321 Lake Cortez DrApopka, FL 32703

  • Hospitality properties
  • 54,443 SF
For Sale

Property Details for 321 Lake Cortez Dr

Year built
2010
Lot size
1.63 AC
Property size (Sq ft)
54,443 SF
Zone code
PUD
Property type
Hospitality properties
Property subtype
Hotels
APN
12-21-28-0165-01-000
APU
122128016501000

Description

This exceptional portfolio comprises two high-performing hotels in Apopka, Florida: a Hampton Inn & Suites and a Holiday Inn Express & Suites. Boasting a combined 158 keys and 141,090 square feet, these properties sit on a 3.24-acre lot and were built in 2009, undergoing extensive renovations in 2019. The August 2024 trailing twelve-month (TTM) period showed a remarkable $104 RevPAR, generating $6,000,000 in rooms revenue and a net operating income (NOI) of $2,030,000. September 2024 STR data ranks the Hampton Inn & Suites second (of five competitors) and the Holiday Inn Express & Suites first (of six competitors) in RevPAR. Operational efficiencies are maximized through shared management, including a General Manager, Director of Sales, Sales Coordinator, and Chief Engineer, contributing to reduced payroll costs and increased NOI. While the gross operating profit (GOP) decreased from 48.5% in 2022 to 45.4% in the August 2024 TTM due to increased rooms department expenses, projections indicate a strong rebound, with anticipated 2026 rooms revenue exceeding $6.3 million, a 47.6% GOP, and $2.2 million NOI. The properties benefit from excellent visibility on US Highway 436, near numerous dining, retail, and entertainment options. Strong corporate demand is driven by nearby businesses including the University of Florida's Pest Management University, Apopka Logistics Center, and AdventHealth Apopka Hospital. Leisure demand is fueled by Lake Apopka, Wekiwa Springs State Park, and various golf courses and wedding venues. Apopka's projected population growth of over 6% in the next five years, driven by significant residential and commercial developments, further enhances the investment potential. The portfolio is offered free and clear of management encumbrances, allowing for flexible operational strategies. New long-term franchise agreements are expected upon completion of change-of-ownership property improvement plans (PIPs).

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $10,526,131
    6.5%
    $9,716,429
    7%
    $9,022,398
  • Comparable approach

    Method
    Valuation
    Relative Method
    $14,282,059
    Geo Method
    $14,282,059
  • Alternative Use

    Use
    Valuation
    Residential
    $10,607,517
    Hospitality
    $9,716,429
    Educational
    $8,083,954
    Medical
    $8,361,974
    Retail
    $12,575,041
321 Lake Cortez Dr, Apopka, Florida

Location Insight

City
Apopka
County
Orange
State
Florida
Latitude
28.674
Longitude
-81.461
CBSA code
36740
CBSA name
ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$114,210
$850,500
$6,922,066
$7,772,566
-
$850,500
$6,922,066
$7,772,566

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