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Riviera Motel 3107 W Lake Rd 27 Room Hotel Erie, PA 16505 $1,100,000 ($40,741/Room) 14% Cap Rate
Investment Highlights
- Across from local amusement park
- Walking distance to restaurants and convenience stores
- High traffic area
Executive Summary
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,100,000 | Lot Size | 0.69 AC |
| Price Per Room | $40,741 | Building Size | 10,968 SF |
| Sale Type | Investment | No. Rooms | 27 |
| Cap Rate | 14% | No. Stories | 1 |
| Sale Condition | Business Value Included | Year Built/Renovated | 1950/2023 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 2.74/1,000 SF |
| Building Class | C | Corridor | Interior |
| Zoning | R-C - Recreation Commercial | ||
| Price | $1,100,000 |
| Price Per Room | $40,741 |
| Sale Type | Investment |
| Cap Rate | 14% |
| Sale Condition | Business Value Included |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 10,968 SF |
| No. Rooms | 27 |
| No. Stories | 1 |
| Year Built/Renovated | 1950/2023 |
| Tenancy | Single |
| Parking Ratio | 2.74/1,000 SF |
| Corridor | Interior |
| Zoning | R-C - Recreation Commercial |
Amenities
- Pool
About 3107 W LAKE RD , ERIE, PA 16505
Fantastic Millcreek investment opportunity right across from the Waldameer amusement park. Owners have done most of the heavy lifting with renovating many of the rooms, updates to pool, and online integration, making this the prime time for the right operator to take this motel to the next level. Currently renting rooms as extended stay during the off season, with a loyal nightly customer base that comes in the summer months year after year. This could also be a perfect property to turn into a senior care facility, or similar communal housing operation with all rooms being on ground level. Financial data is projected on 9 months being rented as extended stay with 3 months being nightly with the loyal return customers. One member of the owning LLC is a PA licensed Realtor.
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 27 | $40.00 | - |
Property Taxes
| Parcel Number | 33-016-065.0-008.00 | Improvements Assessment | $369,600 |
| Land Assessment | $135,200 | Total Assessment | $504,800 |
Property Taxes
Presented by
Riviera Motel | 3107 W Lake Rd
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