1922 Memorial Dr Waycross, GA 31501-1003

Property Details for 1922 Memorial Dr

Year built

2009

Construction

STEEL FRAME

Lot size

1.31 lot acres

Property size

50,952 SF

Zone code

COMMERCIAL

Property type

Hotels

APN

WA24-01-005

APU

WA2401005

Description

This 77-room Comfort Suites hotel in Waycross, GA, presents a compelling investment opportunity. Built in 2009 and extensively renovated in 2021, the four-story, interior-corridor property boasts a strong financial performance, with a trailing twelve-month NOI of $581,299 and an 8.36% cap rate. The hotel's 1.31-acre lot houses a business center, fitness center, banquet rooms, laundry facilities, an indoor heated pool, and a whirlpool. Its prime location, just off Highway 4 and near US Route 1, offers easy access to major attractions including the Waycross Motor Speedway (1 mile), historic downtown Waycross (2 miles), and the Okefenokee Swamp Park (11.6 miles). Proximity to Jacksonville International Airport (70 miles) and coastal destinations like Brunswick and St. Simons Island further enhances its appeal. The property benefits from its location within an Opportunity Zone, offering potential tax advantages for investors. Recent renovations included new lobby tiles, gym equipment, hallway carpet, HVAC units, pool resurfacing, and pool equipment. The hotel's strong performance, coupled with its strategic location and recent upgrades, makes it an attractive investment prospect. The trailing twelve-month room revenue reached $1,763,431, with an ADR of $77.17, RevPAR of $62.74, and an occupancy rate of 81.3%. The asking price is $6,950,000. Note that a change of ownership PIP is estimated at $150,000 but requires verification by Choice Hotels.

Location Insight

City

Waycross

County

Ware

State

Georgia

Longitude

-82.3321

Latitude

31.2016

CBSA code

48180

CBSA name

WAYCROSS, GA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments