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Econo Lodge Erie 8040 Perry Hwy 93 Room Hotel Erie, PA 16509 $2,100,000 ($22,581/Room) 11.90% Cap Rate
INVESTMENT HIGHLIGHTS
- 12,000 SF building with 92 units
- Built in 1983 for solid construction
- Zoned AR for versatile usage
- Ideal for select service hospitality
- Renovated in 2023
- Attractive "Fee Simple" ownership option
EXECUTIVE SUMMARY
PLEASE DO NOT VISIT OR CONTACT THE STAFF, MANAGEMENT OR OWNERSHIP OF THE PROPERTY DIRECTLY. KINDLY CONDUCT ALL INQUIRIES THROUGH OUR OFFICE. THANK YOU IN ADVANCE FOR YOUR UNDERSTANDING AND COOPERATION!!
Presenting an exceptional investment opportunity at 1234 Perry Hwy, Erie, PA. This 12,000 SF property, boasting 92 units, is a 'Fee Simple' gem, sure to captivate the astute investor. Whether as a standalone venture or part of a comprehensive package with the adjacent Quality Inn, this property promises a lucrative return on investment.
Established in 1983 and zoned AR, this property provides a robust platform for a select-service hotel or hospitality venture. Its strategic position in the thriving Erie area offers a unique chance for expansion and triumph in the hospitality industry. Uncover this property's untapped potential and leave your mark in the flourishing Erie market.
The comprehensive Package could include:
- Super 8 (adjacent to Quality Inn)
- Quality Inn (includes banquet hall, bar, and restaurant)
- Land (6- acre behind the Super 8)
Additional revenue opportunities are available when purchased with the Quality Inn, which includes a banquet hall, bar, and restaurant.
- monthly 2 to 3 events (200 people)
- 2022: $400k
- 2023: $400k
- Price $100k
Located off of busy I-90 just across from the Presque Isle Downs & Casino in beautiful Erie PA. Erie, Pennsylvania, is a city located in the northwestern part of the state, along the southern shore of Lake Erie. It is the fourth-largest city in Pennsylvania and has a rich history and a diverse range of attractions and activities.
Lake Erie: Erie is known for its stunning waterfront along Lake Erie, one of the Great Lakes. Presque Isle State Park, a peninsula that extends into the lake, offers beautiful beaches, walking trails, and opportunities for boating, fishing, and bird-watching. It's a popular spot for outdoor enthusiasts.
Manufacturing Heritage: Erie has a strong manufacturing history, particularly in industries like locomotive manufacturing, paper production, and plastics. The city played a significant role in the Industrial Revolution, and remnants of this heritage can still be seen today.
Downtown Erie: Downtown Erie features a mix of historic and modern architecture. You'll find various shops, restaurants, and cultural attractions, including the Erie Art Museum and Warner Theatre, which hosts concerts and Broadway shows.
Education: Erie is home to several colleges and universities, including Gannon University and Mercyhurst University, contributing to a vibrant academic community.
Sports: Erie is home to the Erie SeaWolves, a Double-A minor league baseball team affiliated with the Detroit Tigers. Sports enthusiasts can also enjoy hockey games with the
Erie Otters, a junior ice hockey team.
Culture and Entertainment: The city offers a range of cultural experiences, from art galleries and theaters to music festivals and community events. The Erie Philharmonic
and Erie Playhouse are notable cultural institutions.
Cuisine: Erie boasts a diverse culinary scene, with a focus on fresh seafood from Lake Erie. You can find a wide variety of dining options, from casual eateries to upscale
restaurants.
Maritime History: The Erie Maritime Museum showcases the city's nautical history and is home to the U.S. Brig Niagara, a reconstructed historic warship.
Festivals and Events: Erie hosts numerous festivals throughout the year, celebrating everything from seafood and wine to music and the arts.
Outdoor Recreation: Besides Presque Isle State Park, the surrounding region offers opportunities for hiking, camping, and exploring nature. The Allegheny National Forest is not too far from Erie.
Snowfall: Erie is known for its heavy snowfall during the winter months, thanks to its location in the snowbelt region off Lake Erie. This makes it a destination for winter sports enthusiasts.
Broker of Record:
Real Broker
Niraj Parikh
parikhrealty@gmail.com
848-565-5006
500 Office Center Dr #400
Fort Washington, PA 19034
Office #: 855-450-0442
Presenting an exceptional investment opportunity at 1234 Perry Hwy, Erie, PA. This 12,000 SF property, boasting 92 units, is a 'Fee Simple' gem, sure to captivate the astute investor. Whether as a standalone venture or part of a comprehensive package with the adjacent Quality Inn, this property promises a lucrative return on investment.
