Approved Site for 2 Hotels and Restaurant Pad | 2348 Route 70 W
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Approved Site for 2 Hotels and Restaurant Pad 2348 Route 70 W
120 Room Hotel Cherry Hill, NJ 08002 $5,750,000 ($47,917/Room)
Investment Highlights
- Situated within a mile of big box and lifestyle shopping centers.
- 10 miles from Philadelphia International Airport.
- Close Proximity to Philadelphia, NJ Turnpike, I-295, and Route 38.
Executive Summary
The Hampton Inn by Hilton plan contains 120 rooms. The Residence Inn by Marriott shows 131 rooms on the plan. The restaurant building on the plan is 4,250 square feet. The approvals include a 5 year tax abatement. The restaurant would obtain the liquor license as part of the hotel project.
Property Facts
| Price | $5,750,000 | Lot Size | 6.73 AC |
| Price Per Room | $47,917 | Construction Status | Proposed |
| Sale Type | Investment | Building Size | 60,000 SF |
| Sale Conditions | Redevelopment Project | No. Rooms | 120 |
| Property Type | Hospitality | No. Stories | 5 |
| Property Subtype | Hotel | Year Built | 2027 |
| Building Class | B | Corridor | Interior |
| Price | $5,750,000 |
| Price Per Room | $47,917 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 6.73 AC |
| Construction Status | Proposed |
| Building Size | 60,000 SF |
| No. Rooms | 120 |
| No. Stories | 5 |
| Year Built | 2027 |
| Corridor | Interior |
Amenities
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
- Digital key
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 2 | $170.00 | - |
| Guest Room | 118 | $138.00 | - |
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PROPERTY TAXES
| Parcel Number | 09-00071-01-00002 | Improvements Assessment | $485,000 |
| Land Assessment | $2,404,200 | Total Assessment | $2,889,200 |
PROPERTY TAXES
Parcel Number
09-00071-01-00002
Land Assessment
$2,404,200
Improvements Assessment
$485,000
Total Assessment
$2,889,200
zoning
| Zoning Code | C-2 (zoning allows for a variety of commercial uses like retail stores, restaurants, offices, and hotels.) |
| C-2 (zoning allows for a variety of commercial uses like retail stores, restaurants, offices, and hotels.) |
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Approved Site for 2 Hotels and Restaurant Pad | 2348 Route 70 W
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