Budgetel Inn and Motel 6 - For Sale - 7.66 Acres Market Street

Hospitality for Sale
Sale Pending
Catylist Listing ID: 30701214
Property Subtypes: Extended Stay, Hotel, Motel
Status: Pending
Number of Units: 230 Units
Building Size (RSF): See Agent
Gross Building Area: See Agent
Gross Land Area: 7.66 SF
Sale Price: $13,200,000
Unit Price: $57,391.30 Per Unit
Property Use Type: Investment, Business
Building Name: Budgetel and Motel 6
Name of Establishment: Budgetel and Motel 6
Franchised Business: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/3/2021

Overview / Comments


This Offering combines the Budgetel and Motel 6 Properties located on Market Street (Highway 17) in Wilmington North Carolina.

Each hotel is two stories and is comprised of 110 rooms and a managers suite.

The Budgetel provides the property with a 3500 sf restaurant space (Hood system, grease trap, bar, dj booth, large walk in refrigeration area 12*14, office space, dish washer and sinks), conference space (roughly X) pool, guest laundry.

The Motel 6 was recently renovated and flagged. It is two stories and contains a guest laundry and has access to the properties amenities as well.

In 2018 the property had damage from Hurricane Florence, the owners replaced the Roofs at that time as well as the Laundry equipment. In addition the parking lots were repaired, all locks were replaced to have new RFID, Rooms were updated, Bathrooms were updated. 50 of the rooms had kitchenettes added. all rooms had 224 new tall refrigerators and microwaves added to them.

Lobbies at both hotels were updated as part of the renovation as well as the pool which was re-plastered in 2019 and a new filtration system added in 2020. New Phone systems were added for both the Budgetel and Motel 6 with their own dedicated lines.

All furniture and equipment will convey with the sale.

The property is situated on 7.66 acres and borders two other hotels, one under renovation, a multifamily condo complex to the rear and a small office out front. It has two access points on to highway 17 as well as two prominent pylon signs. The property is grandfathered in for Stormwater requirements so any new construction would trigger a revision of the Stormwater management. The property has a rear area of approximately 2.44 acres of undeveloped land which borders the Holton Place Condominium Complex.

The hotels are under a consent agreement. Please ask for a copy of the consent agreement for its review.

We have in hand the Financials for the Hotel from 2018-2020
We also have the Engineering plans for the conversion of 110 rooms to the Motel 6.
We have the construction budget and paid invoices for the renovations and conversion on the property.
We have average room rentals trailing three years for the Budgetel Inn which show a drop in 2020 due to the Motel 6 rebrand.
CA Required for those documents.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Taxing Authority: City of Wilmington / New Hanover County
Tax ID/APN: R04915-001-008-000
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: Birchwood Road and Lullwater drive
Property Visibility: Excellent
Largest Nearby Street: Hwy 17 - Market Street
Feet of Frontage: 209
Traffic/Vehicle Count: 60,128
Highway Access: Access to Highway 17 is direct for Right in Right out and Left entry and exit. DOT Plans for the Market Street Corridor may affect access in the future. Buyers, and Buyers representatives are encouraged to call the DOT for timing and plans for the Market Street Corridor
Airports: ILM
Site Description: Two hotels and improved property.
Area Description: Market Street Wilmington Corridor
Nearby Attractions: Downtown Wilmington, University of North Carolina Wilmington, Battleship North Carolina, Wrightsville Beach.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Good
Water Recreation: Outdoor Pool
Parking Type: Surface
Parking Description: open parking field of 277 parks. property has more parking then necessary
Laundry: Shared
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Other
Internet Access: Cable
Zoning Description: Regional Business
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,553 78,000 132,747
Median Age: 25.46 34.1 36.65
Households: 6,391 33,417 56,887
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