9902 Gulf FwyHouston, TX 77034

This exceptional investment opportunity presents a 136-key hotel, the Red Roof Inn & Suites Hobby Airport, situated on a 3.5-acre lot at 9902 Gulf Fwy, Houston, TX 77034. The property, with APN 0342030030315, boasts two three-story buildings totaling 50,000-55,000 square feet, constructed in 1984 and significantly renovated in 2006 and 2019. Currently operating as a hotel with 128 keys and three 3-bedroom apartments, the property offers a compelling 9.62% cap rate and a strong net operating income (NOI) of $500,000. The asking price is $5,200,000, translating to a price per key of $38,235.29. Financial records indicate a 2023 room revenue of $1.268 million and a projected 2024 revenue of $1.4 million. The property's strategic location, just two miles from Hobby Airport and eleven miles from downtown Houston, provides excellent access to a robust market. The property includes approximately 178 parking spaces. Currently, 36 rooms feature kitchenettes, demonstrating the viability of a conversion to extended-stay or multi-family units. Market analysis suggests potential for significant rental income based on comparable properties in the area. This asset offers multiple operational strategies, including continued operation as a hotel, conversion to a dual-brand hotel (HomeTowne Studios & Red Roof), or a complete transformation into multi-family housing. Detailed financial information and operational data are available upon request.