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Value Add Opportunity - Ocala, FL MSA 5565 E Silver Springs Blvd 40 Room Hotel Silver Springs, FL 34488 $1,577,500 ($39,438/Room)
INVESTMENT HIGHLIGHTS
- Part of Catalyst Site #4 in the Silver Springs CRA Master Plan, allowing for up to 47 residential units or mixed-use development.
- Features 121 feet of frontage on State Road 40, with a 2024 AADT of 15,200, in the fastest-growing metro in the U.S.
- Adjoining retail/restaurant parcel for sale. Opportunity to own both parcels and reunite the complex for the first time in over 30 years.
- Historic 40-room hospitality property located at a high-traffic, signalized intersection in the Ocala metro, across from Silver Springs State Park.
- Located in a metro with a 2023 GDP of nearly $16B and a projected population growth of up to 30% by 2040.
EXECUTIVE SUMMARY
Historic 40-room hospitality property, located near the highly traveled intersection of State Road 40 (2024 AADT 15,200) and State Road/County Road 35 (2024 AADT 22,800) in the Ocala, FL MSA, the fastest growing metro in the United States. Across from the naturally renown Silver Springs State Park. The subject property sits on .73 acres with 121 FT of State Road 40 frontage. State Road 40 is a major east-west arterial that transverses the Ocala metro. Consisting of 3 buildings totaling 16,102 leasable SF, the property was developed in 1963 as a Howard Johnson's Motor Lodge next to an existing Howard Johnson's Restaurant during the apex of that classic American brand's existence. The adjoining restaurant property is also currently available for purchase. Opportunity to purchase both parcels and reunite the complex for the first time in over 30 years. True as it was then this property presents significant potential upside as a renovation, conversion, or redevelopment project. Property is within Catalyst Site #4 of the Silver Springs CRA Master Plan. Plan calls for re-routing of State Road 40 which would potentially increase the frontage of the existing parcel. Site #4 designation also calls for generating interest in a mix of neighborhood scale retail, duplex, and triplex residential development of up to 47 dwelling units. Appreciable value add opportunity for a renovation, conversion, or redevelopment project. CRA Master Plan encourages renovation, conversion, or redevelopment. While Marion County's Special Use Permit process allows alternative uses to be explored. Selling entity has provided conceptualized images of what could be done if the property were to be renovated under its current hospitality use. Ocala, FL MSA GDP is ranked #36 out of 200 large metros in the United States with a 2023 GDP of nearly $16 billion. Combine this with the University of Florida's projection that Marion County's population will grow up to an additional 30% by 2040. One would be hard pressed to find a comparable location in this metro or beyond. Property is served by gas, electric, public water, and public sewer utilities. Roof updated in 2013 and 2022. ***Showings are by appointment only. Do not go to the property. Contact the listing agent for showing details.***
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Third Party Reports
- Miscellaneous
FINANCIAL SUMMARY (PRO FORMA - 2026) 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 (PRO FORMA - 2026) 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 Under Contract
| Price | $1,577,500 | Lot Size | 0.73 AC |
| Price Per Room | $39,438 | Building Size | 23,930 SF |
| Sale Type | Investment | No. Rooms | 40 |
| Sale Condition | Redevelopment Project | No. Stories | 2 |
| Property Type | Hospitality | Year Built/Renovated | 1963/2013 |
| Property Subtype | Hotel | Parking Ratio | 1/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | B2 - Community Business District | ||
| Price | $1,577,500 |
| Price Per Room | $39,438 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.73 AC |
| Building Size | 23,930 SF |
| No. Rooms | 40 |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2013 |
| Parking Ratio | 1/1,000 SF |
| Corridor | Exterior |
| Zoning | B2 - Community Business District |
AMENITIES
- Pool
- Public Access Wifi
- Smoke Detector
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 40 | $70.00 | - |
PROPERTY TAXES
| Parcel Number | 24093-001-00 | Improvements Assessment | $0 (2024) |
| Land Assessment | $0 (2024) | Total Assessment | $428,813 (2024) |
PROPERTY TAXES
Parcel Number
24093-001-00
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$428,813 (2024)
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Value Add Opportunity - Ocala, FL MSA | 5565 E Silver Springs Blvd
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