Permanent Housing Conversion to Affordable/Senior/Specialty Living

Investment Overview

FIRST TIME ON THE MARKET SINCE 1983 Built in 1962, the Affordable Housing Conversion Opportunity comprises an operating motel with 57 rooms on an approximately 1.37-acre lot. Built of 2-story brick/cinder block construction, the long-term owner has converted some individual rooms into one larger room using a double floor plate to accomplish this and is currently operating as a 30-room motel. Some of the rooms have kitchens. Included is a large manager's quarters and a storage area.

Investment Highlights

• Long Term Ownership - First time on the Market since 1983
• Potential to Reposition the Property to 57 Rental Units
• Competitively Priced to Sell as a Motel
• Conversion to Permanent Housing has been experienced in the local market
• 15.8% Pro Forma CAP Rate