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2-Motel Boutique Portfolio 5225 Old Lake Rd 17 Room Hotel Geneva, OH 44041 $2,400,000 ($141,176/Room) 8.30% Cap Rate
Investment Highlights
- Includes 2 boutique motels located across the street from one another - Pete's Lakefront Motel and The Palms Motel
- Both motels have been extensively renovated with new partial roofs, vinyl plank flooring, mattresses, and more
- Both motels are located on Geneva-on-the-Lake's famous Strip
- Amenities include private beach access, heated in-ground pool, and 2,000 sqft penthouse with potential to use as owner's suite or STR
Executive Summary
Portfolio includes 2 boutique motels located across the street from one another - The Palms Motel and Pete's Lakefront Motel. Combined, the two properties comprise 32 units across 0.7998 acres.
Property Facts
| Price | $2,400,000 | Lot Size | 0.50 AC |
| Price Per Room | $141,176 | Building Size | 4,100 SF |
| Sale Type | Investment | No. Rooms | 17 |
| Cap Rate | 8.30% | No. Stories | 1 |
| Property Type | Hospitality | Year Built/Renovated | 1967/2021 |
| Property Subtype | Hotel | Parking Ratio | 4.88/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | C | ||
| Price | $2,400,000 |
| Price Per Room | $141,176 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 4,100 SF |
| No. Rooms | 17 |
| No. Stories | 1 |
| Year Built/Renovated | 1967/2021 |
| Parking Ratio | 4.88/1,000 SF |
| Corridor | Exterior |
| Zoning | C |
Amenities
- Pool
- Shuttle Service
- High Speed Internet Access
- Patio
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 17 | $191.00 | - |
1 1
Property Taxes
| Parcel Number | 210300005900 | Improvements Assessment | $43,680 |
| Land Assessment | $22,860 | Total Assessment | $66,540 |
Property Taxes
Parcel Number
210300005900
Land Assessment
$22,860
Improvements Assessment
$43,680
Total Assessment
$66,540
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2-Motel Boutique Portfolio | 5225 Old Lake Rd
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