1345 North State Street Belvidere, IL 61008

Building Details

Year Built

1951

Listing office Keller Williams Inspire r***@kw.com Show Phone

Listing date Mar 6, 2023

Source Realnex

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Investment Insights

Based on property information with market context.

This property presents a prime redevelopment opportunity, currently operating as a car wash with 6 bays and a 15-room motel, including a separate owner's house, situated on 3.43 acres. The existing structure includes a 53,000 square foot, 4-story Holiday Inn Express building with 84 rooms, event and meeting space, a business center, and a fitness center. The property offers multiple value-add options or redevelopment possibilities. Preliminary plans for a Holiday Inn Express are available from the owner. The location benefits from high traffic counts on a thoroughfare through Belvidere into Rockford. The property has a CAP Rate of 9.42%.

Key Highlights

• High traffic location on thoroughfare
• Redevelopment opportunity
• 9.42% CAP rate

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FAQs

What type of property is this?

Hotel - 84-room hotel redevelopment opportunity with car wash and motel.

Where is this hotel located?

The property is located at 1345 North State Street Belvidere, IL.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: High traffic location on thoroughfare; Redevelopment opportunity; 9.42% CAP rate