203 Main St Rutland, VT 05701-3014
- Commercial real estate
- 0.45 lot acres
Oct 10, 2023
Current Use by Public Records
- Extol Inn / Hotel & Motel
Property Details for 203 Main St
- Lot size
- 0.45 lot acres
- Property type
- Commercial real estate
- APN
- (170) 14172
- APU
- 17014172
Description
This exceptional 24-unit motel presents a compelling value-add investment opportunity in Rutland, Vermont. Boasting 19,602 square feet across three buildings situated on a 0.45-acre lot, this property offers significant potential for increased revenue. Built in 1998, the motel currently enjoys a 90% occupancy rate, generating a pro-forma NOI of $800,000 and a pro-forma cap rate of 32%. The asking price is $2,500,000, translating to $127.54 per square foot and $78,125 per bed. The property is strategically located at 203 N Main St, 193-195 197-199-201 N Main St, Rutland, VT 05701, benefiting from Vermont's strong demand for residential housing. Currently participating in the state housing voucher program, with 30 vouchers in place at $90 per night per unit, the property demonstrates substantial existing income and the potential for over $1 million in annual revenue. Owner financing is available, making this a highly attractive proposition for investors seeking a strong return on investment in a thriving market. The motel features 32 beds, providing ample capacity to accommodate guests. This property represents a rare opportunity to acquire a well-established, high-performing motel with significant upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $575,000
- ML approach
- $550,000
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Location Insight
- Map
- Local Demand
- City
- Rutland
- County
- Rutland
- State
- Vermont
- Longitude
- -72.9754
- Latitude
- 43.6228
- CBSA code
- 40860
- CBSA name
- RUTLAND, VT MICROPOLITAN STATISTICAL AREA
