Lender Owned Asset | 1631 S Highway 92
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Lender Owned Asset 1631 S Highway 92
65 Unit Apartment Building $1,700,000 ($26,154/Unit) Sierra Vista, AZ 85635
Investment Highlights
- Offered at less than $20k/key
- Project in multiple stages of construction
- Option to complete as a dual brand hotel or apartment
- Stalled 91 room hotel to apartment conversion project
- Distressed asset (lender owned)
- Multifamily zoning in place
Executive Summary
NewGen Advisory is proud to present for sale, the fee simple interest of the former Quality Inn in Sierra Vista, Arizona. Located 90 minutes south of Tucson, this asset is situated in the center of town with multiple demand generators.
Sold in 2022 to an apartment developer, the hotel was closed down and underwent a substantial renovation to convert all of the rooms to studio and 1 bedroom apartments. Due to rising interest rates and general contractor delays, the developer was forced to forfeit the property to the lender.
The hotel is in different phases of redevelopment, and we estimate to be around $2,600,000 worth of capital expenditures required to bring the hotel to like new condition. Given that the hotel is designed to have 16 of the 91 rooms as extended stay rooms, this project is an ideal dual brand hotel opportunity. We have multiple brands who are interested. Please contact us for franchise referrals.
Sold in 2022 to an apartment developer, the hotel was closed down and underwent a substantial renovation to convert all of the rooms to studio and 1 bedroom apartments. Due to rising interest rates and general contractor delays, the developer was forced to forfeit the property to the lender.
The hotel is in different phases of redevelopment, and we estimate to be around $2,600,000 worth of capital expenditures required to bring the hotel to like new condition. Given that the hotel is designed to have 16 of the 91 rooms as extended stay rooms, this project is an ideal dual brand hotel opportunity. We have multiple brands who are interested. Please contact us for franchise referrals.
Property Facts
| Price | $1,700,000 | Building Class | B |
| Price Per Unit | $26,154 | Lot Size | 2.81 AC |
| Sale Type | Investment | Building Size | 44,318 SF |
| No. Units | 65 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1974 |
| Apartment Style | Low Rise |
| Price | $1,700,000 |
| Price Per Unit | $26,154 |
| Sale Type | Investment |
| No. Units | 65 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 2.81 AC |
| Building Size | 44,318 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built | 1974 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Range
- Tub/Shower
- Carpet
- Double Pane Windows
- Window Coverings
Site Amenities
- 24 Hour Access
- Business Center
- Fitness Center
- Laundry Facilities
- Pool
- Multi Use Room
- Online Services
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 31 | - | 340 - 440 |
| 1+1 | 31 | - | - |
| 2+2 | 3 | - | 1,000 |
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PROPERTY TAXES
| Parcel Number | 107-51-262D | Improvements Assessment | $330,009 |
| Land Assessment | $55,003 | Total Assessment | $385,012 |
PROPERTY TAXES
Parcel Number
107-51-262D
Land Assessment
$55,003
Improvements Assessment
$330,009
Total Assessment
$385,012
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Lender Owned Asset | 1631 S Highway 92
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