Catylist ID: #30341223
16 Unit Motel - Southport, NC
Hospitality for Sale
|Catylist Listing ID:||30341223|
|Number of Units:||16 Units|
|Building Size (RSF):||See Agent|
|Gross Building Area:||See Agent|
|Gross Land Area:||0.55 Acres|
|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|
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).
Motel was also used for the 2002 movie, Domestic Disturbance, starting John Travolta and Vince Vaughn.
Attachments & Media
|Nearest MSA:||Myrtle Beach-Conway-North Myrtle Beach|
|Taxing Authority:||Brunswick County|
|Zoning:||SP-BD BUSINESS DISTRICT|
|Retail Clientele:||Business, Tourist, Other|
|Total Number of Buildings:||3|
|Number of Stories:||1|
|Air Conditioning:||Window Unit|
|Proximity:||1 mile||3 miles||5 miles|
Hank AdamsColdwell Banker Commercial Sun Coast Partners, LLC NCCMLS Member
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