1365 Grant Rd Tucson, AZ 85745

Property Details for 1365 Grant Rd

Year built

1967

Construction

FRAME

Lot size

3.97 lot acres

Property size

48,163 SF

Property type

Motels

APN

115-16-019U

APU

11516019U

Description

This exceptional redevelopment opportunity presents the Grand Luxe Hotel & Resort (GLH Hotel), a 91,308 square foot property situated on 5.95 acres in Tucson, Arizona (1365 W Grant Rd, 85745). Currently operating as a 148-key hotel with 60% occupancy as of December 31, 2023, the property boasts a strong NOI of $962,932 and a compelling 13.96% cap rate, priced at $6,900,000 ($75.57/sq ft and $46,621.62/key). Built in 1967, this two-story, two-building complex features ample parking (520 spaces) and is zoned I-1. The property's prime location near Interstate 10, the University of Arizona, and downtown Tucson offers significant potential for various adaptive reuse projects, including affordable housing, student housing, or a non-profit shelter. The existing infrastructure includes a 16,000 sq ft banquet facility and a leased restaurant generating over $13,000 monthly income. A liquor license is included in the sale. All rooms feature adjoining doors, facilitating unit combination. This is a fee-simple ownership with no ground lease. The city actively supports conversion projects due to Tucson's housing shortage. This presents a unique chance to capitalize on a strong cash flow while exploring diverse redevelopment options.

Location Insight

City

Tucson

County

Pima

State

Arizona

Longitude

-110.994

Latitude

32.2495

CBSA code

46060

CBSA name

TUCSON, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments