101 Margaret Ave Terre Haute, IN 47802

Property Details for 101 Margaret Ave

Year built

1991

Lot size

1.60 lot acres

Property type

Hospitality properties

Property subtype

Motels

Description

This fee-simple Days Inn & Suites motel in Terre Haute, Indiana presents a compelling investment opportunity. Boasting 82 keys across two two-story buildings on a 1.6-acre lot, this established property offers significant upside potential. Built in 1991 and renovated in 2020, the motel enjoys a prominent location near Interstate 70 and US 41, providing convenient access for travelers. The property's strong location is further enhanced by its proximity to restaurants such as Starbucks, Bob Evans, and Cracker Barrel, as well as three institutions of higher learning: Indiana State University, Rose Hulman Institute of Technology, and Saint Mary-of-the-Woods College. Additional nearby attractions include the Terre Haute Convention Center, Larry Bird Museum, Children's Museum, and numerous dining establishments. The new Terre Haute Casino Resort is also conveniently located just three miles away. The motel features a range of amenities including a front desk and lobby, breakfast and coffee bar, business center, exercise room, basketball hoop, guest laundry, and vending room. A two-bedroom manager's apartment with a full kitchen is also included. The property currently shows a 51% occupancy rate as of December 31, 2023, generating a Net Operating Income (NOI) of $395,034 and a 10.82% cap rate. The asking price is $3,650,000, representing a price per key of $44,512.20. This stabilized, operationally-focused investment is zoned for commercial use. The Indianapolis International Airport is within a 65-mile radius, further enhancing the property's appeal.

Location Insight

City

Terre Haute

County

Vigo

State

Indiana

Longitude

-87.4156

Latitude

39.4332