Well known, classic Americana motel located directly on Old U.S. Highway 40 a.k.a. Cornell Ave in central Lovelock. 6,838 SF in the two main buildings, plus a detached 374 SF garage/workshop, on a 22,500 SF lot with adequate parking. Most units have been updated in 2019, with 10 of the 20 rooms ready for immediate occupancy and the remaining 10 rooms ready for your finishing touches. 6 of the rooms have existing kitchens, with 2 of those rooms being 2 bedroom/2 bath units rather than standard motel rooms.
The City of Lovelock has approved a plan to convert the property into 9 long term apartment units and 5 short term occupancy motel rooms, which upon completion would exempt the 9 long term units from occupancy tax. This plan can be easily executed upon at buyer option by opening doorways between certain units and installing an additional 3 kitchens, thereby completing the conversion. Alternatively, the property can be operated in its existing motel configuration if Buyer prefers. Unique opportunity with big upside either way.
Based on a nightly average rental rate of $50 per unit, which is low as compared to competing motel rooms in Lovelock, this property is capable of grossing $30,000 or more per month at full occupancy. Currently expanding mines and other local enterprises point to increasing short and long term housing demand in late 2019, 2020, and beyond. Excellent investment and business opportunity.
Please do not enter onto the property or disturb current occupants without an appointment. Please call in advance to schedule a viewing.
Directions: 515 Cornell Ave is located at the northwest corner of Cornell Ave and 5th Street in Lovelock, NV 89419.
