This property is Off-Market
144 North Joe B. Hall Avenue
Shepherdsville, KY 40165 ·
98 Rooms · Hotel & Motel For Sale
Motel 6, KY
|Price||N/A||Property Type||Hotel & Motel|
|No. Rooms||98||Property Sub-type||Economy/Limited Service|
|Building Size||40,000 SF||Property Use Type||Vacant/Owner-User|
|Listing ID: 17568982||Date Created: 03/12/2012||Last Updated: 09/23/2013|
*****The Property is Back on the Market******
This 98 keys, two stories, interior corridor asset is well located at an exit off Interstate 65. It is about 19 miles south of downtown Louisville, KY and about 15 miles from Louisville International Airport. At an asking price of $ 2.1 million, at $21,000 per key, the property offers a great opportunity for an owner operator or even an investor.
The property was renovated in 2011 with nearly $400,000 in capital improvements. The property shows very nice and no major PIP is anticipated from Motel 6. In 2008 the property attained revenues of nearly $850,000. With newly renovated property and improving economy the property is capable of reaching the 2008 revenues and beyond.
In 2011 the property attained nearly $700,000 in revenues with the Net Operating Income (NOI), of nearly $332,000. At a market rate financing for a new purchaser the property provides app. $210,000 to an owner operator after mortgage with over 40% Return on Investment (ROI).
The Shepherdsville lodging market is fairly stable. The leisure demand is generated by Interstate 65 while other local small to medium sized businesses and contractors provide the corporate demand. Additional demand in the market will be generated by former Six Flags Kentucky Kingdom amusement park, expected to reopen in May 2013, employing 25 people full-time and 800 seasonal workers.
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