4386 Oh-43Kent, OH 44240

Property Details for 4386 Oh-43

Year built

1997

Lot size

0.76 AC

Property size (Sq ft)

15,000 SF

Property type

Hospitality properties

Property subtype

Hotels

Description

This 40-unit EconoLodge hotel presents a compelling investment opportunity in Kent, Ohio. Located at 4386 OH-43, this three-story, 15,000 square foot property sits on a 0.756-acre lot and boasts 45 parking spaces. Built in 1997, the hotel features interior corridors, an elevator, and an indoor pool. Individual PTAC units provide heating and cooling. The building is wood-frame construction with a pitched, shingled roof. The property has a commercial zoning permit. As of December 31, 2022, occupancy stood at 54.4%. The asking price is $1,575,000, translating to $105 per square foot and $39,375 per key. The property includes both interior and exterior corridors. Further potential exists with an upgrade to a Quality Inn brand. The Portage County property (APN: 04-023-00-00-056-000) offers significant upside for an owner/user. Financial highlights include a reported revenue of $452,551 and a revenue multiplier of 3.48x. The average daily rate (ADR) was $54.93, and the revenue per available room (RevPAR) was $29.93. This is a fee simple ownership opportunity.

Location Insight

City

Kent

County

Portage

State

Ohio

Latitude

41.1093

Longitude

-81.3472

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