4386 Oh-43Kent, OH 44240

For Sale
$1,575,000

40-Unit Hotel, High Potential, Great Location

Overview

Added:
Dec 11, 2024
Days on market:
92
This 40-unit EconoLodge hotel presents a compelling investment opportunity in Kent, Ohio. Located at 4386 OH-43, this three-story, 15,000 square foot property sits on a 0.756-acre lot and boasts 45 parking spaces. Built in 1997, the hotel features interior corridors, an elevator, and an indoor pool. Individual PTAC units provide heating and cooling. The building is wood-frame construction with a pitched, shingled roof. The property has a commercial zoning permit. As of December 31, 2022, occupancy stood at 54.4%. The asking price is $1,575,000, translating to $105 per square foot and $39,375 per key. The property includes both interior and exterior corridors. Further potential exists with an upgrade to a Quality Inn brand. The Portage County property (APN: 04-023-00-00-056-000) offers significant upside for an owner/user. Financial highlights include a reported revenue of $452,551 and a revenue multiplier of 3.48x. The average daily rate (ADR) was $54.93, and the revenue per available room (RevPAR) was $29.93. This is a fee simple ownership opportunity.

Highlights

  • Price: $1,575,000
  • Price per Room: $39,375
  • Annual Revenue: $452,551
  • Revenue Multiplier: 3.48x
  • Occupancy Rate: 54.4%
  • Average Daily Rate (ADR): $54.93

Property Details for 4386 Oh-43

Property type
Other hospitality properties, Hotels
Square Feet
15,000 SF
Year Built
1997
Buildings
1
Stories
3
Lot Size (sq. ft)
32,931 SF

Location Insight

City
Kent
County
Portage
State
Ohio
Latitude
41.1092942
Longitude
-81.3472268
4386 Oh-43, Kent, Ohio

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4386 Oh-43
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