List Search

3896 Lamar Ave
Memphis, TN 38118 Parkway Village

$2,950,000

Hotel For Sale  •  87,154 Sq Ft

Property Details

  • Property Type Hotel
  • Total Building Size 87,154 Sq Ft
  • Lot Size 4.31 ac
  • Building Class B
  • Year Built 1972
  • Cap Rate 10.17 %
  • Tenancy Multiple
  • Zoning CMU-3
0 Transit Score
35 Walk Score

Description

Former Ramada Inn now run as an OYO Hotel. PRICED TO SALE $ 20000.00 PER ROOM.Motivated Seller,Interior Corridor,Sports Bar n Grill Renovation finished,Hotel renovation under process (80% completed),New Roof,Owner spent $ 800,000.00 so far on renovation,Hotel was on Lease for last 2 years so Financial Numbers are not readily available but estimated Sales were between 800 K to 1 Million,New Fire Alarm System,Flat Screen TV's.Before Leasing Hotel was doing annual Gross of more than 1 Million.Owner is motivated & open to Lease to Buy option too with 30% down.

Highlights

Located Close to Airport,Fedex & National Distribution Companies warehouses
Manager Apartment on site (4 Rooms) recently renovated
Interior Corridor with Solid Masonry Construction
Sports Bar n Grill on site with Full Bar License
High Upside Potential to generate more revenue
Conversion Opportunity to Extended Stay or Assisted Living

Financial Summary (Proforma)

Net Operating Income: $300,000 (2018)
Cap Rate: 10.17 %
Total Expenses: $750,000

Major Tenants

Tenant SF Occupied Lease End Date
Aone Financial
La'Zodiac At Lamar/Getwell 6,051 SF
Real Value Inn-Memphis Airport 3,000 SF

Amenities

  • 24 Hour Access
  • Air Conditioning
  • Conferencing Facility
  • Laundry Facilities
  • Microwave
  • Property Manager on Site
  • Restaurant
  • Room Service
  • Security System
  • Breakfast/Coffee Concierge
  • Kitchen
  • Community-Wide WiFi
  • Lounge
  • Grill
  • Flat Screen TVs
  • Pet-Friendly

Public Transportation

AirportDriveWalkDistance
Memphis International Airport 9 min - 4.0 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 224
Type: Surface
Included in Rent: Yes
Arun Kaushal 904-423-6860 Arun Kaushal
Arun Kaushal 904-423-6860 Arun Kaushal