2702 N Monroe St - Hospitality FOR SALE


Tallahassee, FL 32303
$6,650,000 USD
786-772-0719
2702 N Monroe St, Tallahassee, FL for Sale
$6,650,000 USD
Hospitality - FOR SALE
1/22
null | 11.7% Cap Rate

2702 N Monroe St
Tallahassee, FL 32303


HIGHLIGHTS

  • Centrally located directly off Interstate 10 and a short drive to Florida State University.
  • The property was closed for renovation then reopened after completion of the PIP in 2021
  • New Roof, new Tankless water heaters, new FF&E, new windows, and window treatment, new laundry equipment, and new bathroom furniture.
  • Property is in great condition; No pending PIP.
  • Opportunity to acquire a well-located asset in proximity to a variety of Demand Generators.
  • Room Revenue has been on an upward trend for the past three years.

OVERVIEW

The Kabani Hotel Group, acting as the exclusive representative of the seller, is excited to offer the Clarion Pointe by Choice Tallahassee – State Capitol for sale. This well-established property, built in 1988, features a 3-story, 58-room interior corridor hotel situated on a 1.13-acre lot. Conveniently located just off Interstate 10, it is in close proximity to several universities, including Florida State University and Florida A&M, as well as the Florida State Capitol and Downtown Tallahassee. The property underwent a complete Property Improvement Plan (PIP) in 2021, making this the first Clarion Pointe by Choice in Florida. This presents a prime opportunity for investors to acquire a hotel with a reputable brand in a rapidly growing market.

FOR SALE DETAILS

PRICE

$6,650,000 USD

PRICE/SF

$287 USD /SF

# OF ROOMS

58

PRICE/ROOM

$114,655 {currency}

CAP RATE

11.7%

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Clarion Pointe Tallahassee-State Capitol

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

3

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

1988

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.13 AC

LAND SF

49,223 SF

ZONING

CP

APN/PARCEL ID

21-23-20-009-000.0

ASK ABOUT THIS PROPERTY

Lucas MondinoKabani Hotel Group Inc.More Info
786-772-0719

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Lucas MondinoKabani Hotel Group Inc.More Info
786-772-0719

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