PRICE REDUCED FOR QUICK SALE
This 116 guest rooms, well built, two stories, exterior corridor asset is located at an exit off I-95 between Washington DC and Richmond, VA. I -95 is a very heavily travelled interstate highway starting from Maine and ending in Florida. The property location is excellent and close to multiple demand generators within close proximity of the property. The property provides an excellent opportunity for an owner operator. It is priced significantly below replacement cost.
The property comes with a long-term International House of Pancakes (IHOP) lease which is located on the site. Current annual lease income from IHOP is app $ 50,000 per year and increases to $60,500 from 2023 to 2028. In addition to lease payments, the tenant is responsible for its pro rata share of the real estate taxes. The lease comes with 5 renewal terms of five years each. The value of this lease contributes app $ 500,000 to property value.
The property is situated along Route 17 just off I-95 Exit # 133. Major demand generators such as Civil War Battlefields, Mary Washington College, Fredericksburg Convention Center and Downtown Fredericksburg are within minutes from the property. In addition, I-95 generate significant transient demand in the area.
Regional Demand generators such as Riverside center for the Performing Arts, James Monroe Museum and memorial Library, Fredericksburg and Spotsylvania National Military Park, Potomac Mills Outlets also provide incremental demand in the market.
Currently the property is managed by an operator who has other business interests. The property has been recently renovated. We anticipate a minimum PIP, if any, for the new owner.
Based on our analysis the property is capable of generating room revenues in excess of 1.2 MM.
