This incredible cash flow motel lies on the southern peninsula of Daytona Beach Shores, directly across from the beaches. This property has 12 fully operational motel units and an owner’s suite in the office area. The property consists of five rooms with two double beds, full kitchens, a gas stove, a fridge, a TV, a microwave, and extra counter space, and six rooms with two double beds, including a mini-fridge and a microwave, and a TV. There is also one room with a king-size bed, mini-fridge, microwave, and TV. The owners currently run the property and only charge $55-60/night per room, bringing in approximately $140,000 in annual gross revenue. Now, the property is showing a net annual operating income of $50,592.
This property could command market nightly rates with minimal vacancy to bring in some serious value-add cash flow with some significant updating. We recommend replacing the roof, repaving the asphalt parking lot, updating the kitchenettes, appliances, and furniture in each unit. We also recommend repainting the interior and exterior of the building, installing new vinyl flooring throughout, and updating the bathrooms to command market nightly rates.
Once completed, comparable motels in the area charge $100+ per night and operate at vacancy rates less than 30%. Once fully performing, this property should be able to generate $305,760 in annual gross revenue. With projected post-rehab expenses at approximately $108,000 per year, this property could generate a 14%+ pro-forma return. In addition, $660,000 in seller financing is available to qualified buyers.
Opportunities like these are few and far between. So CALL US TODAY before it’s gone!