552428 Us-1Hilliard, FL 32046

Property Details for 552428 Us-1

Year built

1960

Property size (Sq ft)

9,488 SF

Property type

Hospitality properties

Property subtype

Other hospitality properties

Description

This 19-unit motel, situated on US-1 in Hilliard, Florida, presents a compelling value-add investment opportunity. The property, built in 1960, boasts a total of 9,488 square feet within a single, one-story building. Currently operating at 70% occupancy (as of June 5, 2024), the motel generates a Net Operating Income (NOI) of $109,728. A pro-forma NOI of $225,000 reflects the potential for significant income growth after renovations. The asking price is $995,000, representing an attractive 11.02% cap rate. Each of the 19 keys commands a weekly rental rate averaging $265-$275, with an after repair value (ARV) rent estimated at $295-$325 per week. The solid concrete exterior provides a strong foundation, although the property requires some attention. Necessary repairs include roof replacement, electrical work, and painting. Three rooms sustained fire damage and require substantial repairs to restore functionality. The property is zoned for hotels and motels (HOTELS & MOTELS-003900) and is conveniently located near Jacksonville, offering easy access and high visibility. The seller is motivated, potentially considering a 1031 exchange. This property is an excellent prospect for investors seeking a hands-on project with substantial upside potential. Prior appointments are required for viewing. Do not disturb tenants or employees.

Location Insight

City

Hilliard

County

Nassau

State

Florida

Latitude

30.7083

Longitude

-81.9288

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