1705 Manhattan Blvd · Harvey · ~45k cars/day
Where the money comes from.
Rev J on the same boulevard as Chili's, IHOP, Zea, Copeland's, Target, Sam's Club, and Holiday Inn — dual-entry MIRAGE + CRAVE, grand court, and 56 monthly hotel residences. Core Likely stack — wellness chairs killed.
Imagine arriving
CRAVE dinner · court cocktails · stay upstairs — never leave the property.
Two equal neon doors — MIRAGE lobby and CRAVE dining — open onto a private grand court.
- CRAVE Dining & Bar — six chef kitchens · ~7,050 SF · bar to court
- Grand court — 100′×55′ · watch nights · Mirage-run events
- 56 Mirage Residences — 48×610 @ $2,400 + 8×850 @ $3,400 all-in · 30+ nights
- Wellness (optional) — 48 stations @ $225/wk · ~$43k/mo upside · not in core NOI
- Pool + fitness — 12′×20′ north pad · 750 SF fitness · key-gated
Site program · Rev J lock
The building · every zone measured.
P&L ties to this program. Dimensions match the Rev J architecture set and homepage program table.
Full profit & loss · monthly · Likely · core stack
Gross in → costs out → what you keep.
Income statement · detail
| Gross revenue · by lane | Likely/mo | Formula / basis | |
|---|---|---|---|
| Stay · monthly hotel residences | |||
| 56 Residences · room gross @ 72.7% occ | $103,525 | 48×$2,400 + 8×$3,400 = $142k @100% · Highland residence-occ benchmark Likely | |
| CRAVE · kitchen licenses | |||
| CRAVE · 6 kitchen licenses | $43,492 | $9k base + 15% of ~$230k corridor food (house POS) | |
| Drink · CRAVE bar | |||
| CRAVE bar · gross sales | $95,000 | One license · grand court · owner-operated | |
| Gather · court programming | |||
| Mirage-run court events | $12,000 | Watch nights · sections · bar attach | |
| Core gross revenue | $254,017 | ~$3.1M annualized · wellness killed | |
| Wellness · optional upside | +$43,000 | 48 × $225/wk × 4.33 × 92% · add only if underwriting it | |
| Operating expenses · core | Likely/mo | Notes | |
|---|---|---|---|
| residence ops · HK · utilities · mgmt · reserves | −$39,340 | ~38% of residence EGI · before debt | |
| CRAVE support · grease / BOH admin | −$8,000 | License income · chefs self-op | |
| Bar · COGS + payroll + comps | −$52,250 | ~55% of ~$95k bar gross | |
| Court events | −$3,000 | Watch nights · sections | |
| Total operating costs | −$102,590 | Before debt service | |
| NOI · by engine | NOI/mo | Notes | |
|---|---|---|---|
| residence keys · after opex | $64,185 | 56 keys @ 72.7% | |
| CRAVE + bar + court | $67,750 | Licenses + owner bar + events | |
| Stabilized NOI · Likely | $151,427 | ~$1.82M/yr · before debt | |
Sensitivity · never mix tiers without labels
Downside · Likely · Strong.
| Tier | Gross/mo | Opex/mo | NOI/mo | When to use |
|---|---|---|---|---|
| Conservative · stress | ~$210k | ~$100k | ~$110k | Lender floor · Year 1 ramp · slower fill |
| Likely · base case | ~$254.0k | ~$102.6k | ~$151k | Stabilization target · Y2–3 |
| Archive · + wellness (killed) | ~$297.0k | ~$115k | ~$192k | Not in program — archive row only |
Internal sponsor model · not CPA-certified · not audited · not a Year 1 guarantee. CPA 5-year pro forma required at term sheet.
Capital context · two clocks
The business case in one glance.
At Likely NOI, operator cash alone implies ~$1.82M/yr before debt — against the lean project-cost clock. Market finish ROM (~$12–18M) is a separate underwriting clock until a sealed GC bid lands. Loan path: SBA 504/7(a) or conventional — hotels usually 15–20% cash in. Full comps: homepage →