56 Room Independent Motel near London, Kentucky - Owner Financing Available
$1,750,000
363 Kentucky 80, Manchester, KY 40962
For Sale
Hotel
Economy Limited
Active
Last Updated: 06/06/2023
9
Cap Rate
200,000
NOI
Details:
Cap Rate: 9%
NOI: $200,000
Building Size: 32,846 sqft
Lot Area: 1.4 acres
Keys: 56
Star Rating: 4
ADR: $79
Year Built: 2002
Management: Unencumbered
Floors: 1
Parking Spots: 60
Year Last Renovated: 2021
HVAC: Yes
Floor: 1
Investment Strategy: Opportunistic
Highlights:
- OWNER FINANCING
- Only Motel in Area
- New Holiday inn Express & Suites Furnishings
- Indoor Heated Pool
- Good NOI
- No PIP
Description:
56 Room Independent Motel - Former Best Western - Built in 2002. Exterior Corridor - Indoor Heated pool. Located on busy parkway. 20 minutes from London, Kentucky. Low Property Taxes - $15,000/Year. Healthy NOI - $200,000/Year. Needs Owner Operator. Current owner is absentee. Revenues average $500,000/Year. Owner is currently upgrading motel with furnishings from Holiday Inn Express & Suites including lobby and all rooms + new flat screen TV's. Owner will finance with $400,000 down and 5 year term at 6.00% interest rate. Take over operations immediately. No Bank or Closing costs. Great starter motel or for retiring person seeking steady income.
Location
Gallery
