Renovated 36-Unit
For Sale
$980,000
2149 Gill Road, Port Clinton, OH 43452
Recently renovated 36-unit motel with automated check-in and in-place income, plus redevelopment optionality.
Property Size12,740 SF
Price / SF$76.92
Days on Market328
Property Features for 2149 Gill Road
General Information
Standard status
Active
Size
12,740 SF
Property subtype
Motel
Additional Details
Business Included
Yes
Building Details
Year Renovated
2024
Listing Agency:
Hoff & Leigh
(216) 302-4338
Listed By:
Cole Kroneker · License #SAL.2024000334
(216) 302-4338
Source:
Hoffleigh
Added: Sep 8, 2025
Changed: Jul 10
Last Checked: Jul 31 at 2:48AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This 36-unit motel has undergone near-total renovation and was updated with an automated check-in system intended to streamline guest processing and reduce ongoing labor costs. Operationally, the asset generated $361,749 in revenue and $87,921 in NOI in 2025, with historical NOI typically ranging from approximately $73,000 to $88,000 between 2021 and 2025. Performance dipped in 2024 to $36,413 due to elevated, largely non-recurring expenses, including $16,000 to $24,000 in consulting, $20,000+ in repairs, and increased utilities related to the transition back to stabilized operations.
The property is located within the Lake Erie Shores and Islands tourism corridor, which is supported by regional demand tied to Cedar Point, island ferries, marinas, and fishing. Revenues have generally ranged from approximately $350,000 to $444,000, reflecting a consistent seasonal hospitality history aligned with an established travel destination.
For buyers seeking a hybrid profile, this offering provides immediate income while evaluating higher-and-better-use scenarios. The site and building configuration are positioned to support potential vertical redevelopment, including a boutique hotel or a higher-end short-term rental concept, with the possibility of capturing Lake Erie views from upper levels depending on design and approvals. The recent renovations and automation provide an operating foundation while expense normalization and continued efficiencies work toward stabilizing results.
The property is located within the Lake Erie Shores and Islands tourism corridor, which is supported by regional demand tied to Cedar Point, island ferries, marinas, and fishing. Revenues have generally ranged from approximately $350,000 to $444,000, reflecting a consistent seasonal hospitality history aligned with an established travel destination.
For buyers seeking a hybrid profile, this offering provides immediate income while evaluating higher-and-better-use scenarios. The site and building configuration are positioned to support potential vertical redevelopment, including a boutique hotel or a higher-end short-term rental concept, with the possibility of capturing Lake Erie views from upper levels depending on design and approvals. The recent renovations and automation provide an operating foundation while expense normalization and continued efficiencies work toward stabilizing results.
Key Highlights
- 36‑unit motel with 2025 revenue of $361,749 and NOI of $87,921; historical NOI ~ $73,000–$88,000 (2021–2025)
- Recently renovated building and automated check‑in system installed in 2024
- 2024 NOI dipped to $36,413 due to elevated, largely non‑recurring expenses (including $16K–$24K consulting and $20K+ repairs)
Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $191.1k | $15.00 |
| − Vacancy | −$27.9k | −$2.19 |
| EGI | $163.2k | $12.81 |
| − OpEx | −$85.7k | −$6.73 |
| NOI | $77.5k | $6.08 |
12,740 SF · lease $15.00/SF/yr · vacancy 14.60% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$1.11M
$969.0K – $1.29M
NOI $77,520 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$4.54M
$3.97M – $5.30M
NOI $317,816 @ 7.0% cap · market cap 32.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43452, OH
13,443
Population
10,859
Households
1.2
Avg Household Size
52
Median Age
28%
College-Educated
93%
High-School Grad
46.2 sq mi
ZIP Area
291
Density / Sq Mi
$63,815
Median Household Income
$43,782
Median Earnings
$937
Median Rent
$206,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Motel - Recently renovated 36-unit motel with automated check-in and in-place income, plus redevelopment optionality.
Where is this motel located?
The property is located at 2149 Gill Road Port Clinton, OH.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: 36‑unit motel with 2025 revenue of $361,749 and NOI of $87,921; historical NOI ~ $73,000–$88,000 (2021–2025); Recently renovated building and automated check‑in system installed in 2024; 2024 NOI dipped to $36,413 due to elevated, largely non‑recurring expenses (including $16K–$24K consulting and $20K+ repairs)
