$850,000
9556 Apalachee Parkway Tallahassee, FL 32311
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$850,000
Est. payment /mo
1.2 Acres Lot
New
9556 Apalachee Parkway Tallahassee, FL 32311
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UPDATED:
10/21/2024 06:11 AM
Key Details
Property Type Commercial
Sub Type Commer/Business/Industr
Listing Status Active
Purchase Type For Sale
MLS Listing ID 378055
Lot Size 1.200 Acres
Property Description
This opportunity presents several potential avenues for investment and development. Here are some key points to consider: Location: Situated in Tallahassee, FL, with direct frontage on US Hwy 27, the property enjoys good visibility and access to drive-by traffic. Being just 14 miles from the state capital adds to its appeal for potential guests or tenants. Current Operations: The motel is currently operated as an extended-stay facility, indicating potential stability in occupancy rates. This can provide a steady stream of income while renovations or conversions are underway. Potential for Renovation: With 19 units spread across four buildings, there's an opportunity to renovate and modernize the facilities to potentially increase both occupancy rates and room rates. Improving amenities and aesthetics could attract more guests and command higher prices. Conversion Potential: The option to convert the property into a multi-family residential complex opens up another avenue for investment. This could involve reconfiguring the existing structures to accommodate more units or even building new structures on the site. Additional Building: The inclusion of a retail/recreation building adds versatility to the property. Depending on local zoning regulations and market demand, this space could be repurposed for various commercial or recreational uses to enhance the property's appeal. Infrastructure: The mention of concrete-block buildings with asphalt roofs and a paved parking lot suggests that the property has a solid foundation. However, it's important to conduct a thorough inspection to assess the condition of the structures and identify any necessary repairs or upgrades. Market Analysis: Before proceeding with any renovations or conversions, conducting a detailed market analysis is essential. Understanding the demand for lodging or residential units in the area, as well as the competitive landscape, will help inform investment decisions and pricing strategies. Financial Projections: Developing realistic financial projections based on potential renovation costs, operating expenses, and revenue projections is crucial for evaluating the feasibility and profitability of the investment. Regulatory Considerations: It's important to be aware of local zoning laws, building codes, and any other regulatory requirements that may impact the planned renovations or conversion efforts. Investment Highlights Property Room Breakdown: Room 1: $350/month with a discount for work around the property. Room 2: $200/week. Room 3: $325/week. Room 4: $850/month. Room 5: $1,000/month. Room 6: $225/week. Room 7: $225/week. Room 8: $900/month. Room 9: $750/month. Room 10: Currently empty. Room 11: $200/week. Room 12: $225/week. Room 13: Currently empty. You also mentioned that all rooms except Rooms 1 and 2 could rent out for $424/week with little work. Additional Information: House: Could potentially rent for $675/week. Back Building: Each room in the back building is 272 square feet. Room Measurements 1: 15.3 x 10.4 2: 15.3 x 10.4 3: 15.3 x 19.1 4: 15.3 x 22 5: 15.3 x 19.1 6: 15.3 x 14.4 7: 15.3 x 14.4 8: 15.3 x 14.4 9: 15.3 x 14.4 10: 272 sq ft 11: 272 sq ft 12: 272 sq ft 13: 272 sq ft Bar & Grill: 1,353 sq ft Manager’s Quarters: 1,658 sq ft
Location
State FL
County Leon
Area Se-03
Listed by Premier Commercial Group, LLC
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