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Independent Motel Property in Columbus, MS!

Listing was updated at: 06/04/2019
Independent Motel Property in Columbus, MS!

Property Overview

Price/Rent PSF $ 1,500,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 1
Date Available 04/24/2019
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Description

Total Rooms: 99 Rentable Rooms: 85 Additional rooms currently used for storage: 14 2018 Revenue: $440,000 Asking price: $1.5M Brand New Roof on the L-shaped Motel property! Amazing Deal! Seller operated it for 10 years and is ready to retire. Independent Property that can be flagged by Choice or Wyndham. 15 minutes from Mississippi State College. The property is within a short walk of Columbus Arts Council, within a mile of Mississippi University for Women, Leigh Mall Shopping Center, Columbus Speedway, Magnolia Motor Speedway, Mississippi State University. The US Air Force base is close-by and brings in significant revenue. Well-constructed brick building. Exterior Corridor. Originally built as a Holiday Inn. Property is located in the heart of the City under section 16 of MS State law, with a 99 year automatically renewable lease with the State for $7.50 per year. Near the intersection of two major highways. Close to the power plant and paper mill plants. A significant amount of construction people stay there on a weekly basis. This property has 99 rooms from which 85 rooms can be rented. 14 rooms are currently being used for storage. Guests can access free WiFi in rooms and public areas, outdoor pool, business center, and banquet hall. Motel property was renovated in 2017 with a brand-new roof!! It has 2 meeting rooms that are currently generating $500 per month in revenue!!! There is an additional Restaurant Bar and Lounge that is currently closed but used to generate $50,000/month in revenue. Currently still generating $1500/month in Banquet hall income along with an additional catering revenue of $1200/month. Revenue of $440,000!! Property was appraised for $1.9M in 2009 and will probably appraise for higher today!!! Amazing deal! Unique opportunity as the property has a trained staff that has been working at this motel for almost 2 decades. Seller purchased the Property in 2009 for $1.45M and after renovations is willing to sell it at $1.5M! The property is being offered at a Cap Rate of over 11%. Seller currently has a loan of $1.07M that is assumable!

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