1020 Hobsonway Blythe, CA 92225

Property Details for 1020 Hobsonway

Year built

1960

Lot size

2.41 lot acres

Property size

19,256 SF

Property type

Hospitality properties

Property subtype

Motels

Description

This exceptional investment opportunity presents the Emerald Inn and Lounge, a 46-key motel in Blythe, California. Boasting a 100% occupancy rate as of September 20, 2019, this property offers significant potential for increased profitability. The 19,256 square foot motel, built in 1960 and extensively renovated in 2022, sits on a 2.41-acre lot and includes 53 parking spaces. The property features 76 beds across its 46 rooms, and a full-service bar with a valid liquor license, currently not in operation, presenting a significant upside for revenue generation. Recent capital improvements exceeding $250,000 have upgraded plumbing, electrical systems, landscaping (including the addition of palm trees), and security (CCTV installation). The motel benefits from a prime location on a major highway, providing consistent traffic and visibility. The property is zoned C2 and offers a manager's unit with three bedrooms and 2.5 bathrooms, including a living room and dining room. Financial highlights include an asking price of $2,650,000, a current NOI of $135,000, and a pro-forma NOI of $195,000, representing a 5.09% current cap rate and a projected 7.36% pro-forma cap rate. The price per key is $57,608.70, and the land value is $27.14 per square foot. Seller financing may be available for qualified buyers with a 40% down payment. This fee-simple ownership opportunity presents a strong return on investment in a growing California city. The property's location in an Opportunity Zone adds further investment appeal.

Location Insight

City

Blythe

County

Riverside

State

California

Longitude

-114.608

Latitude

33.6102