109 Erwin St Tyler, TX 75702-7224
- Bars & Pubs
- 7,500 SF
- 0.06 lot acres
Aug 07, 2020
Current Use by Public Records
- The Thomas Hotel / Hotel & Motel
- The Judge: Cocktail Bar / Bar & Pub
Property Details for 109 Erwin St
- Year built
- 1983
- Lot size
- 0.06 lot acres
- Property size
- 7,500 SF
- Property type
- Bars & Pubs
- Property subtype
- Pubs
- APN
- 1-50000-0002-00-018000
- APU
- 150000000200018000
Description
This exceptional 7,500 sq ft boutique hotel in downtown Tyler, TX, presents a unique investment opportunity. Completely renovated in 2022, this two-story, eight-room property boasts a modern interior within a preserved historic exterior. The hotel features a lobby bar, enjoys a 78% occupancy rate, and generates a strong NOI of $193,108, resulting in a 7.17% cap rate. Built in 1983 on a 0.057-acre lot, the property benefits from its prime location in a rapidly growing downtown area undergoing significant revitalization, including a planned redesign of public spaces and a new courthouse. The asking price is $2,695,000 ($359.33/sq ft). This represents a chance to own a piece of Tyler's history and capitalize on its thriving real estate market. Building plans are available upon request.
Value Estimations
-
Alternative Use
- Use
- Estimation
- RESTAURANT
- $870,000 Current use
- COMMERCIAL (GENERAL)
- $820,000 Change: -6% Conversion: Easy
- AUTO REPAIR, GARAGE
- $785,000 Change: -10% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Tyler
- County
- Smith
- State
- Texas
- Longitude
- -95.3001
- Latitude
- 32.3506
- CBSA code
- 46340
- CBSA name
- TYLER, TX METROPOLITAN STATISTICAL AREA
