Motel 6 Bellingham - Investment Opportunity_Actifs en vente
Motel 6 Bellingham - Investment Opportunity_Actifs en vente
3701 Bill McDonald Parkway, Bellingham, WA, 98225, US

Motel 6 Bellingham - Investment Opportunity

Description de l'actif

The 60-room Motel 6 Bellingham is located in Bellingham, Washington, the home to Western Washington University, the state's 3rd largest university. The offering presents an excellent opportunity to acquire a fee simple asset in a robust market with substantial operational upside at pricing below replacement cost.

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Caractéristiques de l'actif

Nombre d'unités
60
Année de construction
1969

Média

Points clés d'investissement

Strategic Location: Strategically located alongside Interstate 5 Highway (I-5), the Property benefits from being within 50 miles of Vancouver, BC and 90 miles of Seattle, two iconic gateway cities on the West Coast.


Proximity to Western Washington University: Located less than a mile from the Property is Western Washington University (WWU), the 3rd largest university in the state of Washington, with a total enrollment of approximately 15,000 students. WWU is a large demand driver for the region and is the 2nd largest employer in Bellingham.


Hospital Demand Driver: The 13th largest hospital in Washington, St. Joseph Medical Center, is located less than 3 miles from the Property and is the largest employer in Bellingham, with approximately 3,600 employees.


Discount to Replacement Cost: With the current inflationary environment putting upward pressure on construction costs and higher interest rates increasing the cost of construction debt, the Property presents investors with an opportunity to purchase an asset in a stable submarket for a substantial discount to replacement cost. Furthermore, there are not hotels under construction in Bellingham, allowing the Property to maximize the lack of supply entering the market.


Excellent Motel 6 Affiliation: The Property benefits from affiliation with Motel 6, a well-regarded brand with an exceptional distribution system. The franchise is highly regarded in the economy lodging sector that has forged a reputation as a reliable cost-effective choice for business and leisure travelers.


Targeted Renovation: The Property is in good condition but could benefit from a targeted renovation. New ownership has significant opportunity to grow the bottom line through capital improvements, hands on management, and substantially improved expense controls.


Qualified Census Tract: The Property is located within a Qualified Census Tract (QCT), that is designated by the U.S. Department of Housing and Urban Development (HUD). This allows a new owner the opportunity to explore re-development to take full advantage of tax incentives, financing options, and or priority considerations for affordable housing developments.


Explore Conversion or Redevelopment: A new owner could explore the opportunity to convert the existing guestrooms into multifamily units. The city of Bellingham has declared there is a housing crisis and more affordable units are needed to supplement the rising cost of rent in the region.


Management Upside: Current ownership resides outside the state of Washington, presenting a great opportunity for an investor to improve revenue and profit margins with hands-on management.

Contacter l'équipe

Motel 6 Bellingham - Investment Opportunity (0 actifs)
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Dernière mise à jour
9 juil. 2024