1215 Hospitality Ln Needles, CA 92363-2865
- Hotels
- 31,450 SF
- 2.50 lot acres
May 05, 2023
Current Use by Public Records
- Hotels
Property Details for 1215 Hospitality Ln
- Year built
- 1984
- Construction
- WOOD FRAME
- Lot size
- 2.50 lot acres
- Property size
- 31,450 SF
- Property type
- Hotels
- APN
- 0185-211-28-0000
- APU
- 185211280000
Description
This 104-key Days Inn & Suites motel in Needles, California, presents a compelling owner-user opportunity. Built in 1985 and renovated in 2023, the 36,762-square-foot property boasts a prominent location at 1215 Hospitality Ln, Needles, CA 92363. The asking price is $5,720,000. Significant renovations, exceeding $300,000, have already been completed, including new furniture, bathroom upgrades, exterior lighting, and vinyl flooring in 40 rooms. Approximately 60 rooms remain to be renovated, offering a substantial value-add opportunity for a new owner. The property benefits from the strong brand recognition of Days Inn & Suites by Wyndham, attracting a loyal customer base. Current operations show a trailing 12-month RevPAR index of $19.23, ranking 4 of 6 in its comp set, with 50% occupancy. However, projections indicate potential for significant revenue growth, reaching an annual revenue of $1,495,000 at the current comp set RevPAR of $39.40, through improved marketing, completed renovations, and efficient management. The property's proximity to the Colorado River and popular destinations like Lake Havasu and Laughlin, coupled with its strategic location for transportation and logistics, ensures strong demand. The current management structure offers further opportunities for cost optimization or owner-user management. Comparable sales in the submarket, such as the recent sale of the Rodeway Inn Needles for $9,800,000 ($84,000 per key), highlight the significant upside potential of this property. There is no new motel supply in the pipeline.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $5,350,000
- ML approach
- $5,315,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,285,000
- 6.5%
- $3,035,000
- 7%
- $2,815,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $4,634,000
Market price range: $1.34M - $8.88M
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Location Insight
- Map
- Local Demand
- City
- Needles
- County
- San Bernardino
- State
- California
- Longitude
- -114.612
- Latitude
- 34.8376
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
