Motel/Inn, potential Condo Conversion

Hospitality for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30061035
Property Subtypes: Bed & Breakfast, Extended Stay, Hostel, Inn, Motel
Number of Units: 30 Units
Building Size (RSF): 4,000 SF
Gross Building Area: See Agent
Gross Land Area: 1.84 Acres
Sale Price: $1,100,000 - 1,150,000
Unit Price: $36,666.67 Per Unit
Property Use Type: Investment
Building Name: American Best Value Inn
Name of Establishment: Americas Best Value Inn
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 11/10/2017

Overview / Comments

This is an opportunity to own a motel/Inn, potential condo conversion/development or apartment building. This is a 30 room motel with 2 bedroom apartments. This property was remodeled a few years ago but it definitely needs more updating. They advertise: Make yourself at home in one of the 30 air-conditioned rooms featuring refrigerators and microwaves. Your room comes with a pillowtop bed. Complimentary wireless Internet access keeps you connected, and cable program .....
Please note: The American Best Value contingencies: Does not require any renovations, the owner pays a $1750 per month flat fee to use this brand. No Contract required, included marketing franchise fee. Everything is done manually, no PMS at property, installing soon. If you would like to view the property, please set up a showing. I will need proof of funds or pre approval. A loan will probably not support this property's income but we could do some creative financing. Please consult with my Financial Advisor/Private Lender, Ann Sabbagh, owner of Seacoast Mortgage. 508-243-1190. The income is there, it just is not "showing" on the tax returns.
Utility easement to back house. This Brand has no star report
This is a great opportunity for the right investor.

Attachments & Media

Additional Details

Nearest MSA: Norwich-New London
County: New London
Tax ID/APN: 2078916
Retail Clientele: Traveler, Tourist
Property Located Between: Westerly and Mystic
Property Visibility: Excellent
Largest Nearby Street: Liberty Street
Feet of Frontage: 200
Highway Access: I-95
Airports: Westerly Airport & Providence and Hartford Airport
Area Description: Main Road to Mystic, downtown Stonington and Westerly.
Nearby Attractions: Mystic Aquarium, Stonington Borough, Foxwoods and Mohegan Sun Casinos
Total Number of Buildings: 4
Number of Stories: 2
Property Condition: Good
Year Built: 1973
Year Renovated: 2015
Average Occupancy Rate: 80
Total Parking Spaces: 50
Parking Type: Surface
Parking Description: 2 spaces per unit
Laundry: Laundromat Nearby
Heat Type: Electricity
Air Conditioning: Window Unit
Internet Access: Cable, Satellite
Lot Frontage: 200
Water Service: Well
Sewer Type: Septic
Easements: Utilities
Easements Description: Utility easement to back house.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,434 14,695 35,891
Median Age: 49.44 44.71 45.75
Households: 597 6,420 15,740

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