The Wind Swept Inn is a one-of-a-kind commercial/mix-use on a corner lot, 4. 43 acres zoned C-3. Welcome to this exceptional opportunity with this 1940 motel by the ocean, which offers four buildings and 21 guestrooms. Each room includes a bathroom with shower/tub and heat/air conditioning combinations, TVs, microwaves, and refrigerators. Some have balconies and kitchenettes. In addition to the guestrooms, there is a detached stone building with a blend of old-world charm. It features 2bd, 2 baths, a lovely stone fireplace, a private owner's suite, and original architectural stone details. The main building features a restaurant that seats up to 100 (including the outdoor deck), a full kitchen, office/retail, a spacious basement available for storage or expansion, and a detached pub that seats 45. It is located in the city center and by the ocean, on a scenic route 1A, with over 18, 000 vehicles on average traveling daily and within minutes to Weekapaug, Misquamicut, and Watch Hill. Nature's beauty can be found next door at Ninigret National Wildlife Refuge and Burlingame State Park. Area of attractions include Charlestown Beach, Umbrella Factory, and Frosty Drew Observatory. It is a short ride to Newport, Providence, Foxwoods, Mohegan Sun, and everything else South County offers. The motel can be operational with the right owner, bring your vision, and make it "the" destination in Charlestown for special functions and/or premium stays. This is a must-see.
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Our Executive Mortgage Banker:
Our Insurance Division:
$3,675,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 401.474.4879
Whitney.Rugg@raveis.com
NMLS Mortgage Loan Originator ID 7654
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $2,940,000 | $2,940,000 | $2,940,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.500% | 6.250% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.821% | 6.396% | 5.990% |
Monthly Tax Payment | $414 | $414 | $414 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $16,693 | $18,102 | $24,414 |
Total Monthly Payment | $17,232 | $18,641 | $24,953 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.