Route 66 Original Motel Property

Transcription

1 Coralee Quintana -absolute.net Route 66 Original Motel Property Price: $195,000 Building Size: +/- 8,598 SF Acres: +/ ROI: 9.8% Features: Upside Potential Undermarketed Property Excellent Signage and Visibility Zoning allows a variety of uses Full Turn Key Price Includes all FF&E Easy Full Turn Access Excellent Proximity to I onsite parking spaces The information contained herein is believed to be reliable. While we do not doubt the accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness.

2 Investment Summary Absolute Investment Realty has been selected as the exclusive representative of this opportunity to purchase a cash flowing motel business including the land and buildings located along the historic Route 66 in Grants, NM. This vintage property has huge upside potential with the addition of online marketing and some renovation. This property is located on Santa Fe Avenue, one of the busiest streets in Grants, NM. This area serves a large residential population to the north and south and the numerous retailers in this trade area. Area co-tenants include: Holiday Inn, Interstate Towing, Front Row Seat Movies, Canton Café, Historic Route 66 Motel, El Cafecito, Sailfish Lounge, Franciscan Lodge, Blake s Lotaburger, Outlaw s Saloon and Dance Hall, Sands Mote, Redi Mart, and St. Theresa s Catholic Church. Financial Summary Years Gross Revenue $73,488 $68,296 $56,314 $198,098 Net Income $39,291 $34,099 $22,117 $31,836 avg. Return on Investment 17.5% 15.1% 9.8% 14.1% Purchase Summary: Land & Buildings included in sale Fee Simple Ownership 32 Units plus ample Manager s unit Large Parking Area for Semi Trucks 16% Occupancy 1.51 Acres Annual Expenses $34,197 Present Annual NOI: $22, ROI 9.8% 22 Paved Parking Spaces Year Built: 1960 Six Garages

3 Site Close Up. Trade Area Demographics Radius 1 Mile 3 Mile 5 Mile Population (2015 Estimate) 3,325 11,772 13,652 Avg HH Income (2015) $57,141 $52,036 $51,019 Canton Café

4 Trade Area Grant s High School

5 Turn Key Motel Photos Exterior Office Ample Truck Parking Motel Room Front Office

6 Grants, New Mexico 1204 Santa Fe Avenue Grants MSA New Mexico

7 Grants, New Mexico 1204 Santa Fe Avenue Grants New Mexico is located in north-central Cibola County. Santa Fe Avenue (former Route 66) is the main road through the city, while Interstate 40 passes through the south side of the city, with access from exits 81 and 85. The town of Milan borders the northwest end of Grants. The town enjoys recent job growth of 2.26% with expected job growth of 35.61% over the next 10 years. It serves as a hub to many outdoor enthusiasts who enjoy hunting, fishing and mountain activities in the Mount Taylor area. Grants MSA Demographics Population (2017 Estimate) 9,239 Households (2017 Estimate) 6,626 Avg. Household Income (2017 Estimate) $40,882 Grants began as a railroad camp in the 1880s, when three Canadian brothers Angus A. Grant, John R. Grant, and Lewis A. Grant were awarded a contract to build a section of the Atlantic and Pacific Railroad through the region. The Grant brothers' camp was first called Grants Camp, then Grants Station, and finally Grants. The new city enveloped the existing colonial New Mexican settlement of Los Alamitos and grew along the tracks of the Atlantic and Pacific Railroad. The town prospered as a result of railroad logging in the nearby Zuni Mountains, and it served as a section point for the Atlantic and Pacific, which became part of the Atchison, Topeka and Santa Fe Railway. After the decline of logging in the 1930s, Grants gained fame as the "carrot capital" of the United States. Agriculture was aided by the creation of Bluewater Reservoir, and the region's volcanic soils provided ideal conditions for farming. Grants also benefited from its location, both being an airway beacon and later by U.S. Route 66, which brought travelers and tourists and the businesses that catered to them. Today the beacon and FSS building on the airport (KGNT) is being restored as museum.