1834 Lucas St Florence, SC 29501-1230
- Motels
- 35,136 SF
- 4.48 lot acres
Current Use by Public Records
- Knights Inn Florence / Hotel
- Motel 6 Florence Sc / Hotel / Motel
Property Details for 1834 Lucas St
- Year built
- 1988
- Lot size
- 4.48 lot acres
- Property size
- 35,136 SF
- Property type
- Motels
- APN
- 01211-01-070
- APU
- 121101070
Description
This exceptional investment opportunity presents a 109-key motel in Florence, South Carolina, currently undergoing a foreclosure auction. Located at 1834 W. Lucas St, Florence, SC 29501, this single-story property sits on a 4.45-acre lot and boasts 35,136 square feet of space. Built in 1988, the motel is zoned B-3 (General Commercial), offering significant potential for redevelopment or continued operation. The property is being sold via a deficiency sale hearing on December 5th at 11:00 AM in courtroom 3C of the Florence County Judicial Center. In-person bidding is required. The plaintiff's initial bid was $500,000, and they are ineligible to bid further. The sale is a fee simple ownership transfer, subject to assessments, Florence County taxes, existing easements, and other senior encumbrances. The legal description of the 4.4546-acre parcel is detailed in the official court documents associated with Civil Action No. 2024-CP-2101652, The MINT National Bank v. WLS Hotels, LLC; Jagdish A. Patel; Dharmendrakumar M. Patel. A 5% deposit is required from the winning bidder (excluding the plaintiff) at the conclusion of the auction. The successful bidder will also be responsible for documentary stamps on the Master's Deed and interest on the bid amount at 8.5% per annum from the sale date until compliance. The sale is subject to a 30-day compliance period, and the plaintiff retains the right to waive any rights, including the right to a deficiency judgment, before the sale. This is a distressed sale offering a unique opportunity for investors seeking a high-return property in a desirable location. Further details are available through the Florence County Judicial Center.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $905,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $895,000
- 6.5%
- $960,000
- 7%
- $955,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $820,000
- Geo Method
- $835,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,065,000
- Retail
- $990,000
- Mixed-Use
- $800,000
- Hospitality
- $800,000
- Educational
- $1,065,000
- Residential Income
- $865,000
- Energy
- $1,070,000
- Income-Based Land
- $1,020,000
- Food Service
- $865,000
Location Insight
- Map
- Local Demand
- City
- Florence
- County
- Florence
- State
- South Carolina
- Longitude
- -79.799
- Latitude
- 34.2267
- CBSA code
- 22500
- CBSA name
- FLORENCE, SC METROPOLITAN STATISTICAL AREA
