Property Description:
Incredible opportunity to own a cash cow of a Motel in Daytona Beach. Located just off LPGA Blvd. and 3 blocks from the intercoastal, this property boasts incredible returns and comes almost turn key! This is an investor’s dream, and opportunities like this don’t come around very often. Motel has recently had renovations done, and new roofs were just installed in every building in early March of 2024. Rooms are in very good shape, as you can see from the pictures, so you will have almost no repairs, save for anything you would like to add to the outside for aesthetic purposes.
The Motel has 11 doors, although there is a 2/1 that is attached to the leasing office that the owner rents as a 12th room. Motel has 11 parking spaces and there are room for 2 more as well. The owners rent the rooms by the week. They have been charging $400/week per door, for roughly $4800/week or $19,200 per month. Owners say they run at approximately 90% occupancy. Also they say you can rent the rooms nightly for $89/night, but prefer to do by the week because it is less maintenance and they self-manage. Recently, they have increased the rents to $450/week.
As for expenses, and as it is self-managed, they have kept their costs low, so buyer will have to do his best estimates for costs such as cleaning, lawn maintenance, management, etc. But we can tell you their yearly water/electricity is approximately $15,000 and taxes are between $3,000-$4,000. As this is self-managed, owners have also told us that they have done no marketing or advertising for this place whatsoever, and have not looked into any air bnb possibilities, so we feel that the profits they are showing barely scratch the surface of what the potential for this place could be.
We are open to contracts with inspection periods, and can get more information if requested. This is a once-every-couple-years type opportunity, so act now. You don’t want to be kicking yourself for missing out on this one!