1403 E Main St
Laurel, MT 59044
Laurel Ridge Motel · Hospitality Property For Sale · 27 Rooms

711 is a highway 10 golden age of motoring in America, well built, model ground level and entry motel where guests could drive into and park in the garage, come into the full kitchen, enjoy the living room and then retire to separate bedrooms. Today we have converted the garages into extra bedrooms, meaning these units are larger than most apartments! These units are 1, 2, and 3 bedroom units. 1403 is more efficiency, 1 bed and and 2 bed units. This covers all market segments. The properties have had extensive capital improvements such as R-48, low flow toilets, windows, and multiple new furnaces at 1403 to substantially reduce utility expenses. With a steel roof on 711, these properties are low maintenance, comparable to newer construction. Additionally, most units have had flooring, paint etc upgraded. They are not fancy, just good clean units. Any remaining work is cosmetic or wearable surfaces. The units are fully furnished with utilities included, including wifi. This is attractive in our market as there is a continual housing shortage and competitor's rentals are any combination of rather sub par, unfurnished, utilities are extra etc. Laurel is in the path of development. Located next to Billings, a national top 10 economy for many years running. With 2 interstates, a new exchange direct to the south and the new i 90 west end interchange being built now, laurel is growing. With the new Wal mart and 35 plus new businesses within the last 3 years, much positive growth is local. We substantially receive all of the Wyoming traffic first as they come to MT to shop tax free. With platinum, palladium, gold, silver, agriculture, the regional medical facilities, continuous huge infrastructure projects and a true 400 mile trade radius, Laurel is a great place to have a portfolio. For passive income properties, one is hard pressed to find this many units, and a competitive advantage such as described. With a local owner to drive revenue, these as multi family can generate substantial cash flow. Op Ex now that it is transitioned and operating as multi family, expenses run about $4k to $5k month including the $1,000 fee to property manager, so 2018 should run approx $55,000 annual and more than likely a bit less.