Vacant Full Service Motel or Development Property For Sale

Bucyrus, OH (Crawford County)

Vacant Full Service Motel or Development Property For Sale

Asking Price:$239,000

Cash Flow:N/A

Gross Revenue:N/A

EBITDA:N/A

FF&E:N/A

Inventory:N/A

Real Estate:$239,000

Established:1964

Vacant Full Service Motel or Development Property For Sale

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Business Description

This vacant motel is in reasonable condition and could be renovated for a very reasonable investment. There are few full service motels in the area and this could be a real asset to the community! The property also offers a great development opportunity since the 3.59 acres are located in the recently developed part of town less than a third of a mile from US Route 30. The property is surrounded by recently built banks, grocery stores, strip centers, Walmart and a good mix of commercial and residential activity.

Detailed Information

Real Estate:
Owned
Included in asking price
Building Sq. Ft.:
N/A
Employees:
None
Facilities:
3.59 acres with a vacant 22 room motel along with kitchen and restaurant and a separate building for storage and laundry facilities. The buildings on the property have a total of 14,371 sq. ft. and there is approximately 19,000 of paved parking area. The existing buildings were built in 1964. The physical structures would require major renovation and refurbishing in order to open re-open the motel and restaurant. The property is flat and is located in the midst of considerable recent commercial development. There are numerous businesses, banks, strip centers and grocery stores in the area including a Walmart which is located adjacent to the property. The parcel has 240’ of road frontage on East Mansfield Street which is also known as the Old Lincoln Highway. The property is somewhat pie shaped and it is around 560’ deep. The entrance/exit ramps to US Route 30 are just a short distance to the east of the property. The most recent traffic survey by ODOT (2013) reported a traffic count of 12,550 vehicles per day. The property is located in Whetstone Township which does not have formal zoning. The county auditor lists the property as “commercial” with a sub classification of “410 -Motels and Guest Cabins.” The current real estate taxes are $4,023 per year.
Competition:
This property represents multiple opportunities. The motel can be renovated and reopened after which it would be one of the few full service motels in the area.
Growth & Expansion:
The property could also be used for the development of retails stores such as a strip center. The property is located in the most developing area in the area within a 1/3 mile drive from the US Route 30 entrance/exit ramps.
Financing:
Negotiable
Support & Training:
The seller will offer reasonable assistance to allow for a smooth transition.
Reason for Selling:
Retirement

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Thomas Holmes

Business Listed By:
Thomas Holmes

Berkshire Hathaway HomeServices Professional Realty

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Sponsoring Broker:
David Mussari

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