Best Bet Motel and adjacent vacant lot sells for 6.8 mil, now fenced off

by Mike Van Houten / Jul 28, 2021

The Motel 500/Best Bet Motel, located on the corner of Center and Stewart Street, south of the Discovery Museum, has sold for $6,800,000. The property is now fenced off, with notices posted on all the doors. I didn't want to trespass to read what the notices say, since the entire property is fenced off. There is also a trailer parked parallel to the motel within the fence.

It 'seems'  as though the place has been vacated, I walk by it several times a day and don't see the usual activity and people hanging out on the property. 

There is a permit from May for replacing the two staircases, so perhaps the fencing off is related to that? Here's the permit. I don't know if the work for that permit has been done already, or that's what's going on here. But I've been getting a lot of questions and inquiries about it. 

The property was sold to CSHV CENTER ST LLC, which if you look up an entity search on the Secretary of State web site, is actually the California State Teachers' Retirement System. Interesting! 

Motel 500 Fenced

Post your comments
  • July 28, 2021 - 4:40:22 PM

    sweeet! The more of these motels that go down the better!

  • August 3, 2021 - 9:52:01 AM

    can't wait to see what BlackRock does to mitigate the lost market rate low income housing.

  • August 28, 2021 - 2:38:11 PM

    Agreed. Tear all these motels down. It would be nice if they redeveloped the entire block. What's with that huge dirt lot just south of it. Build more yuppie restaurants and luxury housing:)