4903 Market St Wilmington, NC 28405
MLS#: 30701214
$13,200,000

Property Information

Price
$13,200,000
Acres
7.66 SF
Zoning
RB-REGIONAL BUSINESS

Location

County
New Hanover
City
Wilmington
State
NC
Zip
28405
Longitude
-77.8856
Latitude
34.2441

Property Description

PRICE REDUCED!!! This Offering combines the Budgetel and Motel 6 Properties located on Market Street (Highway 17) in Wilmington North Carolina. Each hotel is two stories and is comprised of 110 rooms and a managers suite. The Budgetel provides the property with a 3500 sf restaurant space (Hood system, grease trap, bar, dj booth, large walk in refrigeration area 12*14, office space, dish washer and sinks), conference space (roughly X) pool, guest laundry. The Motel 6 was recently renovated and flagged. It is two stories and contains a guest laundry and has access to the properties amenities as well. In 2018 the property had damage from Hurricane Florence, the owners replaced the Roofs at that time as well as the Laundry equipment. In addition the parking lots were repaired, all locks were replaced to have new RFID, Rooms were updated, Bathrooms were updated. 50 of the rooms had kitchenettes added. all rooms had 224 new tall refrigerators and microwaves added to them. Lobbies at both hotels were updated as part of the renovation as well as the pool which was re-plastered in 2019 and a new filtration system added in 2020. New Phone systems were added for both the Budgetel and Motel 6 with their own dedicated lines. All furniture and equipment will convey with the sale. The property is situated on 7.66 acres and borders two other hotels, one under renovation, a multifamily condo complex to the rear and a small office out front. It has two access points on to highway 17 as well as two prominent pylon signs. The property is grandfathered in for Stormwater requirements so any new construction would trigger a revision of the Stormwater management. The property has a rear area of approximately 2.44 acres of undeveloped land which borders the Holton Place Condominium Complex. The hotels are under a consent agreement. Please ask for a copy of the consent agreement for its review. We have in hand the Financials for the Hotel from 2018-2020 We also have the Engineering plans for the conversion of 110 rooms to the Motel 6. We have the construction budget and paid invoices for the renovations and conversion on the property. We have average room rentals trailing three years for the Budgetel Inn which show a drop in 2020 due to the Motel 6 rebrand. CA Required for those documents.

Location

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Listing Courtesy of Eastern Carolinas Commercial Real Estate