345 2Nd St Corvallis, OR 97330
- Commercial real estate
- 22,156 SF
- 0.46 lot acres
Current Use by Public Records
- Rodeway Inn Willamette River / Hotel
Property Details for 345 2Nd St
- Year built
- 1979
- Lot size
- 0.46 lot acres
- Property size
- 22,156 SF
- Zone code
- CMU-3
- Property type
- Commercial real estate
- APN
- 11535DC00200
- APU
- 11535DC00200
Description
This exceptional investment opportunity presents a 64-key Rodeway Inn hotel in Corvallis, Oregon, situated near Oregon State University and the Willamette Riverfront Park. The property boasts 34,040 square feet across two two-story buildings, constructed in 1979. The hotel features a diverse range of room types, including four King-size family suites with jetted spa baths, along with King and Queen single and double rooms. A separate building houses a four-bedroom, two-bathroom manager's apartment. A significant additional feature is a separate commercial building encompassing the established China Delight Restaurant and Lounge, a Corvallis landmark for over two decades, and six one-bedroom, one-bathroom apartments located above. The property offers 72 parking spaces and is conveniently located near numerous restaurants, brew pubs, and coffee shops. The asking price for the entire property (hotel and restaurant) is $7,500,000, representing a price per square foot of $220.33. The hotel and restaurant are also available for separate purchase. This fee-simple ownership presents a compelling core+ investment opportunity in a vibrant college town setting. The property's strong location and diverse income streams make it an attractive prospect for discerning investors.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Corvallis
- County
- Benton
- State
- Oregon
- Longitude
- -123.258
- Latitude
- 44.5662
- CBSA code
- 18700
- CBSA name
- CORVALLIS, OR METROPOLITAN STATISTICAL AREA
