1014 Cosby Hwy - Hospitality FOR SALE


Newport, TN 37821
$3,500,000 USD
561-227-2672
1014 Cosby Hwy, Newport, TN for Sale
$3,500,000 USD
Hospitality - FOR SALE
1/25
null | 12.48% Cap Rate

1014 Cosby Hwy
Newport, TN 37821


HIGHLIGHTS

  • 12.5% CAP Rate Day-One
  • True Extended Stay with Weekly & Monthly Rentals
  • Minimal Overhead/Expenses due to Extended Stay Business

OVERVIEW

This hotel is a true extended-stay property with rooms rented on a weekly & monthly basis. The property consistently operates at ~90% occupancy and enjoys minimal expenses/overhead due to the minimal needs of a long-term guest. The hotel is offered for sale at $3,500,000, which represents a 12.5% CAP Rate on 2024 numbers. • $3,500,000 Pricing Guidance • 12.5% CAP Rate Day-One. Hotel presents an opportunity to acquire a lucrative business that cash flows immediately upon acquisition. • Consistently occupied and running approximately ~90% occupancy across all 55 rooms. • True Extended Stay Model - rooms rented on weekly and monthly basis, providing for stable income stream and predictability in revenue forecasting. • Very Minimal OTA Presence – Organically built extended stay model with minimal marketing expenses. • Ideal owner/operator acquisition opportunity/excellent opportunity for a first-time hotel buyer • Qualifies for financing through SBA 7a and USDA B&I • Stabilized property with additional value-add potential through addition of kitchenettes in rooms and operational/management efficiencies as current owner is absentee. • Independent Hotel - unencumbered by the strict operating requirements and annual fees associated with franchising. • Ideal Location within short drive of Great Smoky Mountains National Park and Cherokee National Forest. • Short Drive to Major Cities, including: o Sevierville (23 Miles) o Pigeon Forge/Gatlinburg (29 Miles) o Knoxville (48 Miles) o Chattanooga (159 Miles) o Charlotte (185 Miles) o Nashville (227 Miles). • Located Directly Off of Interstate-40 And Cosby Highway, Providing Ease of Access and Displaying Excellent Signage to Commuters. • The Section of Interstate-40 & Cosby Highway Closest to The Property Has an Average Annual Daily Traffic (AADT) Count of Approximately 20,000 Vehicles Per Day.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$183 USD /SF

# OF ROOMS

55

PRICE/ROOM

$63,636 {currency}

CAP RATE

12.48%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Haven Extended Stay Motel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

2

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1979

PARKING SPACES

75

LAND DETAILS

LAND ACRES

1.8 AC

LAND SF

78,408 SF

ZONING

-

APN/PARCEL ID

056-018.01

ASK ABOUT THIS PROPERTY

Gabriel ShamayCushman & WakefieldMore Info
561-227-2672

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Gabriel ShamayCushman & WakefieldMore Info
561-227-2672

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.