242 Airport Rd Billings, MT 59105-3007

Property Details for 242 Airport Rd

Year built

2000

Construction

WOOD

Lot size

1.40 lot acres

Property size

38,450 SF

Property type

Hotels

Property subtype

Motels

APN

03-1033-27-3-05-20-0000

APU

3103327305200000

Description

This exceptional 69-key motel in Billings, Montana presents a compelling investment opportunity. Boasting 38,450 square feet on a 61,010 square foot lot, this four-story, 2000-built property underwent extensive renovations between 2021 and 2023. The property features 70 parking spaces and is conveniently located near the Metra (10,000 seat arena) and airport, providing easy access to local attractions. The asking price is $11,250,000, representing a price per square foot of $292.59 and a land value of $20 per square foot. The property's strong performance is evidenced by a 2023 room revenue of $2,812,153, an ADR of $162.54, an occupancy rate of 69%, and a RevPAR of $111.66, based on 17,301 rooms sold. The trailing twelve-month occupancy (as of July 11, 2024) stands at 69.5%. The current NOI is $501,916, with a pro-forma NOI of $807,453, yielding a current cap rate of 4.46% and a pro-forma cap rate of 7.18%. Recent improvements include the conversion of eight rooms, modernized pool equipment, replacement of all PTAC units with wall controls, upgraded door locks, a new shuttle vehicle, installation of CO detectors, upgraded security cameras, elevator refurbishment, repainting and recarpeting of guest rooms and public areas, and new guest room lighting. The property is zoned CMU-1 Corridor Mixed Use 1 and benefits from a strong employee culture focused on exceptional customer service, with a team of 39 employees. The motel also features a new website and online booking engine emphasizing direct bookings and consistently ranks number one on TripAdvisor. This is a turnkey operation with significant upside potential.

Location Insight

City

Billings

County

Yellowstone

State

Montana

Longitude

-108.479

Latitude

45.8035

CBSA code

13740

CBSA name

BILLINGS, MT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments