Excellent Location Along California's Central Coast, Off of State Highway 1/Pacific Coast Highway
  • Minutes to Old Town Lompoc, Lompoc Flower Fields and La Purisima Mission & State Historic Park

Exclusively Listed By

  • Sam Mazumder

    Associate

    Email Sam

    License(s): CA: 01937013

    Inland Empire

  • Gordon Allred

    Senior Managing Director Investments

    (909) 456-3420

    Email Gordon

    License(s): CA: 00927200, NV: BS.0146254

    Inland Empire

Hotel-Motel

O'Cairns Inn & Suites

Listing Price: $10,750,000

Number of Rooms
84
RevPAR
$74
Gross SF
103,672
Price/Room
$127,976
Price/Gross SF
$103.69
Year Built
1986

Investment Highlights

  • Minimal PIP Needed
  • Short Drive to Vandenberg Space Force Base, One of the Area's Largest Employers and One of the Nation's Most Important Military Installations
  • Lompoc Sits Within a Region Undergoing Tremendous Economic Growth Through the Expanding Aerospace Industry
  • Excellent Location Along California's Central Coast, Off of State Highway 1/Pacific Coast Highway
  • Minutes to Old Town Lompoc, Lompoc Flower Fields and La Purisima Mission & State Historic Park

Investment Overview

Marcus & Millichap is proud to present the O'Cairns Inn & Suites, a two-story independent hotel ideally located along State Highway 1/Pacific Coast Highway in Lompoc, California. The property is a short drive to Vandenberg Space Force Base, one of the largest employers in the area and one of the most important military installations in the nation. The O'Cairns Inn & Suites was built in 1986 and consists of 84 spacious, well appointed guest rooms. Hotel renovations have been completed from 2016 to 2020. The hotel offers several amenities including O'Cairns Inn Cafe, an outdoor heated pool & spa, guest laundry facilities and business center. The O'Cairns Inn & Suites represents the opportunity to acquire an upscale hotel in a desirable market near several demand drivers. Our Pro Forma analysis assumes market recovery to pre-pandemic levels by year two, then continued modest growth supported by the increasing population and demand growth in the Central Coast region. Ground Lease & PIP The O'Cairns Inn & Suites is located on a ground lease and has 49 years remaining. Current rent is $3,522 per month and will increase 10% every 3 years. The 95-year term started April 1, 1976 and ends March 31, 2071. The PIP is estimated at $250,000 for repairs and improvement. This will include exterior paint, roof re-tile, parking lot resurfacing, etc.

Exclusively Listed By

  • Sam Mazumder

    Associate

    Email Sam

    License(s): CA: 01937013

    Inland Empire

  • Gordon Allred

    Senior Managing Director Investments

    (909) 456-3420

    Email Gordon

    License(s): CA: 00927200, NV: BS.0146254

    Inland Empire

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