PROPERTY DETAILS
Hotel: Quality Inn, Covington, VA
Address: 429 W Main St, Covington, VA 24426
Franchise Website: https://www.choicehotels.com/virginia/covington/quality-inn-hotels/va649?source=gyxt
Acquisition Price: $2,700,000
Price Per Key: $55,102
CAP Rate- Current: 14.4%
Interest: Fee Simple
Rooms: 49
Year Built / Renovated: 1960 / +/- 2014
Corridor: Exterior
No. of Stories: 2
Number of Parcels: 2
Approx Square Feet: 21,802
Lot Size (Acres): 0.517; 0.258 (Vacant Land)
Exterior Wall Type: Dryvit Brick
Floor Type: Wood
Foundation Type: Slab
Roofing: Tar & Gravel
Roof Type: Flat/Shed
Built Use/Style: Hotels and Motels
Zoning Code: C
Zoning Description: Commercial
Property Information: Tax Map# 10—1—–2- – Account# 1140; Tax Map# 10—2—-53- – Account# 1184
Legal Description (Parcel 1): Old Town Lots 2 3 4 5 & 6 Sub Div Lots 75 76 & Pt Lot 74
Other Description (Parcel 1): Lot-150×150-22500 sf
Legal Description (Parcel 2): Old Town Lot 53
Other Description (Parcel 2): Lot- 75×150 -11250sf
ABOUT COVINGTON
Covington, a city of 6 square miles located in southwest Virginia off Exits 14/16 on Interstate 64 is the county seat of Alleghany County. Named in honor of General Leonard Covington, hero of the war of 1812 and friend of James Madison and Thomas Jefferson, the city has a rich history and heritage and today forms the principal center of population in the region. As of the 2010 census, the population was 5,961. Located at the confluence of Jackson River and Dunlap Creek, Covington is one of three cities (with Roanoke and Salem) in the Roanoke Regional Partnership.
This region of Virginia provides local attractions like Falling Springs, Douthat State Park, and Lake Moomaw and Gathright Dam with a perfect backdrop for an array of activities like hiking, biking, fishing, boating and more.
The closest airports near this hotel are Greenbrier Valley Airport (22.4 miles), Roanoke Airport (32.2 miles), and Lynchburg Regional Airport (Preston Glenn Field) (54.1 miles).
This Quality Inn hotel is in close proximity to the area's demand generators and less than 1 mile away from WestRock, 2nd largest American corrugated packaging company, formed in July 2015 after the merger of MeadWestvaco and RockTenn. WestRock is one of the world's largest paper and packaging companies with US$15 billion in annual revenue and 42,000 employees in 30 countries.
APPROXIMATE DISTANCE FROM MAJOR CITIES
46 min (43.8 miles) via I-64 W from Lexington, VA
1 h 18 min (63.2 miles) via US-220 N from Roanoke, VA
1 h 42 min (63.7 miles) via VA-785 N from Blacksburg, VA
1 h 44 min (88.2 miles) via VA-130 W and I-64 W from Lynchburg, VA
2 h 42 min (178 miles) via I-64 W from Richmond, VA
2 h 49 min (136 miles) via US-220 N from Danville, VA
2 h 19 min (140 miles) via I-64 E from Charleston, WV
3 h 12 min (169 miles) via US-220 N and US-220 N from Greensboro, NC
3 h 36 min (230 miles) via I-66 W and I-81 S from Washington, D.C.
RESTAURANTS NEARBY
Cuccis Pizza 0.7 mile; Wendys 0.8 mile; Applebees 1 mile; Subway 1 mile; Tranis Grille 1 mile; San Juan 1 mile; McDonalds 1.5 mile and many more.
AREA ATTRACTIONS
Recreation Sports Complex 0.1 miles
Alleghany Historical Society 0.2 miles
Humpback Bridge 0.8 miles
Jackson River Scenic Trail 2.5 miles
Alleghany Highlands Blueways 2.7 miles
Alleghany Highlands Trails 2.8 miles
Lake Moomaw – Gathright Dam 12 miles
DEMAND GENERATORS / BUSINESSES NEARBY
WestRock 0.6 miles
US Army Reserve 0.8 miles
LewisGale Hospital Alleghany 8 miles
Washington – Lee University 42 miles
Southern Virginia University 43 miles
Information in this listing has been secured from sources deemed reliable but is not guaranteed accurate or complete, and is subject to change without notice. Buyer(s) must independently verify this information.
For access to more listed and non-listed hotels for sale, or to exclusively list or sell your hotels confidentially, call (919) 428-9840.
For more details, visit https://www.dialmforhotels.com/property/49-key-quality-inn-choice-hotel-at-14-4-cap-rate-for-sale-in-covington-virginia/
