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- LoopNet Team
1221 W Reelfoot Ave
Union City, TN 38261
Hospitality House · Hospitality Property For Sale
·
41,414 SF
PROPERTY FACTS
| Property Type | Hospitality | No. Stories | 2 |
| Property Subtype | Hotel | Year Built | 1975 |
| Building Class | C | Parking Ratio | 3.85/1,000 SF |
| Lot Size | 3.17 AC | Corridor | Exterior |
| Building Size | 41,414 SF | ||
| Zoning | B-1 | ||
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 3.17 AC |
| Building Size | 41,414 SF |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 3.85/1,000 SF |
| Corridor | Exterior |
| Zoning | B-1 |
AMENITIES
- Business Center
- Pool
- Shuttle Service
- Meeting Event Space
ABOUT 1221 W REELFOOT AVE , UNION CITY, TN 38261
Current Cap Rate at 8%! $1M In sales in 2019! The property was closed for half the year in 2020 because of Covid. 2021 sales picked back up to $905,000! Property Highlights: Rooms: 71 Occupancy Rate: 54.64% ADR: $60.66 2019 Revenue: $1M 2019 Net Profit: $300,000 2021 Revenue: $905,000! Property is being run on an extremely high payroll at over $317,000! For a well-run property, payroll should not be more than 22% of Revenue. That means an Owner-Operator can save approximately an additional $100,000 in excess payroll saved not counting the Owner-Operator's personal payroll! Buyer does not need to pay any franchise royalties! Interstate-69 is being expanded to Union City, TN! Huge influx of traffic will dramatically increase sales! This Property will become an interstate exit property! 2 hours from Memphis,TN! 2h 45min from Nashville, TN! Near to the University of Tennesee Martin campus! Museum and Heritage Park with Masquerade Theatre and Baptist Memorial Hospital. Also near to Three Rivers Wildlife Management area and White Squirrel winery and vineyard, and a state park with significant lake tourism. Asking Price for the Property: $3.7M. Motel Property in Union City, TN! Interstate Expanding to Town! No Franchise Royalties! Cap Rate at 8% If interested, please give us a call anytime at (770) 664-9999 or email your full name and best contact number to info@riverbrokers.com
PROPERTY TAXES
| Parcel Number | 059-011.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $480,760 |
PROPERTY TAXES
