Current Use by Public Records
- Hospitality properties
Property Details for 3400 Us-92
- Year built
- 1951
- Property type
- Hospitality properties
- Property subtype
- Motels
Description
This exceptional 21-room motel, the Motel Lu Rae, presents a compelling investment opportunity in Casselberry, Florida. Boasting 7,964 square feet on a 0.82-acre lot (35,505 sq ft), this property is situated on US-17-92, a high-traffic corridor with an average annual daily traffic count of 53,000 vehicles. The motel, built in 1951 and extensively renovated in 2021, includes two single-story buildings and features 21 keys, each with its own bathroom. Recent upgrades include a new roof, drain field, septic tank, and renovations to 10 rooms featuring new flooring, fresh paint, and updated bathrooms. These improvements have led to significant increases in room rates and income. The property benefits from a strong NOI of $271,349, with a pro-forma NOI projected at $300,000, resulting in a current cap rate of 12.33% and a pro-forma cap rate of 13.64%. The asking price is $2,200,000, translating to a price per key of $104,761.90 and a price per square foot of $276.24. The motel operates as a weekly rental business, offering flexibility in pricing and maximizing cash flow. Its location within Seminole County's Casselberry Collection Retail Shopping Center, near major retailers like Home Depot and Publix, ensures high visibility and convenient access for guests. The property is zoned CG and offers ample on-site asphalt parking for 21 vehicles. An on-site manager's unit provides convenient oversight and guest services. This fee simple ownership opportunity is also located within an Opportunity Zone, providing potential tax advantages for investors. The motel's proximity to Orlando's major attractions, including theme parks and the Orlando International Airport, further enhances its investment potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Casselberry
- County
- Seminole
- State
- Florida
- Longitude
- -81.3365
- Latitude
- 28.6779
