16 Unit Motel - Southport, NC

Hospitality for Sale
Catylist Listing ID: 30341223
Property Subtypes: Motel
Number of Units: 16 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 0.55 Acres
Sale Price: $850,000
Unit Price: $53,125 Per Unit
Property Use Type: Investment
Building Name: The Inn at River Oaks
Name of Establishment: The Inn at River Oaks
Franchise Parent Name: N/A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/17/2018

Overview / Comments

Property is located along N. Howe St in Southport Proper, close to the Cape Fear waterfront. The city of Southport is a waterfront community with the shipping lane of the Intracoastal Waterway passing directly off the shore line. There is a marina on the southwest side of the city and the access to Bald Head Island is on the northeast side.
The Southport market has very few motel properties similar to the subject , thus limited competition. The downtown area has numerous restaurants, retail shops and parks all in walking distance. The property is well positioned with little competition other than a few bed and breakfast properties. Given the recent movie and TV activity in the area,along with the long standing tourist attractions, demand remains strong. Therefore, the inventory of direct competition is low, and conversely demand is strong.
NC HWY 211 is a 2-lane state maintained road, which extends from the Cape Fear River west to US 17. The subject has good access to these major roadways. NC 133 provides good access from Brunswick County north to New Hanover County. The property consist of three primary structures and a laundry building. Building 1 includes four rental units (#8-#11), the rental/management office , a small rental apartment (long term) and is a retail commercial unit (currently leased). Building 2 includes unit (#1-#7) and Building 3 includes (#12-#16). Buildings 2 and 3 all have attractive covered concrete patios.
The motel not only appeals to summer / seasonal rentals, but is situated in an area that provides short term housing for the local power plant. This creates of a large mass of contractors living in the area for 2-6 months (good income for the off seasons).

Additional Details

Nearest MSA: Myrtle Beach-Conway-North Myrtle Beach
County: Brunswick
Taxing Authority: Brunswick County
Tax ID/APN: 237EF017
Zoning: SP-BD BUSINESS DISTRICT
Retail Clientele: Business, Tourist, Other
Property Visibility: Excellent
Total Number of Buildings: 3
Number of Stories: 1
Year Built: 1950
Parking Type: Surface
Heat Type: Electricity
Air Conditioning: Window Unit
Internet Access: Cable
Zoning Description: SP-BD
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,052 5,803 9,531
Median Age: 56.2 52.91 53.06
Households: 911 2,686 4,460
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