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- LoopNet Team
500 Northern Blvd
Albany, NY 12204
Red Carpet Inn Albany · Hospitality Property For Sale · 42,000 SF
Investment Highlights
- Located within an Opportunity Zone
- Opportunity to Grow Rate Following Renovation
- Offered Unencumbered of Flag and Management
- Excellent Location Proximate to Key Demand Generators
- Strong Historical Performance with Operational Upside
- Fee-Simple Interest
PROPERTY FACTS
| Property Type | Hospitality | No. Stories | 2 |
| Property Subtype | Hotel | Year Built | 1948 |
| Building Class | C | Tenancy | Single |
| Lot Size | 8.21 AC | Parking Ratio | 2.86/1,000 SF |
| Building Size | 42,000 SF | Corridor | Exterior |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 8.21 AC |
| Building Size | 42,000 SF |
| No. Stories | 2 |
| Year Built | 1948 |
| Tenancy | Single |
| Parking Ratio | 2.86/1,000 SF |
| Corridor | Exterior |
Amenities
- Restaurant
About 500 Northern Blvd , Albany, NY 12204
The last major renovation at the Hotel was the total gutting and rebuilding of 22 bathrooms in 2010. As the Hotel is offered unencumbered by flag, a new owner will have the opportunity to re-brand and further renovate the Property in order to drive rate growth. While the Hotel has consistently earned over $1.2 million in room revenue over the past four years, it is currently capturing 16.7% at the bottom line. A new owner/operator is presented with additional upside opportunity by revamping the operational strategies of the Property in order to better capture the Hotel’s top-line revenue.
PROPERTY TAXES
| Parcel Number | 010100-065-007-0004-001-001-0000 | Improvements Assessment | $1,150,000 |
| Land Assessment | $350,000 | Total Assessment | $1,500,000 |
PROPERTY TAXES
zoning
| Zoning Code | C2 |
| C2 |
Learn More About Investing in Hospitality Properties
