315 Canal St Annawan, IL 61234-9701
- Commercial real estate
- 38,116 SF
- 1.87 lot acres
Current Use by Public Records
- Best Western Annawan Inn / Hotel
Property Details for 315 Canal St
- Year built
- 2002
- Lot size
- 1.87 lot acres
- Property size
- 38,116 SF
- Property type
- Commercial real estate
- APN
- 15-03-200-026
- APU
- 1503200026
Description
This exceptional investment opportunity presents a thriving 62-unit Best Western hotel in Annawan, Illinois. Strategically located directly off Interstate 80, just two hours from Chicago and 40 minutes from the Quad Cities, this property boasts an enviable location with high traffic volume. Built in 2002 and renovated in 2021, the two-story, interior corridor hotel features 62 keys across two buildings situated on a four-acre lot. The property's strong performance is evidenced by a $98 average daily rate (ADR) and $775,916 in room revenue during 2023. Market analysis reveals significant upside potential, with a RevPAR index of 66% (through April 2024), indicating room for revenue growth. Further enhancing its profitability, the sale includes the adjacent Annawan Banquet and Meeting Center, a full-service banquet hall generating substantial additional income. This turnkey operation is well-maintained, enjoys excellent online reviews and ratings, and is eligible for Best Western's membership auto-transfer. The property's parcel numbers are 15-03-200-026 and 15-03-200-027. The asking price is $2,850,000. This is an ideal opportunity for an investor seeking a high-performing hospitality asset with significant growth potential and a profitable ancillary business. All showings are by appointment only.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Annawan
- County
- Henry
- State
- Illinois
- Longitude
- -89.9029
- Latitude
- 41.4025
- CBSA code
- 19340
- CBSA name
- DAVENPORT-MOLINE-ROCK ISLAND, IA-IL METROPOLITAN STATISTICAL AREA
