1500 Spruce St, Rawlins, WY 82301-5220

Property Details for 1500 Spruce St

Year built

1960

Lot size

1.50 lot acres

Property type

Motels

APN

21871733700200

APU

21871733700200

Description

This 36-key Rodeway Inn motel presents a compelling value-add investment opportunity in Rawlins, Wyoming. The 14,144-square-foot property, situated on a 1.5-acre lot, boasts a prime location at 1500 W Spruce St, 82301, offering convenient access to Interstate I-80, a major east-west thoroughfare connecting San Francisco and Chicago. Built in 1960 and renovated in 2018, the two-story building is zoned for commercial use and features an exterior corridor design. The asking price is $450,000, translating to $31.82 per square foot. While currently under contract, there may be an opportunity for an all-cash buyer with a quick closing. A change-of-ownership PIP is anticipated to be low. The property's current performance trails comparable motels, presenting significant upside potential for a buyer to implement improved marketing and revenue management strategies, and optimize operational expenses to achieve higher profit margins. The motel's proximity to major cities like Salt Lake City, Cheyenne, Denver, and Fort Collins further enhances its investment appeal. Note that a nearby 58-room Quality Inn is also under contract, potentially offering a unique opportunity for a single owner to operate both properties. However, the Quality Inn has an on-site, condemned 8,906 square foot restaurant building that cannot be used. This freehold property offers a chance to capitalize on the strong location and implement strategies to increase revenue and profitability.

Location Insight

City

Rawlins

County

Carbon

State

Wyoming

Longitude

-107.253

Latitude

41.7875

Property Tax & Assessments