Excellent Apartment Conversion at $38,333 per unit 1. Location: 3655 Cummings Hwy This road leads around the bottom of Lookout Mountain to South Broad Street. Broad Street runs directly into the fresh water TN Aquarium. 2. Location: Cummings Hwy on the way to Broad Street, turn up the side of Lookout Mountain and you are at Ruby Falls. Go Further up the mountain and you will be at Rock City. 3. Location: Cummings Hwy at Broad Street – turn right 2 blocks to the Incline Railway. These are big time tourist locations in Chattanooga Coming into Chattanooga from the West side, this is the first Exit to go to these Attractions 4. Pricing, value, appraisals are based on 3 factors; Business Value This value is lower because of revenue Replacement Cost… over $5,000,000 to build 60 units, not counting Land value Comparison Most hotels of this type are going from $ 40,000 to $57,000. This pricing is $38,333 per unit. 5. At this revenue / pricing, the banks will require a little larger downpayment. 6. Chattanooga is a wonderful hotel marketplace. At this very good pricing, you can enter into this marketplace with little cost. Building this business up will not be difficult.