Established in 1983 and zoned AR, this property provides a robust platform for a select-service hotel or hospitality venture. Its strategic position in the thriving Erie area offers a unique chance for expansion and triumph in the hospitality industry. Uncover this property's untapped potential and leave your mark in the flourishing Erie market.
The comprehensive Package could include:
- Super 8 (adjacent to Quality Inn)
- Quality Inn (includes banquet hall, bar, and restaurant)
- Land (6- acre behind the Super 8)
Additional revenue opportunities are available when purchased with the Quality Inn, which includes a banquet hall, bar, and restaurant.
- monthly 2 to 3 events (200 people)
- 2022: $400k
- 2023: $400k
- Price $100k
Located off of busy I-90 just across from the Presque Isle Downs & Casino in beautiful Erie PA. Erie, Pennsylvania, is a city located in the northwestern part of the state, along the southern shore of Lake Erie. It is the fourth-largest city in Pennsylvania and has a rich history and a diverse range of attractions and activities.
Lake Erie: Erie is known for its stunning waterfront along Lake Erie, one of the Great Lakes. Presque Isle State Park, a peninsula that extends into the lake, offers beautiful beaches, walking trails, and opportunities for boating, fishing, and bird-watching. It's a popular spot for outdoor enthusiasts.
Manufacturing Heritage: Erie has a strong manufacturing history, particularly in industries like locomotive manufacturing, paper production, and plastics. The city played a significant role in the Industrial Revolution, and remnants of this heritage can still be seen today.
Downtown Erie: Downtown Erie features a mix of historic and modern architecture. You'll find various shops, restaurants, and cultural attractions, including the Erie Art Museum and Warner Theatre, which hosts concerts and Broadway shows.
Education: Erie is home to several colleges and universities, including Gannon University and Mercyhurst University, contributing to a vibrant academic community.
Sports: Erie is home to the Erie SeaWolves, a Double-A minor league baseball team affiliated with the Detroit Tigers. Sports enthusiasts can also enjoy hockey games with the
Erie Otters, a junior ice hockey team.
Culture and Entertainment: The city offers a range of cultural experiences, from art galleries and theaters to music festivals and community events. The Erie Philharmonic
and Erie Playhouse are notable cultural institutions.
Cuisine: Erie boasts a diverse culinary scene, with a focus on fresh seafood from Lake Erie. You can find a wide variety of dining options, from casual eateries to upscale
restaurants.
Maritime History: The Erie Maritime Museum showcases the city's nautical history and is home to the U.S. Brig Niagara, a reconstructed historic warship.
Festivals and Events: Erie hosts numerous festivals throughout the year, celebrating everything from seafood and wine to music and the arts.
Outdoor Recreation: Besides Presque Isle State Park, the surrounding region offers opportunities for hiking, camping, and exploring nature. The Allegheny National Forest is not too far from Erie.
Snowfall: Erie is known for its heavy snowfall during the winter months, thanks to its location in the snowbelt region off Lake Erie. This makes it a destination for winter sports enthusiasts.
Broker of Record:
Real Broker
Niraj Parikh
parikhrealty@gmail.com
848-565-5006
500 Office Center Dr #400
Fort Washington, PA 19034
Office #: 855-450-0442
PROPERTY FACTS
| Price | $2,100,000 | Lot Size | 14.98 AC |
| Price Per Room | $22,581 | Building Size | 41,480 SF |
| Sale Type | Investment | No. Rooms | 93 |
| Cap Rate | 11.90% | No. Stories | 4 |
| Property Type | Hospitality | Year Built/Renovated | 1983/2023 |
| Property Subtype | Hotel | Parking Ratio | 2.46/1,000 SF |
| Building Class | C | Corridor | Interior |
| Zoning | AR | ||
| Price | $2,100,000 |
| Price Per Room | $22,581 |
| Sale Type | Investment |
| Cap Rate | 11.90% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 14.98 AC |
| Building Size | 41,480 SF |
| No. Rooms | 93 |
| No. Stories | 4 |
| Year Built/Renovated | 1983/2023 |
| Parking Ratio | 2.46/1,000 SF |
| Corridor | Interior |
| Zoning | AR |
AMENITIES
- High Speed Internet Access
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 93 | $85.00 | - |
PROPERTY TAXES
| Parcel Number | 40-012-066.0-007.01 | Improvements Assessment | $3,068,000 |
| Land Assessment | $932,000 | Total Assessment | $4,000,000 |
PROPERTY TAXES
Parcel Number
40-012-066.0-007.01
Land Assessment
$932,000
Improvements Assessment
$3,068,000
Total Assessment
$4,000,000
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Econo Lodge Erie | 8040 Perry Hwy
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