4321 US 41 North - Hospitality FOR SALE


Evansville, IN 47711
$2,400,000 USD
812-453-3102
4321 US 41 North, Evansville, IN for Sale
$2,400,000 USD
Hospitality - FOR SALE
1/9
null | Request Cap Rate

4321 US 41 North
Evansville, IN 47711


HIGHLIGHTS

  • High unit count
  • Close to demand drivers
  • Value add opportunity through rebranding with national flag

OVERVIEW

This 102-unit motel, located near the regional airport, has been operated by the current owner since 2010 under various names, including Motel 6 (until approximately 2020), Motel 41, and its current name, PT6 Motel. The property features masonry block wall construction typical of its era, with uniformly sized rooms offering single or double bed configurations. Nearly all rooms have been updated by the owner with new paint, flooring, and finishes in alignment with the branding standards of several major economy hotel franchises, providing flexibility for future rebranding opportunities. Heating and cooling are managed by PTAC units, the majority of which have been replaced within the last five years. Nine units have been converted into a master apartment where the owner resides. The property includes a small on-site office and laundry facilities, enhancing operational convenience. Seller built a 60'x20' building designed for self storage on the north end of the property that they use for business storage but could be a source of additional rental income. Strategically located near the regional airport along a major highway on the north side of Evansville, IN, this area has experienced substantial redevelopment over the past 24 months. Directly to the south, a prominent mixed-use shopping center now features a newly opened restaurant, fitness club, and indoor shooting range. Additionally, the former Clarion Inn at the Lynch Road intersection is undergoing an extensive renovation and transformation into residential apartments.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$91 USD /SF

# OF ROOMS

72

PRICE/ROOM

$33,333 {currency}

CAP RATE

Request Cap Rate

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Independent Motel - 102 Keys

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

2

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1973

PARKING SPACES

109

LAND DETAILS

LAND ACRES

8.11 AC

LAND SF

353,272 SF

ZONING

C

APN/PARCEL ID

82-06-09-034-299.022-020

ASK ABOUT THIS PROPERTY

Scott EdmondNAI Prime CommercialMore Info
812-453-3102

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Scott EdmondNAI Prime CommercialMore Info
812-453-3102

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