Operational Motel with Ample
For Sale
Contact for pricing
2240 Gray Hwy, Macon, GA 31211
Fully operational 17-unit motel with ample parking for sale.
Property Size7,500 SF
Lot Size10.00 Acres
Price / SF$126.67
Days on Market210
Property Features for 2240 Gray Hwy
General Information
Standard status
Active
Size
7,500 SF
Lot size
10.00 Acres
Property subtype
Hospitality
Zoning
C-4
Building Details
Year Built
1952
Buildings
1
Stories
1
Listing Agency:
Fickling & Company
Listed By:
Joseph Bowen · License #GA 430156
(478) 803-4134
Source:
Crexi
Added: Feb 6
Changed: Aug 14
Last Checked: Aug 31 at 9:52AM
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 Fickling & Company
Investment Insights
Based on property information with market context.
This is a fully operational motel and extended stay property featuring 17 units. The property includes ample parking, with approximately 40 spaces. Situated on over 10 acres of land, the motel building encompasses nearly 8,000 square feet. A new roof was installed in late 2023. The property is located on Gray Highway in Macon-Bibb County, offering convenient access to various amenities. It is situated just over two miles from Historic Downtown Macon, with its attractions and amenities. The location also provides easy access to public transportation and is approximately 2.5 miles from both I-16 and I-75. The property is consistently occupied, with very little vacancy.
Key Highlights
- Fully operational 17‑unit motel/extended stay with very little vacancy
- Ample parking with 40± spots
- Over 10 acres of land included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,506
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,090,120
$1.1M
Cap Rate 7%
$778,657
$778.7K
Cap Rate 9%
$605,622
$605.6K
Market Conditions
NOI Build-Up for 7,500 SF
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.
Gross rent
$135.0K $18.00/SF
− Vacancy
−$20.3K −$2.70/SF
EGI
$114.8K $15.30/SF
− OpEx
−$60.2K −$8.03/SF
NOI
$54.5K $7.27/SF
Area
Macon, GA
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,090,120
Cap Rate 7%
$778,657
Cap Rate 9%
$605,622
Alternative Uses
Best Use
Hotel Hospitality
$778.7K
$681.3K – $908.4K
NOI $54,506 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.43M
$1.26M – $1.67M
NOI $100,440 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31211, GA
15,867
Population
7,736
Households
2.1
Avg Household Size
41
Median Age
27%
College-Educated
88%
High-School Grad
44.3 sq mi
ZIP Area
358
Density / Sq Mi
$51,595
Median Household Income
$35,525
Median Earnings
$918
Median Rent
$159,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Motel - Fully operational 17-unit motel with ample parking for sale.
Where is this motel located?
The property is located at 2240 Gray Hwy Macon, GA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Fully operational 17‑unit motel/extended stay with very little vacancy; Ample parking with 40± spots; Over 10 acres of land included
