YORK MOTEL
Hospitality
for Sale
Sale Pending
| Catylist Listing ID: |
30851142 |
| Property Subtypes: |
Motel
|
| Status: |
Pending |
| Number of Units: |
10 Units |
| Building Size (RSF): |
See Agent |
| Gross Building Area: |
See Agent |
| Gross Land Area: |
1.75 Acres
|
| Sale Price: |
$899,900 |
| Unit Price: |
$89,990 Per Unit |
| Ceiling: |
7.5 ft. |
| Property Use Type: |
Net Leased Investment (NNN) |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
6.0% |
| Last Updated: |
9/26/2023 |
Overview / Comments
Keller Williams Coastal Realty is pleased to present the opportunity to purchase a cash-flowing boutique Motel located at 1931 US Route 1 in York, ME. This property consists of 10 units total, 9 motel units and an apartment with 2 bedrooms and 1.5 baths, which could be used as an owner or manager’s apartment. Every unit is fully furnished with beds, end tables, lamps, bureaus, TVs, desks, chairs, mini-fridge, microwave, and air conditioning. The apartment unit is additionally furnished with a sofa and dining table, and the building has a separate common kitchen unit furnished with a range, dishwasher, refrigerator, and on-site washer & dryer for all guests to use.
The Motel is currently occupied by a long-standing, credit tenant with 3 years remaining on the lease. The current lease features attractive annual rent increases and an advanced payment schedule to ensure cash flow for the investor. The current tenant rents the entire building from May through November and manages the property during this time. Management of the property by the Landlord is more hands-on every December and April to shut down and reopen the property from the winter season. The property is well-located on the York/Ogunquit border of Route 1, which has high volume traffic count and visibility. You cannot travel north into Ogunquit without passing this quaint little Inn. Come see this exciting opportunity today!
A signed NDA will be required for additional financials and documentation requests.Showing Instructions:Call Listing Broker; Email Listing Broker; Listing Agent Must Accompany; Notice Required; Sign on Property
|
Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$5,339 (Annual) |
Additional Details
| Nearest MSA: |
Portland-South Portland |
| County: |
York |
| Taxing Authority: |
YORK |
| Tax ID/APN: |
0100/0014/A |
| Zoning: |
COMM |
| Retail Clientele: |
Business, Tourist |
| Property Located Between: |
CAPE NEDDICK AND OGUNQUIT MAINE |
| Property Visibility: |
Excellent |
| Largest Nearby Street: |
US RT 1 |
| Highway Access: |
ACCESS TO RT 95 GOING SOUTH |
| Airports: |
PORTLAND JETPORT AND PEASE INTERNATIONAL IN PORTSMOUTH NH |
| Site Description: |
THE SITE IS SLOPPING AND IS LEVEL WHERE ALL THE FACILITY IS LOCATED
WELL LANDSCAPED |
| Area Description: |
THE AREA HAS A HIGH TOURIST TRAFFIC COUNT AND IS VISIBLE ON RT 1 HEADING NORTH OR SOUTH. IT IS NEAR THE FAMOUS OGUNQUIT PLAYHOUSE |
| Nearby Attractions: |
SURROUNDED BY THE FINEST BEACHES IN YORK AND OGUNQUIT MAINE . THE WILD ANIMAL KINGDOM IS CLOSE BY AS WELL AS SHOPPING AND THE FINEST RESTAURANTS IN SOUTHERN MAINE |
| Total Number of Buildings: |
1 |
| Number of Stories: |
1 |
| Property Condition: |
Good |
| Year Built: |
1959 |
| Year Renovated: |
2019 |
| Roof Type: |
Gable |
| Construction/Siding: |
Wood Frame |
| Average Occupancy Rate: |
100 |
| Water Recreation: |
Other |
| Exterior Description: |
HAS A MAINE CURB APPEAL WITH ALL UNITS IN A ROW PLUS A THREE BEDROOM APARTMENT L SHAPED WITH A LAUNDRY ATTACHED |
| Total Parking Spaces: |
20 |
| Parking Type: |
Surface |
| Parking Description: |
CRUSHED STONE PARKING LOT PLUS GRASS SIDE PARKING |
| Sprinklers: |
None |
| Laundry: |
Shared |
| Heat Type: |
Electricity, Propane |
| Heat Source: |
Baseboard, Wall Units |
| Air Conditioning: |
Window Unit |
| Internet Access: |
Cable |
| Interior Description: |
WELL APPOINTED FURNISHINGS |
| Zoning Description: |
COMMERCIAL |
| Water Service: |
Municipal |
| Sewer Type: |
Septic |
| Legal Description: |
DEED IN DUE DILIGENCE PACKAGE |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
1,180 |
2,774 |
12,890 |
| Median Age: |
52.09 |
53.37 |
49.84 |
| Households: |
533 |
1,324 |
5,691 |
|
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