Basics
- Date added: Added 2 months ago
- Category: Hotel
- Rent Period: Daily
- Type: Limited Service
- Status: For Sale
- Guestrooms: 66
- Bedrooms: 68
- Bathrooms: 68
- Half baths: 2
- Total rooms: 80
- Meeting space sq ft: 500
- Floors: 2
- Area, sq ft: 47685 sq ft
- Lot size, sq ft: 135907.2 sq ft
- Year built: 1995
- Year remodeled: 2017
- Price per sq ft: $128.02
- Price Per Key: $100,000
- Cap rate: 7.89%
- NOI: $682,955
- Occupancy: 72.58%
- Broker: Hotel Brokers of America
- Agent: Subhash Naik
- Agent Phone: 661-978-3109
- Agent Email: Deals@hbofamerica.com
- Website:: https://hotelbrokersinc.com/
Description
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Description:
Hotel Brokers of America is pleased to exclusively offer the Upscale All-Suite Extended Stay Residence Inn, located in Topeka, KS. Topeka is the State Capital of Kansas with multiple demand drivers including Government, corporate, and leisure.
Highlights & Location:
- The hotel is Institutionally Owned and Managed Resulting in much Higher than Normal Expenses. Any Owner-operator will quickly increase the NOI driving significant Profits. A 66 Room Residence Inn with $2M plus Revenue Should be delivering a minimum 38%-42% NOI.
- Topeka is the State Capital of Kansas with multiple demand drivers including strong Government / Corporate and Leisure.
- The Hotel has an Excellent Location in the Heart of the Business District.
- The Hotel is a Strong Performer operating #1 in ADR at $119.89 and #3 in Occupancy consistently over 72% even though it requires a full PIP from Marriott. PIP complete this hotel is poised to do significantly high Revenue by becoming # 1 in Occupancy at a $10 to $15 higher ADR.
- As of March 2024, the hotel has demonstrated a robust performance, with a trailing 12-month revenue of $2,111,000. It's worth noting that the property has a historical revenue track record surpassing $2,390,000.
- The Hotel is offered at $6,200,000 (2.94 X Revenue) Plus PIP, which places it at a highly attractive 3.72 x revenue PIP Complete, for a performing and Profitable fully renovated Residence Inn by Marriott
- At $119,000 per room, the Hotel is priced at a significant discount to new construction of a minimum of $160,000 for a Marriott Residence Inn.
THIS WILL SELL QUICKLY! PLEASE ADVISE YOUR INTEREST IMMEDIATELY
- Corporate Demand Generators: Several major corporations operate near Topeka, KS, across various sectors. Some of the prominent employers include:
- State of Kansas: As Topeka is the state capital, the government is a significant employer in the region.
- Stormont Vail Health: A key player in the healthcare sector, providing comprehensive medical services.
- Blue Cross Blue Shield of Kansas: Another major healthcare provider, focusing on insurance services.
- Goodyear Tire & Rubber Company: A significant manufacturing presence with a large tire production facility.
- Hill’s Pet Nutrition: Known for its pet food products, contributing to the local economy through manufacturing and distribution.
- Security Benefit: A financial services company specializing in retirement planning and investment management.
- Westar Energy (now part of Evergy): The primary electric utility serving Topeka and surrounding areas.
- Reser’s Fine Foods: A producer of prepared foods, employing a substantial workforce in the area.
- Major Cites: Major cities near Topeka, KS include:
- Kansas City, MO/KS: Approximately 65 miles east, it's a major metropolitan area with a vibrant cultural scene and numerous attractions.
- Lawrence, KS: About 30 miles east, home to the University of Kansas.
- Manhattan, KS: Around 50 miles west, known for Kansas State University.
- Olathe, KS: Roughly 60 miles east, a part of the Kansas City metropolitan area.
Investment Highlights
RESIDENCE INN
TOPEKA, KS- Priced to sell at $6,200,000 (2.94 X Revenue Before PIP)
- #1 in ADR and #3 in OCC (despite requiring PIP)
- Strong ADR Market / Interstate & Mall Location
- Motivated Seller Bring All Offers
Location
- Neighborhoods: City center
Building Details
- Cooling features: PTAC
- Heating features: PTAC
- Floor covering: Carpet, Concrete, Hard wood, Laminate, Linoleum/vinyl, Slate, Softwood, Tile
- Basement: Partially finished
- Exterior material: Brick, Stone, Wood
- Roof: Asphalt, Built-up, Composition, Metal, Shingle, Stone, Stucco, Tile, Vinyl, Wood, Wood products
- Parking: Carport, Garage - detached, On-street, Parking lot
Amenities & Features
- Amenities:
- Features: