Motel Somerset | 13990 E Chicago Rd
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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 | Lot Size | 5.00 AC |
Price Per Room | $53,125 | Building Size | 5,878 SF |
Sale Type | Investment | No. Rooms | 16 |
Cap Rate | 12.35% | No. Stories | 1 |
Property Type | Hospitality | Year Built/Renovated | 1950/2020 |
Property Subtype | Hotel | Parking Ratio | 6.81/1,000 SF |
Building Class | C | Corridor | Exterior |
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) |
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Motel Somerset | 13990 E Chicago Rd
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