305 E Colby St - Hospitality FOR SALE


Whitehall, MI 49461
$970,000 USD
720-666-5618
305 E Colby St, Whitehall, MI for Sale
$970,000 USD
Hospitality - FOR SALE
1/41
null | 6.8% Cap Rate

305 E Colby St
Whitehall, MI 49461


HIGHLIGHTS

  • Most popular and highest rated short-term rental property in the area.
  • 10 minute walk or 2 minute drive to White Lake marinas.
  • Subway, PNC Bank, United State Postal Service, NAPA Auto Parts, and popular local businesses surround Whitehall Cottages.
  • New owners could easily double the occupancy rates.

OVERVIEW

This downtown Whitehall, MI motel has been completely renovated and just steps away from local restaurants and breweries. A great business opportunity for someone wanting to take a profitable business to the next level. Featuring all new plumbing, HVAC, electrical, and roof. All rooms have been remodeled in the last few years. The business is currently the highest-rated Hotel/Motel in the city. Lots of room to grow as the asking price is based on a 7% cap rate from projected 2022 earnings. Current owners have only passively marketed through Airbnb & VRBO and do not even have any signage on the property. With an aggressive marketing campaign and updates to the exterior of the property, the new owners could easily double the occupancy rates as they are currently less than half the county average.

FOR SALE DETAILS

PRICE

$970,000 USD

PRICE/SF

$277 USD /SF

# OF ROOMS

11

PRICE/ROOM

$88,182 {currency}

CAP RATE

6.8%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Whitehall Cottages Boutique Motel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

1

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1947

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,763 SF

ZONING

RC-1 RE

APN/PARCEL ID

22-220-014-0001-10

ASK ABOUT THIS PROPERTY

Gary HallWestshore Property ManagementMore Info
720-666-5618

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Gary HallWestshore Property ManagementMore Info
720-666-5618

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