Legacy Inn & Suites

Hospitality for Sale
Catylist Listing ID: 30168654
Property Subtypes: Hotel, Inn, Motel
Number of Units: 99 Units
Building Size (RSF): 27,000 SF
Gross Building Area: See Agent
Gross Land Area: 4.76 Acres
Sale Price: $1,150,000
Unit Price: $11,616.16 Per Unit
Property Use Type: Investment, Business
Building Name: Legacy Inn & Suites
Name of Establishment: Legacy Inn & Suites
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 9.28%
Last Updated: 10/10/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the Legacy Inn & Suites located in Wadsworth, Ohio (Suburban Cleveland) a 99 Room Hotel located on 4.76 Acres at 810 High Street in Wadsworth Ohio 44281. Offered For Sale for $1,150,000 or $11,616 per key. Four (4) Total 1 story buildings totaling approximately 29,000 Sq.Ft built in 1974. Seller Financing Available to Qualified Purchasers, please inquire for more details. Retiring Owner directs immediate sale. The Exterior Corridor Legacy Inn & Suites is located on a traffic lighted intersection shared with KFC and Dunkin Donuts located directly off Interstate 76 and OH 94 (Exit 9). 2016 ODOT traffic count of 17,445 cars per day. The room mix consists of 8 Single Rooms, 71 Double Double Rooms and 10 King Rooms. 62 Rooms have been updated with new carpet and paint, coffee maker, hairdryer and Flat Screen TV’s. 3 of the 4 roofs have been completed in the last 5 years. The asphalt parking lot was completed in 2017. A large monument sign is located on Interstate 76 and a digital monument sign greets guests at the entrance of the property. An outdoor swimming pool is available to the guests in the summer months and a small meeting room is available onsite. Many possible uses for this highly visible, commercial property. Some possible uses include an Apartment conversion, Senior Living conversion, highway services Retail Redevelopment or a possible Self storage conversion. Property is Currently Zoned for Hotel / Motel use, please consult an attorney to discuss possible re-zoning. Priced well below the County’s Assessed Value of $1,263,910 with the opportunity to significantly reduce Real Estate taxes. Please consult a tax attorney for more details.

The property is ideally located near many restaurants and is located approx. halfway between Cleveland and Akron so there is easy access to Akron, Akron Canton Airport, the Canton Pro Football Hall of Fame and Cleveland.

Gross Revenues were $603,897 in 2016 with an average occupancy rate of 41.64% with an ADR of $35.59. The 2016 NOI was shown as $190,246 or a 16.54% cap rate at the asking price of $1,150,000. Revenues are trending upward in 2017 with occupancy at 50.42% with an ADR of $36.62. In 2015 the NOI was approx. $239,260 or a 20.81% cap rate at the asking price.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Medina
Taxing Authority: Medina County
Tax ID/APN: 040-20A-06-007
Zoning: HOTEL / MOTEL
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Visibility: Excellent
Traffic/Vehicle Count: 17,445
Total Number of Buildings: 4
Number of Stories: 1
Property Condition: Good
Year Built: 1974
Average Occupancy Rate: 50
Parking Type: Surface

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,603 25,841 57,638
Median Age: 43.11 40.22 41.74
Households: 3,909 10,165 22,573
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