Best Western Plus Madison Inn

$4,850,000

167 Southeast Bandit Street, Madison, FL 32340

Details

  • $4,850,000
  • Midscale

Investment Overview:

Marcus & Millichap’s National Hospitality Group, as an exclusive broker, is pleased to offer for sale the Best Western Plus Madison Inn. The hotel is a 58-room, interior corridor, three-story hotel located in Madison, Florida. The property was originally built in 1996 and was renovated extensively 2015-2017. Current ownership is absentee and the property could benefit from on-site management.

The Best Western Plus Madison Inn is being offered for sale at $4.85M. Based on TTM July 2017 the RRM is 3.5 and the approximate Net Operating Income is $583K, this represents a capitalization rate of 12 percent, which includes reserves for capital replacements (4 percent). The new property owner will be required to complete Best Western PIP as mandated by BWI. PIP cost estimation ranges from $375K-$425K. Please contact listing agents for more details regarding PIP.

Property Overview:
The Best Western Plus is a three-story, 58-room, interior corridor limited service hotel located in Madison, Florida. The hotel was constructed in 1996 as a Holiday Inn Express and underwent a thorough renovation in 2010, becoming a Best Western Plus in mid-February of 2011.

Location Overview:
Madison, Florida is located in the northernmost part of the state and is the county seat of Madison County. Madison was designated as one of the “Best Little Towns in Florida” by Visit Florida. For over 50 years, the city has served as home for North Florida Community College and as an out campus for St. Leo University. The Best Western Plus Madison Inn is just a ten minute drive from Downtown Madison which offers antique shopping and numerous restaurants. The subject property is situated directly off I-10 near I-75, and only a short drive from Tallahassee, FSU, Florida A&M University, North Florida Community College and Jacksonville. It is located against the Georgia border just south of Valdosta. Kayak tours, nature trails and scuba diving trips are all available less than 25 miles away at Lafayette Blue Springs State Park. The hotel is close to several other
demand generators including:

North Florida Community College (6 Miles)
Madison Country Club (8 Miles)
Wild Adventures, Water and Theme Park (27 Miles)
Valdosta Regional Airport (33 Miles)
Florida State University (55 Miles)

 

Broker of Record:

Ahmed Kabani

License:  FL  SL3115103

 

 

Agent for this listing

Allan Miller

First Vice President Investments | Senior Director, National Hospitality Group
Office: (512) 338-7831
Mobile: (512) 203-9154
Fax: (512) 338-7810
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