Offering.memorandum

Bluebird Inn
CAMBRIA, CA
OFFERING MEMORANDUM

Bluebird Inn
CAMBRIA, CA
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be
reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or
entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary,
unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not
made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject
property, the future projected financial performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal
regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant,
or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this
Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified,
and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation
regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or
sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR
MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Bluebird Inn
TABLE OF CONTENTS
Section 1 PRICING AND FINANCIAL ANALYSIS
Section 2 PROPERTY DESCRIPTION
Section 3 RECENT SALES

PRICING AND FINANCIAL ANALYSIS
Bluebird Inn
CAMBRIA, CA

FIRST TRUST DEED
Loan Amount $3,800,000
Loan Type Proposed New
Interest Rate 6.0%
Amortization 30 Years
Program SBA
FINANCIAL OVERVIEW
Location
1880 Main Street
Cambria, CA 93428
Price $5,400,000
Down Payment 29.6% / $1,600,000
Total Number of Rooms 37
Price/Room $145,946
Occupancy 74.0%
ADR $125.00
Available Rentable Rooms 37
CAP Rate - Current 6.77%
RRM - Current 6.21
Year Built/Renovated 1920 / 1996
Lot Size 1.1 Acres
Type of Ownership Fee Simple
Annualized Operating Data
Income Current % of GR
Room Revenue $870,019
Other Revenue $997
Gross Revenue $871,016
Total Expenses $505,491
Net Operating Income $365,525
Debt Service $266,200
Debt Coverage Ratio 1.37
Net Cash Flow After Debt Service 6.21% / $99,325
Principal Reduction $45,436
Total Return 9.05% / $144,761
1
Financing
Loan information is time sensitive and subject to change.
Contact your local Marcus & Millichap Capital Corporation
representative.
Bluebird Inn
CAMBRIA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to
the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 V0400133 Marcus &
Millichap. All rights reserved.

2
Bluebird Inn
CAMBRIA, CA
Current PAR
INCOME AND EXPENSES
Total Number of Rooms 37
Available Rentable Rooms 37
Occupancy 74.0%
ADR $125.00
Income
Room Revenue $870,019 $23,514
Other Revenue
Other Revenue $997 $27
Total Other Revenue $997 $27
GROSS REVENUE $871,016 $23,541
$219,502 $5,932
$214,179 $5,789
$71,810 $1,941
TOTAL EXPENSES $505,491 $13,662
NET OPERATING INCOME $365,525 $9,879

3
Bluebird Inn
CAMBRIA, CA
Current POR PAR
DETAILED EXPENSES
Pro
Forma POR PAR
Advertising $10,372 $280.32
Bank Card Fees $29,995 $810.68
Bonus $3,700 $100.00
Consulting $1,180 $31.89
Contributions/Donations $4,940 $133.51
Dues $1,337 $36.14
Gardening $2,685 $72.57
Insurance $21,258 $574.54
Insurance - Workman's Comp $12,833 $346.84
Laundry $62,452 $1,687.89
Licenses and Permits $34 $0.92
Maintenance and Repair $19,488 $526.70
Office Supplies and Outside Services $1,320 $35.68
Payroll Taxes - Federal $13,791 $372.73
Payroll Taxes - State $4,434 $119.84
Postage, Printing, etc. $1,009 $27.27
Professional Fees - Accounting $3,630 $98.11
Professional Fees - Legal $886 $23.95
Subscriptions $1,233 $33.32
Supplies $42,780 $1,156.22
Taxes - Property $35,186 $950.97
Telephone $4,674 $126.32
Utilities - Cable $11,847 $320.19
Utilities - Disposal $2,479 $67.00
Utilities - Gas $10,158 $274.54
Utilities - PG&E $12,834 $346.86
Utilities - Water $13,420 $362.70
Wages $173,023 $4,676.30
Other Expenses $2,513 $67.92
TOTAL EXPENSES $505,491 $13,661.92

PROPERTY DESCRIPTION
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Bluebird Inn
CAMBRIA, CA
PICTURE PAGE 2

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Bluebird Inn
CAMBRIA, CA
PICTURE PAGE 2

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Bluebird Inn
CAMBRIA, CA
PICTURE PAGE 2

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Bluebird Inn
CAMBRIA, CA
PICTURE PAGE 2

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Bluebird Inn
CAMBRIA, CA
PICTURE PAGE 2

Bluebird Inn
CAMBRIA, CA

INVESTMENT OVERVIEW
Investment Highlights
■ A Landmark Cambria Lodging Destination
■ Located on Main Street in downtown Cambria
■ Pride of Ownership in Upkeep of Property
■ Good Opportunity for New Hands-On Operator
■ Spacious Lodging Facility for Owner/Operator
■ Upside Potential
■ Includes Adjacent Undeveloped 0.89-Acre Parcel
Bluebird Inn is a very charming lodging facility located in the heart of downtown Cambria. It is situated on Main Street in the
center of Cambria and within walking distance to shops and restaurants.
The original inn was built in the 1920's but additions and improvements have been made over the years. The property sits on
an 1.1-acre parcel and houses five separate buildings that comprise 37 accommodations, which are a mix of single rooms,
double rooms, deluxe rooms, suites and a storage room. The price includes an adjacent undeveloped 0.89-acre parcel.
A sixth building houses the reception and lobby and the manager's/owner's quarters that have 1,700 square feet of living space,
including two bedrooms, two bathrooms, a full kitchen and a den/office area.
Nestled among towering pines and the shimmering sea on California’s Central Coast, Cambria is a picturesque village that
unfolds along scenic Highway 1 between San Francisco and Los Angeles, just four miles south of the famous historic landmark
Hearst Castle. Free of chain stores and brimming with charm, Cambria invites you to exit the beaten path and explore one of
California’s truly unique destinations.
10
Bluebird Inn
CAMBRIA, CA

