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BUYER: Jay Shree Varahi Motel LLC (associates members: Dipakkumar and Chandrakant Patel), Venice
SELLER: Oza Inn LLC
PROPERTY: 1602 S. Tamiami Trail, Venice
PRICE: $850,000
PREVIOUS PRICE: $700,000, March 2010
LAW FIRM ON DEED: Boone Boone Boone & Koda PA, Venice
PLANS, DESCRIPTION:
The Patel family purchased the 20-unit Oza Inn for $850,000.
The price equated to $42,500 per unit.
The 7,485-square-foot Venice motel is made up of three buildings constructed between 1957 and 1961. The property, which also has an owner's quarters, sits on an acre parcel near the beach. The motel features a swimming pool.
The Patels have renamed it the Sunshine Motel.
“We liked the location right off U.S. 41,” says Dipak Patel, one of the owners. “It's a clean property. We will be making improvements to it, but for now, we're getting used to the property.”
Patel, who will be running the motel, learned the business from his parents, who own and run a motel in Chicago.
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