1334 Washington StDale, IN 47523

Property Details for 1334 Washington St

Year built

1998

Construction

WOOD

Lot size

1.30 AC

Property size (Sq ft)

24,141 SF

Property type

Hotels

Property subtype

Motels

APN

74-02-08-100-009.000-002

APU

740208100009000002

Description

This fee-simple Motel 6 in Dale, Indiana, presents a compelling value-add investment opportunity. The 61-key property, boasting 24,141 square feet, is situated on a 1.3-acre lot at 1334 N Washington St, Dale, IN 47523. Built in 1998 and renovated in 2016, this three-story hotel features interior corridors and offers significant upside potential. Currently operating at 28% occupancy (as of September 30, 2024), the property's asking price is $1,300,000, or $53.85 per square foot and $21,311 per key. The property's strategic location adjacent to I-64 and US-231 provides excellent accessibility, benefiting from proximity to both Louisville Muhammad Ali International Airport (82 miles) and Evansville Regional Airport (40 miles). The area's blend of corporate and leisure travel, fueled by attractions like Holiday World & Splashin’ Safari, and the presence of agriculture and manufacturing industries, creates a year-round demand for lodging. The property is zoned commercial and has a Spencer County APN of 74-02-08-100-0. Minimal franchise transfer PIP is anticipated, streamlining the transition for the new owner. This presents a rare chance to acquire a well-located, established hotel with the potential for substantial revenue growth.

• CAP approach

  CAP return

  Valuation

  6%

  $4,736,888

  6.5%

  $4,372,512

  7%

  $4,060,190

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,883,434

  Geo Method

  $4,883,434

• Alternative Use

  Use

  Valuation

  Residential

  $4,773,513

  Hospitality

  $4,372,512

  Educational

  $3,637,879

  Medical

  $3,762,991

  Retail

  $5,658,922

Location Insight

City

Dale

County

Spencer

State

Indiana

Latitude

38.19

Longitude

-86.9815

Property Tax & Assessments

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