Building Details

Year Built 1950

Year Renovated 2022

Buildings 3

Stories 1

Listing Agency: Muroff Hospitality Group

Listed By: Mitchell B. Muroff · License #10491210905 Show Phone

Source: Crexi

Added: Apr 12, 2024 Changed: Oct 1 Last Checked: Oct 4 at 6:41AM

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Investment Insights

Based on property information with market context.

The King Phillip Restaurant & Motel presents an opportunity to acquire a restaurant and motel business located on Route 2 in Phillipston, Massachusetts. The property includes a restaurant offering traditional American cuisine in a casual setting, with specialties including chicken, veal, beef and Italian dishes. The restaurant features a lounge with a 12-tap selection of Microbrews and a full bar. Adjacent to the restaurant is a motel with 12 guestrooms. The guestrooms are equipped with wall-to-wall carpet, cable T.V., and air conditioning. The motel offers a mix of queen and double-bedded rooms, and cots are available. All rooms are non-smoking, and daily maid service is provided. The motel offers daily, weekly, and monthly rates. The property has 5 acres and offers parking, with space available for tractor trailer trucks. The property has potential for development.

Key Highlights

• Turnkey restaurant and motel business opportunity on 5 acres.
• 12 modern motel guestrooms with amenities including cable TV and air conditioning.
• Well‑established and profitable business with potential for revenue growth.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$79,218

Cap Rate

5.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,584,360 $1.6M

Cap Rate 7%

$1,131,686 $1.1M

Cap Rate 9%

$880,200 $880.2K

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$108.0K $21.60/SF

− Vacancy

−$2.4K −$0.48/SF

EGI

$105.6K $21.12/SF

− OpEx

−$26.4K −$5.28/SF

NOI

$79.2K $15.84/SF

Area

Worcester County, MA

Vacancy

2.20%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,584,360

Cap Rate 7%

$1,131,686

Cap Rate 9%

$880,200

Alternative Uses

Best Use

Specialty Retail

$1.13M

$990.2K – $1.32M (±1% cap)

NOI $79,218 @ 7.0% cap · market cap 5.19%

Second Best

Hotel Hospitality

$537.4K

$470.3K – $627.0K (±1% cap)

NOI $37,620 @ 7.0% cap · market cap 2.47%

Theoretical Best

Office A

$1.71M

$1.49M – $1.99M (±1% cap)

NOI $119,520 @ 7.0% cap · market cap 7.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Motels

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 01331, MA

13,656

Population

6,050

Households

2.3

Avg Household Size

44

Median Age

21%

College-Educated

89%

High-School Grad

54.2 sq mi

ZIP Area

252

Density / Sq Mi

$68,345

Median Household Income

$42,132

Median Earnings

$1,041

Median Rent

$257,300

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this motels located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Motel - Profitable restaurant and motel on 5 acres available for sale.

Where is this motel located?

The property is located at 35 State Rd Phillipston, MA.

What is the asking price?

The asking price for this property is $1,525,000.

What are key features of this property?

This property features: Turnkey restaurant and motel business opportunity on 5 acres.; 12 modern motel guestrooms with amenities including cable TV and air conditioning.; Well‑established and profitable business with potential for revenue growth.