2508 N Highway 41
Evansville, IN 47711 ·
159 Rooms · Hotel & Motel For Sale
Econo Lodge Evansville North Central
|No. Rooms||159||Average Daily Rate||$48|
|Building Size||88,236 SF||No. Stories||2|
|Property Type||Hotel & Motel||Year Built||1958|
|Property Sub-type||Economy/Limited Service||Lot Size||4.50 AC|
|Property Use Type||Investment||Parking Ratio||1 / 1,000 SF|
|Listing ID: 15941446||Date Created: 10/14/2008||Last Updated: 04/13/2009|
This property was originally a Holliday Inn. The change to the Econo Lodge flag has significantly increased the N.O.I of the property. There are 98 motel rooms and 1 apartment, (used for Extended Stay) presently being rented and in excellent condition. There is a large Banguet Hall that is rented for special occations producing additional income.
Located on the North end of the complex is an additional section of 120 rooms that the owner is renovating and coverting to 60-1 bedroom Extended Stay units. The Extended Stay section will need a cash investment by the buyer to complete the renovations. The Extended Stay section will add cash flow and value to the property that has not been included in the Property Value, Cash on Cash or Cap Rate calculations.
When lookng for an Econo Lodge in the Evansville area this property is listed first. The listng order is determined by the proximity of the property to disired business and attracton sites in a city.
The Cap Rate of this property (without the Extended Stay units)is 12.6% with a Cash on Cash return of 25.55%
When arriving in Evansville take U S Hwy 41 south to the Diamond Street Exit the property ls located on the right .
- Motel section is in very good shape
- Frontage on US Hwy 41 exit
- Large swimming pool
- 60 additional 1 bedroom unts to be renovated
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