1535 River Frontage RdSilt, CO 81652

Property Details for 1535 River Frontage Rd

Year built

2009

Construction

METAL FRAME

Property size (Sq ft)

41,652 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

217910140003

APU

217910140003

Description

This 80-key Holiday Inn Express, built in 2009, is a value-add investment opportunity located at 1535 River Frontage Rd, Silt, CO 81652. The 41,652 square foot, three-story hotel boasts a strong location off I-70, Colorado's second busiest highway, and offers significant upside potential. Currently operating at 52.2% occupancy (as of December 31, 2023), the property generates a Net Operating Income (NOI) of $916,453, representing an 11.46% cap rate and a price per key of $100,000. The asking price is $8,000,000, or $192.07 per square foot. Recent capital expenditures totaling approximately $200,000 include new carpeting, wallpaper, repainted stairwells and 18 rooms/bathrooms, a new heating system for the pool and hot tub, a new backflow system, a new telephone system, a new fire panel, sump pumps, stucco repairs, and new RFID locks. The property sits on a ground lease expiring February 12, 2047 (23 years remaining), currently costing $6,000 annually. The hotel benefits from its proximity to outdoor recreation, including the Colorado River, Rifle Gap State Park, and numerous other attractions. Silt's location near Glenwood Springs and Aspen provides access to a strong RevPAR market. Note that a plumbing issue resulted in approximately six weeks of downtime in winter 2023. The property is located in an Opportunity Zone. The city of Silt has expressed interest in selling the land. A 15-year license from IHG is attainable.

• CAP approach

  CAP return

  Valuation

  6%

  $8,694,366

  6.5%

  $8,025,569

  7%

  $7,452,314

• Comparable approach

  Method

  Valuation

  Relative Method

  $19,919,576

  Geo Method

  $8,087,028

• Alternative Use

  Use

  Valuation

  Residential

  $8,761,590

  Hospitality

  $8,025,569

  Educational

  $6,677,179

  Medical

  $6,906,818

  Retail

  $10,386,723

Location Insight

City

Silt

County

Garfield

State

Colorado

Latitude

39.5428

Longitude

-107.648

CBSA code

24060

CBSA name

GLENWOOD SPRINGS, CO MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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].