Property Details for 1617 Spruce St

Year built

1966

Lot size

5.50 lot acres

Property size

8,954 SF

Property type

Turn key restaurants

APN

21871840000700

APU

21871840000700

Description

This 58-key Quality Inn in Rawlins, Wyoming, presents a compelling value-add investment opportunity. The 26,024 square foot hotel, built in 1966 and renovated in 2018, sits on a 5.5-acre lot and features two two-story buildings. Currently priced at $1,900,000 ($73.01 per square foot), this freehold property offers significant potential for increased profitability. The hotel's interior corridor design and recent renovations to rooms and common areas provide a solid foundation for a new owner. While the hotel is currently underperforming compared to its competitive set, a new owner can leverage improved marketing, revenue management strategies, and expense control to significantly boost the Net Operating Income (NOI). The property's location on I-80, midway between Salt Lake City and Cheyenne, and within a reasonable driving distance of Denver and Fort Collins, offers strong potential for attracting travelers. Note that a separate 36-room hotel across the street is also under contract. An 8,906 square foot restaurant on the property has been condemned and is unusable. A change-of-ownership PIP is available and expected to be low. This presents a unique chance to acquire a well-located hotel with upside potential, especially for an owner-operator. The low price per room, considering recent renovations and comparable sales, further enhances its attractiveness. The low NOI margin compared to the Mountain Region average presents an opportunity for a buyer to improve operational efficiency and increase profitability.

Location Insight

City

Rawlins

County

Carbon

State

Wyoming

Longitude

-107.256

Latitude

41.7882

Property Tax & Assessments