Limited-Service Hotel with Exterior
429 W Main St Covington, VA 24426
429 W Main St, Covington, VA, 24426
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For Sale
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A 49-unit, two-story Quality Inn in downtown Covington, Virginia, built in 1984 and updated through a recent improvement plan.
Lot Size0.76 Acres
Days on Market102
Property Features for 429 W Main St
General Information
- Standard status
- Active
- Lot size
- 0.76 Acres
- Property subtype
- Hospitality
Listing agency
Colliers - Richmond, Virginia
(804) 441-7722
Listed by
Prashant Merchant · License #VA 0225226862
Source
Crexi
Added: Apr 11 Updated: Jul 20 at 5:55PM Checked: Jul 21 at 6:35AM
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 Colliers - Richmond, Virginia
Investment Insights
Based on property information with market context.
Quality Inn of Covington is a 49-unit, two-story, limited-service hotel with an exterior-corridor configuration. Built in 1984, the property is described as being in good condition following a significant Property Improvement Plan completed over the prior three years. Recent capital improvements include a new PTO roof installation in 2014, new RFID locks on all guest room doors in 2019, a new exterior porte-cochere in 2019, upgraded exterior facade in 2019, and additional guest room updates in 2022 such as cased goods, lamps and lighting packages, LVT flooring, and interior and exterior paint.
The property is located at 429 W Main St in downtown Covington on 0.76 acres and is offered with fee-simple interest. It is in the C3 zoning district and is positioned near Interstate 64 and multiple nearby route corridors, with daily vehicle counts provided for I-64 and nearby road intersections.
The offering notes that a new investor may retain a long-term Choice Hotels franchise agreement upon completion of a minimal change-in-ownership PIP. Performance history is available through the OM process, with the property having reopened for its first full year in 2019 following a shutdown period beginning in 2018.
The property is located at 429 W Main St in downtown Covington on 0.76 acres and is offered with fee-simple interest. It is in the C3 zoning district and is positioned near Interstate 64 and multiple nearby route corridors, with daily vehicle counts provided for I-64 and nearby road intersections.
The offering notes that a new investor may retain a long-term Choice Hotels franchise agreement upon completion of a minimal change-in-ownership PIP. Performance history is available through the OM process, with the property having reopened for its first full year in 2019 following a shutdown period beginning in 2018.
Key Highlights
- Quality Inn in downtown Covington, VA at 429 W Main St: 49‑unit, two‑story, exterior‑corridor limited‑service hotel
- 0.76‑acre site in the C3 zoning district offered as fee‑simple interest
- Built in 1984; significant Property Improvement Plan completed over the prior three years
Property Analytics
Location Intelligence
Current Use by Public Records
Quality Inn
Hotel & Motel
Similar For Sale Nearby
FAQs
What type of property is this?
Hotel - A 49-unit, two-story Quality Inn in downtown Covington, Virginia, built in 1984 and updated through a recent improvement plan.
Where is this hotel located?
The property is located at 429 W Main St Covington, VA.
What are key features of this property?
This property features: Quality Inn in downtown Covington, VA at 429 W Main St: 49‑unit, two‑story, exterior‑corridor limited‑service hotel; 0.76‑acre site in the C3 zoning district offered as fee‑simple interest; Built in 1984; significant Property Improvement Plan completed over the prior three years
