488 Blackstock Rd Spartanburg, SC 29301-3763

Property Details for 488 Blackstock Rd

Year built

1973

Construction

CONCRETE BLOCKS

Lot size

0.30 lot acres

Property size

2,184 SF

Property type

Retail space

APN

6-2505-10100

APU

6250510100

Description

This 60-key Super 8 motel in Spartanburg, South Carolina, presents a compelling investment opportunity. Built in 1998 and renovated in 2004, this two-story, 29,728 square foot, interior-corridor hotel sits on a 1.96-acre lot with 58 parking spaces. The property boasts a 57.4% occupancy rate and is offered at $4,200,000 ($141.28/sq ft, $70,000/key). The current franchise agreement has 10 years remaining and is transferable. Located at 488 S Blackstock Rd, Spartanburg, SC 29301, this stabilized asset benefits from its high-traffic location near I-85 and I-26, with daily traffic counts exceeding 100,000 vehicles on nearby I-65. The hotel's strong market position (ranked 2nd out of 7 comparable properties in 2023) and proximity to major retail destinations like West Gate Mall and Walmart contribute to its consistent revenue stream. The property is offered fee-simple, unencumbered by debt or management contracts, minimizing potential liabilities for the new owner. Minimal expected PIP requirements further enhance the investment's attractiveness. Spartanburg's thriving economy and growing population (5.7% increase since 2010) provide a strong foundation for continued success. The property's interior corridor design minimizes maintenance costs, contributing to its profitability. This represents a solid, stabilized investment with potential for upside through expense management and potential flag conversions.