Budget Motel | 8897 Monterey Rd
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Budget Motel 8897 Monterey Rd
15 Room Hotel Gilroy, CA 95020 $3,499,000 ($233,267/Room)
EXECUTIVE SUMMARY
A potential high-density development project has emerged, offering a promising opportunity for urban growth and community enhancement. Here are the key details of this exciting venture:
Development Site: The site under consideration has the capacity to accommodate up to 50 units, along with commercial spaces. This presents a significant opportunity for creating a vibrant and diverse living environment within the urban landscape.
Unit Specifications: The proposed condos are estimated to be around 850 sq. ft each, offering a mix of studio, 1-bedroom, 2- bedroom, and 3-bedroom configurations. This variety aims to cater to the diverse housing needs of potential residents.
Expansion Potential: An adjacent neighbor, owning a substantial parcel of over an acre, has shown interest in selling their property. This presents the possibility of an assemblage deal, effectively doubling the available land for development. Such an expansion could transform the project and provide a comprehensive city block for integrated development.
Development Site: The site under consideration has the capacity to accommodate up to 50 units, along with commercial spaces. This presents a significant opportunity for creating a vibrant and diverse living environment within the urban landscape.
Unit Specifications: The proposed condos are estimated to be around 850 sq. ft each, offering a mix of studio, 1-bedroom, 2- bedroom, and 3-bedroom configurations. This variety aims to cater to the diverse housing needs of potential residents.
Expansion Potential: An adjacent neighbor, owning a substantial parcel of over an acre, has shown interest in selling their property. This presents the possibility of an assemblage deal, effectively doubling the available land for development. Such an expansion could transform the project and provide a comprehensive city block for integrated development.
PROPERTY FACTS
| Price | $3,499,000 | Building Size | 7,658 SF |
| Price Per Room | $233,267 | No. Rooms | 15 |
| Sale Type | Investment | No. Stories | 1 |
| Sale Condition | Redevelopment Project | Year Built | 1952 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 2.12/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Lot Size | 1.10 AC |
| Price | $3,499,000 |
| Price Per Room | $233,267 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 1.10 AC |
| Building Size | 7,658 SF |
| No. Rooms | 15 |
| No. Stories | 1 |
| Year Built | 1952 |
| Tenancy | Single |
| Parking Ratio | 2.12/1,000 SF |
| Corridor | Exterior |
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 15 | $57.00 | - |
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Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 790-15-041 | Improvements Assessment | $73,617 |
| Land Assessment | $880,383 | Total Assessment | $954,000 |
PROPERTY TAXES
Parcel Number
790-15-041
Land Assessment
$880,383
Improvements Assessment
$73,617
Total Assessment
$954,000
ZONING
| Zoning Code | R4 |
| R4 |
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Budget Motel | 8897 Monterey Rd
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