1620 Westport Dr Topeka, KS 66604-4032

Property Details for 1620 Westport Dr

Year built

1995

Lot size

3.49 lot acres

Zone code

C4

Property type

Motels

APN

142-04-0-20-05-001.07

APU

142040200500107

Description

This 66-key Residence Inn in Topeka, Kansas, presents a compelling investment opportunity. Located at 1620 SW Westport Dr, Topeka, KS 66604, this three-story, 47,685 square foot hotel sits on a 3.12-acre lot and was built in 1995. Currently operating with a 72.58% occupancy rate and an average daily rate (ADR) of $119.89, the property boasts a trailing 12-month revenue of $2,111,000, exceeding a historical high of $2,390,000. The asking price is $6,200,000, representing a 2.94x revenue multiple (before potential property improvement plan (PIP) completion). The hotel's Net Operating Income (NOI) is $682,955, yielding a 7.89% cap rate. While currently requiring a full PIP from Marriott, upon completion, this property is poised for significant revenue growth, given its strong ADR market and location near major interstates and a shopping mall. Topeka's robust economy, driven by state government, major corporations (including Stormont Vail Health, Blue Cross Blue Shield of Kansas, Goodyear Tire & Rubber Company, Hill's Pet Nutrition, Security Benefit, and Evergy), and its proximity to Kansas City, Lawrence, and Manhattan, ensures a consistent demand for hotel accommodations. The per-room price of $119,000 represents a significant discount compared to new construction costs for a similar Marriott Residence Inn. This is a motivated seller situation