75 Spooner Rd Quincy, FL 32351-5671

Property Details for 75 Spooner Rd

Year built

1994

Construction

FRAME

Lot size

2.00 lot acres

Property size

12,498 SF

Property type

Hotels

Property subtype

Motels

APN

3-25-2N-4W-0000-00331-0500

APU

3252N4W0000003310500

Description

This 40-key Quality Inn, a Choice Hotels property, presents a compelling investment opportunity in the Tallahassee MSA. Built in 1994, this two-story, exterior-corridor hotel boasts a prime location along Interstate 10, approximately 25 miles from Downtown Tallahassee and near the Quincy Historic District. The property sits on two acres and has recently undergone significant renovations, including a new roof, updated exterior lighting, electrical upgrades in the breakfast area, refurbished PTAC units, a resurfaced parking lot, and refurbished laundry equipment. An estimated $25,000+/- change of ownership PIP is anticipated, subject to verification by Choice Hotels. Previous and current owners have invested approximately $150,000+/- in capital improvements. The hotel benefits from a diverse demand base, including leisure and business travelers, legislative attendees, healthcare professionals, university visitors, and sports teams, with proximity to attractions such as the Gadsden Arts Center & Museum and Bear Creek Educational Forest. The property's strong historical performance, evidenced by over $1,000,000 in room revenue in 2021 and 2022 (December Monthly STR Reports), and its potential for RevPAR improvement (currently at 75% of the comp set index based on the June 2024 Monthly STR Report), make it an ideal acquisition for an owner-operator seeking to maximize returns. The asking price is $3,800,000. Projected year-end 2023 metrics include a 4.13x Revenue Multiple and a 6.03% capitalization rate, while year one projections show a 4.24x Revenue Multiple and an 8.22% capitalization rate. June 2024 T-12 data shows an ADR of $102.75, RevPAR of $58.57, and an occupancy rate of 57%.

Location Insight

City

Quincy

County

Gadsden

State

Florida

Longitude

-84.5954

Latitude

30.5363

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments