Former La Quinta Inn & Suites | Multi-Family Conversion or Hotel Opportunity | Runnemede, NJ

Investment Highlights

• 9th Avenue Redevelopment Area: The Borough of Runnemede Council approved an adaptive reuse development plan of the existing building to a multifamily residential and/or extended stay residential.
• Assumable PILOT Program Application: Once approved, real estate taxes will remain constant for 30 years.
• Educated Workforce: The most recent data from the U.S. Census shows that, over the past five years, Cherry Hill/Haddonfield's population of college-educated renters increased by about 4% annually.
• Prime Location: The subject property is surrounded by an array of retail, restaurants, entertainment, white-collar employers, and good schools.
• Ramping Hotel Submarket: The submarket is forecasted to yield a $70.37 RevPAR in 2023, nearly $10 greater than the submarket’s 2019 RevPAR.
• Lease Income: The subject property has 2,200 square feet of leasable ground floor retail space.

Tour dates are available by appointment only November 13th and 27th. Please contact Larissa Isenberg Larissa.Isenberg@berkadia.com to schedule a tour. 


Property Overview

Berkadia Hotels & Hospitality, in conjunction with RI Marketplace, is pleased to offer for sale the fee simple interest in the former La Quinta Inn & Suites Runnemede, NJ located at 109 9th Avenue. The 7-story, 151-room Asset is ideally located within 3 miles of Interstate 295 and proximate to numerous commercial and leisure demand generators. The subject property is within a 30-minute drive of Lincoln Financial Field, Citizens Bank Park, Wells Fargo Center, Children’s Hospital of Philadelphia, Cooper University Hospital, Drexel University, University of Pennsylvania, Philadelphia International Airport, and more.

The subject property has approval from the Borough of Runnemede Council to be converted into multifamily with the following amenities: exercise center, business office, media room, storage areas, pet washing space, outdoor seating area, and outdoor pet amenities. Furthermore, there is 2,200 square feet of leasable ground floor retail space.

Located in southeastern Pennsylvania, midway between New York City and Washington, D.C., the city of Philadelphia is a major economic and educational center. With a population of nearly 1.6 million residents, Philadelphia is the sixth-largest city in the United States, and the second-largest city on the eastern seaboard. The city of Philadelphia offers an abundance of entertainment options, including world-class museums, vibrant parks, national historic sites, professional sports, and famous food. The city attracts 39.8 million visitors to the region, who spend roughly $7.1 billion each year.

The transaction represents a unique value-add opportunity where a buyer can decide to keep the structure a hotel or convert it into multifamily.