75 Spooner RdQuincy, FL 32351

Property Details for 75 Spooner Rd

Year built

1994

Construction

FRAME

Lot size

2.00 AC

Property size (Sq ft)

12,498 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

3-25-2N-4W-0000-00331-0500

APU

3252N4W0000003310500

Description

This 40-key Quality Inn, a Choice Hotels property, presents a compelling investment opportunity in the Tallahassee MSA. Built in 1994, this two-story, exterior-corridor hotel boasts a prime location along Interstate 10, approximately 25 miles from Downtown Tallahassee and near the Quincy Historic District. The property sits on two acres and has recently undergone significant renovations, including a new roof, updated exterior lighting, electrical upgrades in the breakfast area, refurbished PTAC units, a resurfaced parking lot, and refurbished laundry equipment. An estimated $25,000+/- change of ownership PIP is anticipated, subject to verification by Choice Hotels. Previous and current owners have invested approximately $150,000+/- in capital improvements. The hotel benefits from a diverse demand base, including leisure and business travelers, legislative attendees, healthcare professionals, university visitors, and sports teams, with proximity to attractions such as the Gadsden Arts Center & Museum and Bear Creek Educational Forest. The property's strong historical performance, evidenced by over $1,000,000 in room revenue in 2021 and 2022 (December Monthly STR Reports), and its potential for RevPAR improvement (currently at 75% of the comp set index based on the June 2024 Monthly STR Report), make it an ideal acquisition for an owner-operator seeking to maximize returns. The asking price is $3,800,000. Projected year-end 2023 metrics include a 4.13x Revenue Multiple and a 6.03% capitalization rate, while year one projections show a 4.24x Revenue Multiple and an 8.22% capitalization rate. June 2024 T-12 data shows an ADR of $102.75, RevPAR of $58.57, and an occupancy rate of 57%.

• CAP approach

  CAP return

  Valuation

  6%

  $1,961,626

  6.5%

  $1,810,732

  7%

  $1,681,394

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,087,935

  Geo Method

  $2,087,935

• Alternative Use

  Use

  Valuation

  Residential

  $1,976,793

  Hospitality

  $1,810,732

  Educational

  $1,506,508

  Medical

  $1,558,319

  Retail

  $2,343,456

Location Insight

City

Quincy

County

Gadsden

State

Florida

Latitude

30.5363

Longitude

-84.5954

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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