Paul Chaffee, Wil Chaffee & John Kirtley at Sun Commercial Real Estate, Inc are pleased to offer an exceptional opportunity to purchase a 3-story, 82 unit, multi-family motel in the heart of Downtown Las Vegas.The property is located at 200 S. 8th Street and is 100% occupied with a waiting list of eager tenants standing by to fill vacancies if they occur.
The Bargain Motel is located on 200 S. 8th Street on the southwest corner of S 8th Street and E Carson Avenue, within walking distance to a diverse selection of Las Vegas hotspots including world famous Fremont Street Experience, Downtown Las Vegas, Downtown Container Park, a multitude of resturaunts & bars that are recommended by top travel authorities and directly across the street from the Fremont Stage of the Life is Beautiful Music and Arts Festival. The property is surrounded by popular multi-family projects such as the City Center Apartments, 8th Street Apartments, Park Avenue Apartments, the brand new Fremont 9 and is within close proximity to the Federal and Municipal Courthouses, Professional Offices, World Class Entertainment, Shopping and major Medical Facilities. The location is well supported and highly suited to the popular urban living environment that continues to grow thanks to the excitement created by the recent revitalization and development of the area. Located just 1 mile away from the U.S. 95, this project provides fantastic access for visitors and locals alike.
This 3 story, 82 unit, motel was built in 1974 with recent electrical renovations. The water chiller A/C system has been completely rebuilt in the last six months, which includes a new compressor, a new KVAR electrical cleanup system that covers the water tower and all lines going to all the rooms. The system has been chemically treated to clean out all pipes and is working beautifully with a maintenance contract in place with the people who rebuilt the entire system. The project's units are currently undergoing remodeling as the units are turned.
Located just 2 blocks off Las Vegas Blvd, this valuable location boasts a current occupancy rate of 100% with a waiting list of eager Tenant's standing by for potential vacancies. The property is professionally staffed by a team with decades of experience in the motel industry operating a current business model which generates their revenue by renting weekly and monthly rooms to local tenants, 80% of whom are retired and have social security checks coming in every month to pay the rent which has proven to be a successful model but also presents an excellent upside by providing an opportunity to shift the current model from a short term to a long term multi family project with minor renovations and revitalization efforts. The current motel configuration features 10 one bedroom units, 7 small junior studio units, and 65 regular studio units.
