5169 Lk Rd, Geneva, OH 44041
- Hotels
- 3,600 SF
- 0.50 lot acres
Current Use by Public Records
- Hotels
Property Details for 5169 Lk Rd
- Year built
- 1967
- Construction
- WOOD
- Lot size
- 0.50 lot acres
- Property type
- Hotels
- Property subtype
- Motels
- APN
- 21-030-00-059-00
- APU
- 210300005900
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 23, 2020 | $250,000 | Romano Investment Holdings LLC | Addah Enterprizes LLC | Warranty Deed | — |
| Nov 4, 2020 | $575,000 | Addah Enterprizes LLC | Wesley A Mahan | Correction Deed · related | — |
| Jan 17, 2020 | $575,000 | Addah Ents LLC | Wesley A Mahan | Warranty Deed | — |
| Jan 17, 2017 | $225,000 | Wesley A Mahan | Pschirer,robert M | Warranty Deed | — |
| Apr 15, 2010 | $225,000 | Robert M Pschirer | Mahan,wesley A | Dual Purpose Document | $100k · Wesley A Mahan |
| Apr 26, 1999 | $190,000 | Robert M Pschirer | Kelleher,daniel P & Lisa A | Warranty Deed · related | $164k · West View Svgs Bk |
| — | — | Pschirer,robert M | — | Loan Modification · related | $16k · Us Small Busn Admn |
| — | — | Pschirer,robert M | — | Deed Of Trust · related | $86k · Us Small Busn Admn |
Description
Exceptional opportunity to acquire a fully renovated, 17-key motel in Geneva, Ohio. This turnkey property boasts 4,787 square feet on a 0.5-acre lot, featuring 17 rooms (four doubles, one handicap accessible, twelve single king rooms) and a range of amenities including a common area, office space, pool house, public and staff bathrooms, and an in-ground pool with a waterfall. The property, built in 1967 and extensively renovated in 2022, is zoned commercial and offers significant income potential. Currently operating seasonally (Memorial Day to early September), the motel is fully furnished, including linens, bedding, furniture, appliances, and TVs. All necessary equipment and furnishings are included in the sale price of $1,499,900, representing a price per key of $88,229.41 and a strong 12% cap rate with a net operating income (NOI) of $180,000. The property's prime location in a seasonal resort area presents an opportunity for year-round operation. An additional 17 keys with a private beach are available for separate purchase, offering potential for expansion. The property's Assessed Parcel Number (APN) is 210300005900. This is a rare chance to own a profitable, well-maintained hospitality business in a desirable location. The previous contract fell through, making this a second chance to acquire this exceptional investment.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Geneva
- County
- Ashtabula
- State
- Ohio
- Longitude
- -80.9415
- Latitude
- 41.8612
- CBSA code
- 11780
- CBSA name
- ASHTABULA, OH MICROPOLITAN STATISTICAL AREA
