Knights Inn Chattanooga: Apartment Conversion | 3655 Cummings Hwy
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Knights Inn Chattanooga: Apartment Conversion 3655 Cummings Hwy
55 Room Hotel Chattanooga, TN 37419 $2,300,000 ($41,818/Room)
Investment Highlights
- Great for Apartment Conversion
- Exit for Covenant Trucking Company National Headquarters
- Extra Clean
- Lookout Mountain Exit off of I-24 - Ruby Falls, Rock City
- Only 4 miles from downtown Chattanooga
Executive Summary
Excellent Apartment Conversion at $38,333 per unit
1. Location: 3655 Cummings Hwy This road leads around the bottom of Lookout Mountain to South Broad Street. Broad Street runs directly into the fresh water TN Aquarium.
2. Location: Cummings Hwy on the way to Broad Street, turn up the side of Lookout Mountain and you are at Ruby Falls. Go Further up the mountain and you will be at Rock City.
3. Location: Cummings Hwy at Broad Street – turn right 2 blocks to the Incline Railway. These are big time tourist locations in Chattanooga Coming into Chattanooga from the West side, this is the first Exit to go to these Attractions
4. Pricing, value, appraisals are based on 3 factors; Business Value This value is lower because of revenue Replacement Cost… over $5,000,000 to build 60 units, not counting Land value Comparison Most hotels of this type are going from $ 40,000 to $57,000. This pricing is $38,333 per unit.
5. At this revenue / pricing, the banks will require a little larger downpayment.
6. Chattanooga is a wonderful hotel marketplace. At this very good pricing, you can enter into this marketplace with little cost. Building this business up will not be difficult.
1. Location: 3655 Cummings Hwy This road leads around the bottom of Lookout Mountain to South Broad Street. Broad Street runs directly into the fresh water TN Aquarium.
2. Location: Cummings Hwy on the way to Broad Street, turn up the side of Lookout Mountain and you are at Ruby Falls. Go Further up the mountain and you will be at Rock City.
3. Location: Cummings Hwy at Broad Street – turn right 2 blocks to the Incline Railway. These are big time tourist locations in Chattanooga Coming into Chattanooga from the West side, this is the first Exit to go to these Attractions
4. Pricing, value, appraisals are based on 3 factors; Business Value This value is lower because of revenue Replacement Cost… over $5,000,000 to build 60 units, not counting Land value Comparison Most hotels of this type are going from $ 40,000 to $57,000. This pricing is $38,333 per unit.
5. At this revenue / pricing, the banks will require a little larger downpayment.
6. Chattanooga is a wonderful hotel marketplace. At this very good pricing, you can enter into this marketplace with little cost. Building this business up will not be difficult.
Data Room Click Here to Access
Property Facts Under Contract
| Price | $2,300,000 | Building Size | 20,350 SF |
| Price Per Room | $41,818 | No. Rooms | 55 |
| Sale Type | Investment | No. Stories | 2 |
| Sale Conditions | Business Value Included | Year Built/Renovated | 1989/2005 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 3.29/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Lot Size | 2.41 AC |
| Price | $2,300,000 |
| Price Per Room | $41,818 |
| Sale Type | Investment |
| Sale Conditions | Business Value Included |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 2.41 AC |
| Building Size | 20,350 SF |
| No. Rooms | 55 |
| No. Stories | 2 |
| Year Built/Renovated | 1989/2005 |
| Tenancy | Single |
| Parking Ratio | 3.29/1,000 SF |
| Corridor | Exterior |
Amenities
- Pool
- High Speed Internet Access
- Patio
- Public Access Wifi
About 3655 Cummings Hwy , Chattanooga, TN 37419
2.41 Acres (4/10 acre vacant land)) 60 Bays (3 used for Managers Apartment) Rooms 12’ X 24’ 37 Doubles 23 Single Kings 30 Rooms Carpeted 30 Rooms Looslay Flooring Built in 1989- Joisted Masonry Metal Roof 13 years old ? 2020 major renovation ? Extra Clean ? Swimming Pool ? 67 Parking places (1.12 parking ratio
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 55 | $73.00 | - |
PROPERTY TAXES
| Parcel Number | 154G-A-003 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $542,040 |
PROPERTY TAXES
Parcel Number
154G-A-003
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$542,040
zoning
| Zoning Code | C1 (Motel) |
| C1 (Motel) |
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Knights Inn Chattanooga: Apartment Conversion | 3655 Cummings Hwy
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