Cobblestone Hotel & Suites Devils Lake | 1801 Highway 2 E
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Cobblestone Hotel & Suites Devils Lake 1801 Highway 2 E
65 Room Hotel Devils Lake, ND 58301 $4,850,000 ($74,615/Room) 10.25% Cap Rate
Investment Highlights
- Highly Desirable Franchise and Flexible Terms
- Increasing Demand within the Market with New Convention Space under construction
- 2016 Build with Income Producing Bar and Self-Service Fish Cleaning Station
- Owned and Operated by the Original Developer, Unencumbered by Management
Executive Summary
Marcus & Millichap is delighted to offer an exclusive investment opportunity in Devils Lake, North Dakota, with the listing of a 65-room midscale hotel. Built in 2016 and meticulously maintained, this property features modern accommodations including a popular hotel bar, enhancing both the guest experience and potential revenue streams. Owned and operated by the original developer, the hotel showcases a solid construction and thoughtful layout, designed to cater to both business and leisure travelers. Its strategic location near key recreational and event hubs in Devils Lake makes it an attractive stay for visitors year-round.
The hotel boasts a strong operational record with room revenues exceeding $1.3 million for the trailing twelve months ending in March. 2024 Room Revenue through March is up 15% YOY. Over the past three years, the Comp Set has experienced a 25% growth in RevPar. With healthy Occ and ADR growth, there is ample upside opportunity for a more hands on owner to maximize the already attractive profit margin. This is further complemented by the property's ability to attract significant traffic due to local events such as the Devils Run car show, the largest of its kind in North Dakota, and increased local sports events due to recent changes in the ND high school system[1].
These factors combine to ensure robust weeknight and weekend bookings, enhancing the hotel’s occupancy and overall financial health.
Devils Lake's market is extraordinarily conducive to hospitality investments, thanks to it being the largest fishing destination in the state and a hub for a variety of outdoor activities including hunting and lake sports. The hotel is also equipped with full self service fish cleaning stations, a high demand amenity. The recent expansion in local high school sports, due to changes in the ND high school system, is expected to continuously drive visitor flow to the area. With its wealth of natural resources and lively local events, Devils Lake remains a top destination for both transient and long-term visitors. This hotel represents a sterling opportunity for investors keen on capitalizing in a flourishing market.
The hotel boasts a strong operational record with room revenues exceeding $1.3 million for the trailing twelve months ending in March. 2024 Room Revenue through March is up 15% YOY. Over the past three years, the Comp Set has experienced a 25% growth in RevPar. With healthy Occ and ADR growth, there is ample upside opportunity for a more hands on owner to maximize the already attractive profit margin. This is further complemented by the property's ability to attract significant traffic due to local events such as the Devils Run car show, the largest of its kind in North Dakota, and increased local sports events due to recent changes in the ND high school system[1].
These factors combine to ensure robust weeknight and weekend bookings, enhancing the hotel’s occupancy and overall financial health.
Devils Lake's market is extraordinarily conducive to hospitality investments, thanks to it being the largest fishing destination in the state and a hub for a variety of outdoor activities including hunting and lake sports. The hotel is also equipped with full self service fish cleaning stations, a high demand amenity. The recent expansion in local high school sports, due to changes in the ND high school system, is expected to continuously drive visitor flow to the area. With its wealth of natural resources and lively local events, Devils Lake remains a top destination for both transient and long-term visitors. This hotel represents a sterling opportunity for investors keen on capitalizing in a flourishing market.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 Under Contract
| Price | $4,850,000 | Lot Size | 2.02 AC |
| Price Per Room | $74,615 | Building Size | 36,553 SF |
| Sale Type | Investment | No. Rooms | 65 |
| Cap Rate | 10.25% | No. Stories | 3 |
| Property Type | Hospitality | Year Built | 2016 |
| Property Subtype | Hotel | Parking Ratio | 1.67/1,000 SF |
| Building Class | C | Corridor | Interior |
| Price | $4,850,000 |
| Price Per Room | $74,615 |
| Sale Type | Investment |
| Cap Rate | 10.25% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.02 AC |
| Building Size | 36,553 SF |
| No. Rooms | 65 |
| No. Stories | 3 |
| Year Built | 2016 |
| Parking Ratio | 1.67/1,000 SF |
| Corridor | Interior |
Amenities
- Business Center
- Fitness Center
- Pool
- Restaurant
- On-Site Bar
- Public Access Wifi
- Smoke-Free
- Hot Tub
- Fiber Optic Internet
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 11 | $154.00 | - |
| Guest Room | 54 | $141.00 | - |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,713,850 | |
| Land Assessment | $128,650 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,585,200 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$128,650
Improvements Assessment
$1,585,200
Total Assessment
$1,713,850
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | H-1 |
| H-1 |
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Cobblestone Hotel & Suites Devils Lake | 1801 Highway 2 E
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