3755 Cheney Hwy Titusville, FL 32780-2500

Property Details for 3755 Cheney Hwy

Year built

1974

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

4.17 lot acres

Property size

77,894 SF

Zone code

T

Property type

Hotels

APN

22-35-30-AV-00000.0-0071.01

APU

223530AV000000007101

Description

This exceptional investment opportunity presents a 141-key Days Inn by Wyndham located in Titusville, Florida, directly off Interstate-95. The property boasts high visibility and sits on approximately 4.17 acres. The hotel features two two-story buildings with an exterior corridor design. A significant asset is the inclusion of a net-leased IHOP restaurant generating approximately $62,382 in annual net operating income (NOI) under a lease extending to 2029, which is considered below market rate. Further enhancing the offering is a fully furnished, 900-square-foot, two-bedroom, one-bathroom apartment with a full kitchen, available for long-term lease, separate from the hotel's 141 rooms. The hotel's strategic location offers proximity to major attractions, including the Kennedy Space Center Visitor Complex (12 miles), Port Canaveral (23 miles), and three major airports within 40 miles. Recent financial data reveals a trailing twelve-month (T12) June 2024 net operating income of $824,002, a room revenue of $2,984,286, and a project room revenue multiplier of 3.08x. The average daily rate (ADR) was $80.99, occupancy was 71.40%, and the revenue per available room (RevPAR) was $57.83. The property, built in 1985, is considered to be in good condition, with a Wyndham-approved Dawn Package renovation completed. An estimated $150,000+/- change of ownership PIP is anticipated, subject to Wyndham Hotels verification. The property's location within the high-growth market of Brevard County, near diverse demand generators, positions it for continued success. The asking price is $9,800,000.

Location Insight

City

Titusville

County

Brevard

State

Florida

Longitude

-80.8544

Latitude

28.5496

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments