For Sale
$11,000,000

1240 Lucky Penny StCharlotte, NC 28208

153-Key Hotel, Value-Add Potential

Overview

Added:
Dec 11, 2024
Days on market:
114
This 153-key hotel in Charlotte, NC, presents a compelling value-add opportunity. The property, encompassing four buildings totaling 62,076 square feet on a 4.85-acre lot, boasts 98% occupancy. Built in 1973 and extensively renovated in 2024, the two-story, exterior-corridor property features a mix of rooms and suites, many exceeding 312 square feet, offering potential for kitchenette additions. Amenities include a 250-square-foot meeting room, guest laundry, and an outdoor pool. Recent upgrades include new LVP flooring, fresh paint, updated plumbing, new PTAC units, and furniture in most rooms. New exterior LED lighting and a DVR camera system have also been installed. Currently operating with daily and weekly rates, the property benefits from its strategic location off I-85, just four miles from Charlotte Douglas International Airport, the Charlotte Convention Center, Truist Field, and the Aviation Museum. The property is zoned B2 and offers significant upside potential given Charlotte's robust economy and rapid growth. The asking price is $11,000,000, translating to $177.20 per square foot. 103 units have been approved for conversion to multi-family studios. This presents a unique chance to capitalize on the thriving Charlotte market. The fee-simple ownership provides complete control and flexibility for future development and operational strategies.

Highlights

  • 153 guest rooms
  • Exterior corridor access
  • Conveniently located off I-85, Exit 34
  • Outdoor swimming pool
  • Spacious guest rooms, averaging 312 sq. ft. (some larger)
  • Four miles from the Aviation Museum

Property Details for 1240 Lucky Penny St

Property type
Hospitality properties, Hotels
Square Feet
62,076 SF
Year Built/Renovated
1973/2024
Buildings
4
Stories
2
Lot Size (sq. ft)
211,266 SF

Location Insight

City
Charlotte
County
Mecklenburg
State
North Carolina
Latitude
35.250277317735
Longitude
-80.896050997172
1240 Lucky Penny St, Charlotte, North Carolina

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1240 Lucky Penny St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message