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Red Mountain Inn 51637 Highway 6 40 Room Hotel Glenwood Springs, CO 81601 $6,800,000 ($170,000/Room) 8.91% Cap Rate
INVESTMENT HIGHLIGHTS
- 8.91% Cap on Actuals
- No Deferred Maintenance
- 41 Units- 100% Occupied
- $700,000+ of Cap Ex
EXECUTIVE SUMMARY
Olive Real Estate Group is pleased to offer the Red Mountain Inn & Suites for sale.
Located in Glenwood Springs, Colorado, the property offers 41 extended-stay units, several of which are free-standing buildings. All units have kitchens or kitchenettes with full sized refrigerators.
Over $700,000 of capital improvements have occurred in the past three years. With on-site management in place, this is a rare turn-key opportunity in a market with fierce demand and very limited workforce housing availability.
The delightful community setting offers park-like amenities and additional land behind existing structures for future development potential.
Primarily rented on a month-to-month basis, The Red Mountain Inn and Suites provides desperately needed workforce housing in a strong, desirable market where median list prices for residential properties now exceed $912,000 or $508 per sq ft.
Unlike most hospitality properties, occupancy is always high, with a waiting list for new move-ins as quickly as units are ready. Current occupancy is 100%
Don’t miss this opportunity to invest in a market with high demand and very little competition in the workforce housing sector.
41 Unit - 100% Occupied
8.91% Cap on Actuals
Turn-key
No Deferred Maintenance
Booming Market
Located in Glenwood Springs, Colorado, the property offers 41 extended-stay units, several of which are free-standing buildings. All units have kitchens or kitchenettes with full sized refrigerators.
Over $700,000 of capital improvements have occurred in the past three years. With on-site management in place, this is a rare turn-key opportunity in a market with fierce demand and very limited workforce housing availability.
The delightful community setting offers park-like amenities and additional land behind existing structures for future development potential.
Primarily rented on a month-to-month basis, The Red Mountain Inn and Suites provides desperately needed workforce housing in a strong, desirable market where median list prices for residential properties now exceed $912,000 or $508 per sq ft.
Unlike most hospitality properties, occupancy is always high, with a waiting list for new move-ins as quickly as units are ready. Current occupancy is 100%
Don’t miss this opportunity to invest in a market with high demand and very little competition in the workforce housing sector.
41 Unit - 100% Occupied
8.91% Cap on Actuals
Turn-key
No Deferred Maintenance
Booming Market
PROPERTY FACTS
| Price | $6,800,000 | Building Size | 18,000 SF |
| Price Per Room | $170,000 | No. Rooms | 40 |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 8.91% | Year Built/Renovated | 1945/2022 |
| Property Type | Hospitality | Parking Ratio | 1.25/1,000 SF |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 2.42 AC | ||
| Zoning | M1 | ||
| Price | $6,800,000 |
| Price Per Room | $170,000 |
| Sale Type | Investment |
| Cap Rate | 8.91% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.42 AC |
| Building Size | 18,000 SF |
| No. Rooms | 40 |
| No. Stories | 1 |
| Year Built/Renovated | 1945/2022 |
| Parking Ratio | 1.25/1,000 SF |
| Corridor | Exterior |
| Opportunity Zone |
Yes |
| Zoning | M1 |
AMENITIES
- Outdoor Pool
- Destination Resort
- Public Access Wifi
- Hot Tub
- Fully-Equipped Kitchen
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 1 | $214.00 | - |
| Guest Room | 39 | $115.00 | - |
PROPERTY TAXES
| Parcel Number | R100051 | Improvements Assessment | $57,080 |
| Land Assessment | $396,980 | Total Assessment | $454,060 |
PROPERTY TAXES
Parcel Number
R100051
Land Assessment
$396,980
Improvements Assessment
$57,080
Total Assessment
$454,060
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Red Mountain Inn | 51637 Highway 6
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