2690 Riverside DrMacon, GA 31204

Property Details for 2690 Riverside Dr

Year built

1987

Lot size

2.37 AC

Property size (Sq ft)

43,912 SF

Zone code

C-4

Property type

Hospitality properties

Property subtype

Hotels

APN

O054-0140

APU

O0540140

Description

This fee-simple, 112-key hotel in Macon, Georgia presents a compelling value-add investment opportunity. The property, situated on a 2.37-acre lot at 2690 Riverside Dr, Macon, GA 31204 (APN: 0054-0140), boasts 43,808 square feet across three, three-story buildings. Built in 1987 and extensively renovated between 2018 and 2022, the Red Carpet Inn features updated amenities including exterior lighting, signage, a new computer system, fresh carpeting, new locks, furniture, lamps, flat-screen TVs, mattresses, microwaves, refrigerators, and PTAC units. Interior and exterior paint is also new. Guest amenities include a complimentary breakfast, guest laundry, vending machines, a courtyard pool, and a large conference room. The property currently operates with 112 guest rooms plus eight additional rooms used as three manager apartments, totaling 120 rooms. The franchise agreement has been recently renewed for an additional five years. The hotel benefits from a convenient location off I-75, exit 167, in Northwest Macon, placing it within easy reach of major demand generators. Macon's strategic location as "The Heart of Georgia," midway between Atlanta and Savannah, and its proximity to three interstate highways (I-75, I-16, and I-475), and Atlanta's Hartsfield-Jackson International Airport (75 miles north), further enhances its appeal. The property is zoned C4 and is offered at $2,400,000 ($54.78/sq ft, $21,428.57/key). The hotel shows upward trending revenue.

• CAP approach

  CAP return

  Valuation

  6%

  $6,344,018

  6.5%

  $5,856,017

  7%

  $5,437,730

• Comparable approach

  Method

  Valuation

  Relative Method

  $20,128,866

  Geo Method

  $20,128,866

• Alternative Use

  Use

  Valuation

  Residential

  $6,393,070

  Hospitality

  $5,856,017

  Educational

  $4,872,138

  Medical

  $5,039,698

  Retail

  $7,578,880

Location Insight

City

Macon

County

Bibb

State

Georgia

Latitude

32.8751

Longitude

-83.6654

CBSA code

31420

CBSA name

MACON, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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