12211 Us Highway 250 N, Milan, OH 44846

Property Details for 12211 Us Highway 250 N

Year built

1940

Lot size

9.17 lot acres

Property type

Motels

APN

50-00105-000

APU

5000105000

Description

This established 58-key motel in Milan, Ohio presents a compelling investment opportunity. Boasting a 64.7% occupancy rate as of December 31, 2023, and generating $528,357 in total revenue (including $480,357 in room revenue and $48,000 in apartment rental income), this property offers significant upside. The motel comprises three buildings with a mix of one and two stories, totaling 54 rooms and four apartments. An owner's apartment, conveniently located near the front desk, includes six rooms, a basement, and an indoor garage accommodating five vehicles. The property sits on a 9.17-acre lot with ample parking for 120 vehicles. Built in 1960, the motel features exterior corridors, an outdoor pool, and an on-site restaurant currently available for lease. Individual PTAC units provide heating and cooling. Roofing consists of pitched and shingled, flat rubber, and metal. The property is zoned commercial and benefits from its proximity to major highways (I-80 and I-90), popular attractions (Kalahari, Cedar Point, Sports Force Park), and Lake Erie. A planned Pilot Travel Center across the street promises further growth potential. Recent revenue growth, with Q2-Q3 2023 exceeding the same period in the previous year by 17%, underscores the property's strong performance and future prospects. The property's manageable size makes it ideal for owner-operators or first-time buyers. The asking price is $2,000,000, translating to $34,482.76 per key and $37,736 per room. Parcel numbers are #50-00105.000 & #50-00269.001 (Erie County).

Location Insight

City

Milan

County

Erie

State

Ohio

Longitude

-82.6165

Latitude

41.3193

CBSA code

41780

CBSA name

SANDUSKY, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments