1365 Grant Rd Tucson, AZ 85745

This exceptional redevelopment opportunity presents the Grand Luxe Hotel & Resort (GLH Hotel), a 91,308 square foot property situated on 5.95 acres in Tucson, Arizona (1365 W Grant Rd, 85745). Currently operating as a 148-key hotel with 60% occupancy as of December 31, 2023, the property boasts a strong NOI of $962,932 and a compelling 13.96% cap rate, priced at $6,900,000 ($75.57/sq ft and $46,621.62/key). Built in 1967, this two-story, two-building complex features ample parking (520 spaces) and is zoned I-1. The property's prime location near Interstate 10, the University of Arizona, and downtown Tucson offers significant potential for various adaptive reuse projects, including affordable housing, student housing, or a non-profit shelter. The existing infrastructure includes a 16,000 sq ft banquet facility and a leased restaurant generating over $13,000 monthly income. A liquor license is included in the sale. All rooms feature adjoining doors, facilitating unit combination. This is a fee-simple ownership with no ground lease. The city actively supports conversion projects due to Tucson's housing shortage. This presents a unique chance to capitalize on a strong cash flow while exploring diverse redevelopment options.