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1695 Outlet Center DrSelma, NC 27576

75-key hotel, fully renovated, I-95 location.

Overview

Added:
Dec 11, 2024
Days on market:
117
This fee-simple, 75-key La Quinta Inn & Suites offers a unique investment opportunity. Located at 1695 Outlet Center Dr, Selma, NC 27576, this four-story, 42,888 square foot hotel sits on a 1.98-acre lot with excellent visibility from I-95 (44,000 vehicles per day), Highway 70 (18,000 vehicles per day), and Outlet Center Dr (10,000 vehicles per day). Its prime location is just 1.5 miles from the Carolina Premium Outlets, a major shopping destination. Originally built in 1998 and fully renovated in 2021 to the newest Wyndham prototype, this property boasts a fresh, modern design throughout. Renovations included a complete exterior façade update, lobby, market, breakfast area, corridors, fitness center, and all guest rooms and bathrooms. The 20-year franchise agreement extends to 2040. While recent renovations have improved the hotel, operational challenges have resulted in below-market RevPAR performance compared to competitors. However, this presents a significant opportunity for a new operator to leverage the superior quality of the recently renovated asset to increase profitability. Historical revenues have ranged from approximately $1,500,000 to $1,700,000, with previous years' NOI exceeding $700,000. Projected 2025 revenue and NOI indicate strong cash flow potential for a prospective buyer. The property is offered unencumbered by management, with minimal to no PIP required for the incoming purchaser.

Highlights

  • Fee-simple ownership of a 75-key La Quinta Inn & Suites.
  • 42,888 square foot, four-story hotel on a 1.98-acre lot.
  • Excellent visibility from I-95 (44,000 VPD), Highway 70 (18,000 VPD), and Outlet Center Dr (10,000 VPD), near Carolina Premium Outlets.
  • Fully renovated in 2021 to the latest Wyndham prototype; minimal capital expenditures required.
  • 20-year franchise agreement extending to 2040.
  • Significant upside potential; 90% RevPAR penetration index.

Property Details for 1695 Outlet Center Dr

Property type
Hospitality properties, Motels
Square Feet
42,888 SF
Year Built/Renovated
1998/2021
Buildings
1
Stories
4
Lot Size (sq. ft)
86,249 SF

Location Insight

City
Selma
County
Johnston
State
North Carolina
Latitude
35.5175915
Longitude
-78.2956727
1695 Outlet Center Dr, Selma, North Carolina

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1695 Outlet Center Dr
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