The Oceana Boutique Hotel consists of 19 Units. The property is a hybrid of short-term occupancy motel and extended-stay occupancy. The facility is currently less than 100% occupied and maintains an occupancy rate of nearly 85% on a consistent basis. The property is being offered with the house next door at 1231 Avenida Algodon. The home is 1157 square feet, and the lot size is 6000. The hotel is currently occupied by longer term tenants who stay in excess of thirty days on average. The Oceana is a charming adobe style architecture located close to the restaurants and shops on Del Mar Avenue. The current cap rate is approximately 8% per the information provided by the seller. It is a perfect opportunity for an owner operator, with tremendous upside potential. The City of San Clemente planning department has indicated that the property can be developed as residential income, senior housing, affordable housing, or can be a hotel.
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