42-Unit Hotel with Interior
For Sale
Contact for pricing
360 Eastgate Dr, Danville, IL 61834
Two-story hospitality property with on-site manager’s quarters and a 2023 Baymont conversion.
Property Size30,584 SF
Price / SF$81.74
Days on Market145
Property Features for 360 Eastgate Dr
General Information
Standard status
Active
Size
30,584 SF
Property subtype
Hospitality
Additional Details
Opportunity Zone
Yes
Amenities
interior corridors
on-site manager's quarters
Building Details
Year Built
1995
Year Renovated
2023
Stories
3
Listing Agency:
BPG Hotels
Listed By:
Andrew Post · License #IN RB20000344
Source:
Crexi
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 5:00PM
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 BPG Hotels
Investment Insights
Based on property information with market context.
The property is a 42-unit, two-story hotel totaling 30,584 square feet. Built in 1995, it completed a Baymont conversion in 2023 and includes interior corridors, refreshed infrastructure, and on-site manager’s quarters. The property is currently operated under absentee ownership, with the manager’s residence supporting an on-site management arrangement.
Located at 360 Eastgate Dr in Danville, Illinois, the hotel is positioned within an Opportunity Zone and is eligible for USDA financing. Revenue increased 10% year over year following the brand transition. Recent capital improvements accompanied the conversion, and the property combines an established hospitality layout with updated branding and operating features.
Located at 360 Eastgate Dr in Danville, Illinois, the hotel is positioned within an Opportunity Zone and is eligible for USDA financing. Revenue increased 10% year over year following the brand transition. Recent capital improvements accompanied the conversion, and the property combines an established hospitality layout with updated branding and operating features.
Key Highlights
- 42‑unit hotel with 30,584 square feet
- Two‑story building constructed in 1995
- Baymont conversion completed in 2023
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
$191,762
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
7.67%
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%
$3,835,240
$3.8M
Cap Rate 7%
$2,739,457
$2.7M
Cap Rate 9%
$2,130,689
$2.1M
Market Conditions
NOI Build-Up for 30,584 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
$458.8K $15.00/SF
− Vacancy
−$55.1K −$1.80/SF
EGI
$403.7K $13.20/SF
− OpEx
−$211.9K −$6.93/SF
NOI
$191.8K $6.27/SF
Area
Vermilion County, IL
Vacancy
12.00%
Lease Rate
$15.00 /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%
$3,835,240
Cap Rate 7%
$2,739,457
Cap Rate 9%
$2,130,689
Alternative Uses
Best Use
Hotel Hospitality
$2.74M
$2.40M – $3.20M
NOI $191,762 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.96M
$5.21M – $6.95M
NOI $417,073 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 61834, IL
7,895
Population
2,811
Households
2.8
Avg Household Size
45
Median Age
20%
College-Educated
86%
High-School Grad
106.9 sq mi
ZIP Area
74
Density / Sq Mi
$80,901
Median Household Income
$42,411
Median Earnings
$853
Median Rent
$162,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Two-story hospitality property with on-site manager’s quarters and a 2023 Baymont conversion.
Where is this hotel located?
The property is located at 360 Eastgate Dr Danville, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 42‑unit hotel with 30,584 square feet; Two‑story building constructed in 1995; Baymont conversion completed in 2023
