9902 Gulf Fwy Houston, TX 77034

Property Details for 9902 Gulf Fwy

Year built

1984

Construction

BRICK

Lot size

1.03 lot acres

Property size

4,802 SF

Property type

Turn key restaurants

APN

342030030204

APU

342030030204

Description

This exceptional investment opportunity presents a 136-key hotel, the Red Roof Inn & Suites Hobby Airport, situated on a 3.5-acre lot at 9902 Gulf Fwy, Houston, TX 77034. The property, with APN 0342030030315, boasts two three-story buildings totaling 50,000-55,000 square feet, constructed in 1984 and significantly renovated in 2006 and 2019. Currently operating as a hotel with 128 keys and three 3-bedroom apartments, the property offers a compelling 9.62% cap rate and a strong net operating income (NOI) of $500,000. The asking price is $5,200,000, translating to a price per key of $38,235.29. Financial records indicate a 2023 room revenue of $1.268 million and a projected 2024 revenue of $1.4 million. The property's strategic location, just two miles from Hobby Airport and eleven miles from downtown Houston, provides excellent access to a robust market. The property includes approximately 178 parking spaces. Currently, 36 rooms feature kitchenettes, demonstrating the viability of a conversion to extended-stay or multi-family units. Market analysis suggests potential for significant rental income based on comparable properties in the area. This asset offers multiple operational strategies, including continued operation as a hotel, conversion to a dual-brand hotel (HomeTowne Studios & Red Roof), or a complete transformation into multi-family housing. Detailed financial information and operational data are available upon request.