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Motel Somerset 13990 E Chicago Rd

16 Room Hotel Cement City, MI 49233 $850,000 ($53,125/Room) 12.35% Cap Rate

Investment Highlights

  • Location- hotspot for visitors attending events at the Michigan International Speedway, Faster Horses Festival, wedding/event venues, wineries

Executive Summary

Discover Motel Somerset on bustling US12, set on 5 acres. This property features 3 buildings with 14 motel rooms and a versatile apartment for a 15th room or Air BnB. Recent renovations and a new business model boosted average daily rates by 20% in May and 34% in June. The ranch home offers 2 beds, 1 bath, and an attached garage- perfect for a long term tenant/ STR or an owner-operator. Located a stone's throw from Lake Somerset, three other lakes within 2 miles (as well as the other 52 Lakes in the Irish Hills area), hotspot for visitors attending events at the Michigan International Speedway, Faster Horses Festival, various wedding and event venues, wineries, a charming cider mill, local parks, and renowned hunting spots. Ideal for investors seeking growth in a prime recreational area. This property is managed using 'Stayntouch' software (PMS) that allows for operation from anywhere. New 'Dormakaba' locks for all units have network connection to allow for automated check in, keypad access through integration with Stayntouch. Booking, check-in and check out can all be done electronically with a smartphone.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $850,000
Price Per Room $53,125
Sale Type Investment
Cap Rate 12.35%
Property Type Hospitality
Property Subtype Hotel
Building Class C
Lot Size 5.00 AC
Building Size 5,878 SF
No. Rooms 16
No. Stories 1
Year Built/Renovated 1950/2020
Parking Ratio 6.81/1,000 SF
Corridor Exterior

Amenities

  • High Speed Internet Access
  • Public Access Wifi

Room Mix Information

Description No. Rooms Daily Rate SF
Guest Room 16 $115.00 -

zoning

Zoning Code c3 (Commerical)
c3 (Commerical)
  • Listing ID: 32159489

  • Date on Market: 6/17/2024

  • Last Updated:

  • Address: 13990 E Chicago Rd, Cement City, MI 49233

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