Fully Renovated 12-Room Motel S US-19, Salem, FL. 32356
This 1950’s Mom & Pop motel has been brought back alive with extensive renovation’s and improvements. It consists of 12 rooms and an office on 2.15 acres of land.
The property features: new metal roof, Fully remodeled rooms, new commercial Carpet, New Windows and Doors throughout, new asphalt parking lot, new electric panels and electric meters, new well pump system, Renovated 50’s style Road Sign, new remote office, new Lighting & Fixtures, new Power Pole Setup, Massive Landscaping & Tree Removal, and the list goes on. All repairs and upgrades were permitted by Taylor County Building Department. The motel license will be available for transfer upon closing of property.
This quiet country town is located on a busy US-19 along the route of people entering and exiting Tallahassee or any other North Florida Travel.
The property can be used as a nightly motel but, from extensive research, we feel the property is best utilized as a Weekly or Monthly based rental.
We still recommend maintaining a motel license to allow for immediate delinquent tenant removal without evictions.
Perry ,the closest neighboring town, sees average weekly rentals between $275-350 per week for similar type properties and $950-1100 per month.
Even on the low end of figures, this property has a large potential Gross revenue with little to no overhead.
12 Rooms x $275 week x 52 weeks = $171,600 Year with Full occupancy.
80-90% Annual Occupancy average x $171,600 = $137,280 to $154,440 Gross Revenue.
ESTIMATED ANNUAL EXPENSES
Current : $664.84
Adjusted : $3800.00
Current Annual Expenses : $15,964.84
Adjusted Annual Expenses : $19,100.00
Gross Revenue minus Adjusted Expenses
= $118,180 NOI (Net Operating Income)