The Travelodge in Cedar City is a two story brick and concrete structure that consists of 36 units with approximately 19,000 sqft of structure and a large over-sized vehicle parking area. It is significantly below what would be considered normal market value for this type and quality of property in Southern Utah with great exposure to I-15. You will not find another hotel property in this area with this low of a price per unit ($18,056/Unit) or with a price with this low of a "times gross" multiplier (2.8XGrs). AND, with this much upside potential. The property has new Managers that are doing an exceptional job and are excited to be at the property and will stay in place should the new owners want to keep these managers in place.
The property sits just off the intersection of Enoch Hwy, Main Street, and I-15 (Exit 62) at the north end of Cedar City. The property is a brick, steel and mortar construction (very sound), it does need some aesthetic improvements (landscaping, paint, and parking lot slurry-seal and striping), and there are 4 or 5 rooms still under remodel (being done right now).
If you are interested in making an offer, please let me know and I can arrange for a tour and prepare the purchase agreement or Letter of Intent. Please do not disturb the onsite managers. All property tours MUST be arranged through my office.
This is a great investment property with over $70,000 in net operating income (this NOI is before debt, based on 2016 Proforma). With these strong operating income numbers, you would earn approximately $40,000 in net cash flow on 2016 numbers (after debt but before taxes) - these NOI numbers include approximate $43,000 in salary expenses currently being paid the the onsite managers and housekeeping.
Asking Price $650,000
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