1405 WestwoodMesa, AZ 85210

Property Details for 1405 Westwood

Year built

1996

Construction

CONCRETE

Lot size

1.31 AC

Property size (Sq ft)

31,206 SF

Zone code

C-G

Property type

Hotels

APN

134-23-020B

APU

13423020B

Description

This fee-simple ownership opportunity presents a 64-key Holiday Inn Express hotel in Mesa, Arizona. The property, situated on a 57,008 square foot lot (approximately 1.3 acres), boasts 31,206 square feet of space across three stories. Built in 1996 and completely renovated in 2023, this interior-corridor hotel benefits from a strong pro-forma NOI of $721,105. Located at 1405 S Westwood, Mesa, AZ 85210, the hotel is conveniently situated near US Highway 60 and within walking distance of the Fiesta Mall redevelopment project. The property's location provides access to a diverse range of demand generators, including business travelers, educational institutions, medical facilities, and tourism attractions. The Phoenix-Mesa metro area, one of the fastest-growing in the US, offers a significant population base of nearly 5 million residents. The recent renovation, completed in January 2023, included a Formula Blue PIP, minimizing the need for future capital improvements and maximizing potential for value appreciation. The hotel previously operated under different brands (Fairfield Inn and GreenTree Inn) before its current iteration as a Holiday Inn Express. The property is zoned C-3 and offers significant upside potential for new ownership. This is a rare opportunity to acquire a well-positioned, recently renovated hotel in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $10,514,484

  6.5%

  $9,705,678

  7%

  $9,012,415

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,422,445

  Geo Method

  $15,422,445

• Alternative Use

  Use

  Valuation

  Residential

  $10,595,780

  Hospitality

  $9,705,678

  Educational

  $8,075,010

  Medical

  $8,352,722

  Retail

  $12,561,127

Location Insight

City

Mesa

County

Maricopa

State

Arizona

Latitude

33.3894

Longitude

-111.852

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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