38820 Wa-706 Ashford, WA 98304

Property Details for 38820 Wa-706

Year built

1924

Lot size

2.70 lot acres

Property size

13,367 SF

Property type

Hospitality properties

Property subtype

Motels

Description

Exceptional investment opportunity: The Gateway Inn at Ashford, Washington, a 30-room motel, presents a compelling sale-leaseback proposition. This established hospitality property boasts a 13,367 square foot building on a 2.7-acre lot, strategically positioned just 50 feet from the entrance to Mt. Rainier National Park. Built in 1924 and featuring a two-story design, the motel enjoys a 100% occupancy rate, generating a substantial Net Operating Income (NOI) of $240,000 and a 6.20% capitalization rate. The asking price is $3,870,000 ($289.52/sq ft). The property benefits from an absolute NNN lease structure, eliminating landlord responsibilities. The current tenant, operating since 1989, is committed to a 10-year firm lease with a 3% annual rent increase. The property is zoned TC - Tourist Commercial and its prime location near Mt. Rainier National Park (over 2.5 million visitors in 2023) ensures consistent year-round demand. The property's APN is 071533-4008. This is a rare chance to acquire a high-performing, low-maintenance investment with significant upside potential.

Location Insight

City

Ashford

County

Pierce

State

Washington

Longitude

-121.918

Latitude

46.7414