PROPERTY SUMMARY
The Offering
Property Bluebird Inn
Property Address 1880 Main Street
Cambria, CA 93428
Assessor's Parcel Number 013-251-004
Site Description
Year Built/Renovated 1920 / 1996
Lot Size 1.1 Acres
Type of Ownership Fee Simple
Parking Ample
Handicapped Parking 1
Truck Parking None
Property Tier Suburban
Location Type Downtown
Transient Occupancy Tax Rate 11 %
AAA Diamond Rating 2 Diamond
Room Breakdown
Regular room with 1 queen bed 8
Regular room with 1 king bed 5
Regular room with 2 double beds 10
Two-room suite with 4 double beds 1
Deluxe room with 1 kind bed and creekside view 9
Deluxe room with 2 queen beds 2
Deluxe suite with living room and 1 king bed 2
11
Bluebird Inn
CAMBRIA, CA
Construction/Mechanical
Foundation Stucco with Board Siding
Framing Wood Frame
Exterior Exterior Corridor
Parking Surface Asphalt
Roof Composition Shingle
Transportation
Highway CA Highway-46
CA Highway-1
Airports San Luis Obispo

12
Bluebird Inn
CAMBRIA, CA
OPPORTUNITY
The property presents a huge upside potential. The current owner maintains a very basic website
- www.bluebirdmotel.com.
The current owners do not do any online marketing and there are no online promotions and
deals to increase occupancy.
They are totally dependent on repeat business and walk-in customers.
In developing a proper website that is more appealing and having a booking engine will draw
more business. Also, using social media initiatives will also help in filling up more rooms.
The property does not even have a property management system in place. All bookings and
guest check-in and registrations are done manually.
By possibly having a social hour in the evening with beer & wine and adding a breakfast
program, the ADR ( average daily rate ) can be increased.

Room Amenities
13
■ 32-Inch Flat-Screen TV
■ Premium Channels
■ Heating
■ Ironing Board and Iron
■ Refrigerator
■ WiFi in all Rooms
■ Deluxe Rooms have Microwaves
■ Deluxe Rooms have Coffee and Tea Makers
■ Deluxe Rooms have Fireplaces
■ Deluxe Rooms have Creekside Views
■ Smoking Rooms are Available
■ Pet-friendly Rooms are Available
Bluebird Inn
CAMBRIA, CA
FEATURES AND AMENITIES
Common Area Features
■ Front Desk Hours: 7:30 AM till 10:00 PM
■ Ample On-Site Parking
■ WiFi on Property and in all Rooms
■ Pet-Friendly Property
■ Smoking Room Available
■ Choice of Regular Rooms, Deluxe Rooms and Suites

AREA MAPS
Local Map Regional Map
14
Bluebird Inn
CAMBRIA, CA

15
Bluebird Inn
CAMBRIA, CA
AERIAL PHOTO

RECENT SALES
Bluebird Inn
CAMBRIA, CA

1)
2)
3)
4)
Bluebird Inn
Old Saint Angela Inn
Butterfly Grove Inn
Cambria Palms Motel
Burton Inn
RECENT SALES
17
Bluebird Inn
CAMBRIA, CA
RECENT SALES MAP

Bluebird Inn
CAMBRIA, CA
CAP RATE AND RRM
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Subject Butterfly
Grove
Inn
RECENT SALES
18
AVERAGE CAP RATE

REVPAR AND PRICE PER ROOM
240,000
210,000
180,000
150,000
120,000
90,000
60,000
30,000
0
Subject Old
Saint
Angela
Inn
Butterfly
Grove
Inn
Cambria
Palms
Motel
Burton
Inn
RECENT SALES
19
Bluebird Inn
CAMBRIA, CA
AVERAGE PRICE/ROOM

RECENT SALES
1
2
Bluebird Inn
1880 Main Street
Cambria, CA 93428
Old Saint Angela Inn
321 Central Avenue
Pacific Grove, CA 93950
Butterfly Grove Inn
1073 Lighthouse Avenue
Pacific Grove, CA 93950
Subject Property
RECENT SALES
N/A N/A
Close of Escrow: 03/13/2014 Sale Price: $2,245,000
Total Rooms: 9 Price/Room: $249,444
Year Built: 1997 CAP Rate: N/A
Occupancy: N/A RRM: N/A
ADR: N/A Rack Rate: N/A
RevPAR: N/A
20
Year Built/Renovated: N/A CAP Rate: 7.49%
RevPAR: N/A
Bluebird Inn
CAMBRIA, CA
Total Rooms: 37 Sale Price: $5,400,000
Year Built/Renovated: 1920/1996 Price/Room: $145,946
Occupancy: 74.0% CAP Rate: 6.77%
ADR: $125.00 RRM: 6.21
RevPAR: Rack Rate:

RECENT SALES
RECENT SALES
Comments
This property is located on the same street as the Bluebird Inn. Except for its location proximity, this property is not a
good comparison to the Bluebird Inn.
4
Cambria Palms Motel
2662 Main Street
Cambria, CA 93428
Burton Inn
4022 Burton Drive
Cambria, CA 93428
Comments
This is a distressed property.
3
Year Built/Renovated: N/A CAP Rate: N/A
RevPAR: N/A
Close of Escrow: On Market Sale Price: $2,499,000
Year Built/Renovated: N/A CAP Rate: N/A
RevPAR: N/A
21
Bluebird Inn
CAMBRIA, CA

Bluebird Inn
CAMBRIA, CA
OFFERING MEMORANDUM
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
Presented By:
Kent Williams
Broker
Marcus & Millichap, San Diego
License: CA: 00823860
Tel: (858)373-3100
Fax: (858)373-3110

Offering.memorandum

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