Colonial Motel 1940 Elida Rd
31 Room Hotel Lima, OH 45805 $900,000 ($29,032/Room)
EXECUTIVE SUMMARY
REDEVELOPMENT OPPORTUNITY.
· 31-room independent, operating, economy class motel
· Zoned B-2 allowing a wide array of permitted commercial uses
· +/- 2.29 acre lot
· Near the campus of The University of Northwestern Ohio (2021 full-time enrollment 3,746)
· Near the Lima Mall (JC Penney, Hibbett Sports, Old Navy, Maurice’s, Books-A-Million)
· Elida Road traffic: 10,610 vehicles per day
· Robb Avenue traffic: 7,599 vehicles per day
· Additional, adjacent +/- 0.44 acre parcel with 968 SF single family house available separately
· 31-room independent, operating, economy class motel
· Zoned B-2 allowing a wide array of permitted commercial uses
· +/- 2.29 acre lot
· Near the campus of The University of Northwestern Ohio (2021 full-time enrollment 3,746)
· Near the Lima Mall (JC Penney, Hibbett Sports, Old Navy, Maurice’s, Books-A-Million)
· Elida Road traffic: 10,610 vehicles per day
· Robb Avenue traffic: 7,599 vehicles per day
· Additional, adjacent +/- 0.44 acre parcel with 968 SF single family house available separately
PROPERTY FACTS
| Price | $900,000 |
| Price Per Room | $29,032 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.29 AC |
| Building Size | 11,691 SF |
| No. Rooms | 31 |
| No. Stories | 1 |
| Year Built | 1900 |
| Corridor | Exterior |
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 31 | $32.00 | - |
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PROPERTY TAXES
| Parcel Number | 36-26-06-01-002.000 | Improvements Assessment | $63,600 |
| Land Assessment | $46,450 | Total Assessment | $110,050 |
ZONING
| Zoning Code | Commercial (Zoned B-2: allowing a wide array of permitted commercial uses) |
