Residence Inn Extended-Stay
For Sale
Contact for pricing
Pending
1308 Freedom Rd Cranberry Township PA, Cranberry Twp, PA 16066
96-key, all-suite extended-stay Residence Inn with Marriott brand requirements and an in-progress PIP.
Property Size115,224 SF
Days on Market294
Property Features for 1308 Freedom Rd Cranberry Township PA
General Information
Standard status
Pending
Size
115,224 SF
Property subtype
Hospitality
Occupancy
74%
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Year Built
1998
Year Renovated
2015
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #3327646
(859) 581-1113
Source:
Crexi
Added: Jan 8
Changed: Oct 27
Last Checked: Oct 28 at 7:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bang Realty
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Investment Insights
Based on property information with market context.
Residence Inn by Marriott Pittsburgh / Cranberry Township is a 96-key extended-stay, all-suite hotel operated under the Marriott Residence Inn brand. The property is positioned with a brand-required PIP that is scheduled to be completed by the new owner.
The hotel is located at 1308 Freedom Rd in Cranberry Township, along the I-79 Corporate Corridor with direct access to major employment hubs.
According to the offering remarks, the hotel is currently performing 5 of 7 within its competitive set. The remarks also indicate underperformance in ADR by approximately $9, primarily attributed to the required PIP. Multiple financing options are noted, including conventional and SBA programs, with assistance available for introductions to qualified hospitality lenders.
The hotel is located at 1308 Freedom Rd in Cranberry Township, along the I-79 Corporate Corridor with direct access to major employment hubs.
According to the offering remarks, the hotel is currently performing 5 of 7 within its competitive set. The remarks also indicate underperformance in ADR by approximately $9, primarily attributed to the required PIP. Multiple financing options are noted, including conventional and SBA programs, with assistance available for introductions to qualified hospitality lenders.
Key Highlights
- 1998‑built Residence Inn by Marriott with 96 keys (all‑suite, extended‑stay model)
- Marriott Residence Inn positioned along the I‑79 Corporate Corridor with direct access to major employment hubs
- In‑progress PIP (brand‑required property improvement plan) provides a path to increased ADR and profitability
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$463,356
Cap Rate
4.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,267,120
$9.3M
Cap Rate 7%
$6,619,371
$6.6M
Cap Rate 9%
$5,148,400
$5.1M
Market Conditions
NOI Build-Up for 115,224 SF
Gross rent
$1.15M $9.96/SF
− Vacancy
−$172.1K −$1.49/SF
EGI
$975.5K $8.47/SF
− OpEx
−$512.1K −$4.44/SF
NOI
$463.4K $4.02/SF
Area
Butler County, PA
Vacancy
15.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,267,120
Cap Rate 7%
$6,619,371
Cap Rate 9%
$5,148,400
Alternative Uses
Best Use
Hotel Hospitality
$6.62M
$5.79M – $7.72M
NOI $463,356 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.35M
$25.68M – $34.24M
NOI $2,054,453 @ 7.0% cap · market cap 20.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 16066, PA
32,922
Population
14,359
Households
2.3
Avg Household Size
39
Median Age
65%
College-Educated
98%
High-School Grad
22.4 sq mi
ZIP Area
1,470
Density / Sq Mi
$125,390
Median Household Income
$71,940
Median Earnings
$1,619
Median Rent
$395,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Hotel - 96-key, all-suite extended-stay Residence Inn with Marriott brand requirements and an in-progress PIP.
Where is this hotel located?
The property is located at 1308 Freedom Rd Cranberry Township PA Cranberry Twp, PA.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 1998‑built Residence Inn by Marriott with 96 keys (all‑suite, extended‑stay model); Marriott Residence Inn positioned along the I‑79 Corporate Corridor with direct access to major employment hubs; In‑progress PIP (brand‑required property improvement plan) provides a path to increased ADR and profitability
