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Rodeway Inn Mount Laurel Hwy 73 1132 Route 73 90 Room Hotel Mount Laurel, NJ 08054 $6,200,000 ($68,889/Room) 10.48% Cap Rate
Investment Highlights
- Managed as a Rodeway Inn, part of Choice Hotels International, providing global reservation system access.
- The 3-mile radius boasts a median household income of $107,079 and a daytime employee population exceeding 70,000.
- Benefit from significant capital improvements made new boiler, Solar panels has 2-3 years financing left, which will help reduce PSEG cost.
- The property features solar panels installed on the roof, as visible in aerial and building photography, potentially reducing operational energy costs
Executive Summary
The Rodeway Inn Mount Laurel Hwy 73 is a 92-room, exterior corridor, economy-class hotel strategically located at 1132 Route 73, Mount Laurel, NJ 08054. Situated on a prime 3.22-acre suburban lot, the property is a franchise-operated facility under the Choice Hotels International umbrella. The building features a durable two-story, exterior corridor design constructed with reinforced concrete. Following an initial renovation in 2012, the property underwent extensive capital improvements in 2023, including the installation of a new boiler, comprehensive new plumbing, and new PTAC units in all guest rooms. This asset represents a great opportunity for hands-on operations, benefiting from a high-traffic location that sees nearly 65,000 vehicles daily and a robust local economy with over 70,000 daytime employees within a three mile radius
Property Facts
| Price | $6,200,000 | Lot Size | 3.22 AC |
| Price Per Room | $68,889 | Building Size | 41,148 SF |
| Sale Type | Investment | No. Rooms | 90 |
| Cap Rate | 10.48% | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1975/2012 |
| Property Subtype | Hotel | Parking Ratio | 3.18/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | B | ||
| Price | $6,200,000 |
| Price Per Room | $68,889 |
| Sale Type | Investment |
| Cap Rate | 10.48% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 3.22 AC |
| Building Size | 41,148 SF |
| No. Rooms | 90 |
| No. Stories | 2 |
| Year Built/Renovated | 1975/2012 |
| Parking Ratio | 3.18/1,000 SF |
| Corridor | Exterior |
| Zoning | B |
Amenities
- High Speed Internet Access
- Public Access Wifi
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 90 | $87.00 | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 24-01306-01-00007 | Improvements Assessment | $2,695,200 |
| Land Assessment | $1,026,000 | Total Assessment | $3,721,200 |
Property Taxes
Parcel Number
24-01306-01-00007
Land Assessment
$1,026,000
Improvements Assessment
$2,695,200
Total Assessment
$3,721,200
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Rodeway Inn Mount Laurel Hwy 73 | 1132 Route 73
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