3121 King AveBillings, MT 59102

Property Details for 3121 King Ave

Year built

2003

Construction

WOOD

Lot size

0.90 AC

Property size (Sq ft)

21,456 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

03-0926-12-3-01-30-0000

APU

3092612301300000

Description

Exceptional opportunity to acquire a 40-key hotel located at 3121 King Ave W, Billings, Montana, 59102. This fee-simple property boasts 21,456 square feet on a one-acre lot, zoned CMU1-Corridor Mixed Use 1. Built in 2003, the two-story building is currently operating as an independent, non-franchised hotel with a strong 4.2-star Google rating. The property features a mix of room types including handicap-accessible rooms, single queen rooms, and double queen rooms, all equipped with jacuzzi tubs. The hotel has been owned and operated by the same sellers since its construction, ensuring consistent management and minimal deferred maintenance. A new roof has recently been installed. The property enjoys a high traffic count of 27,000 cars per day, providing excellent visibility and accessibility. Financial records are available upon request, along with a detailed breakdown of the $39,010 annual property taxes. The asking price is $3,400,000, translating to $158.46 per square foot and $85,000 per key. The land value alone is $87 per square foot. This turnkey operation includes existing management and staff, presenting a unique redevelopment opportunity for an owner/user. Offers are being accepted until September 21, 2024, with responses by September 31, 2024. Interested parties should submit a business plan and financial letter with their offer.

• CAP approach

  CAP return

  Valuation

  6%

  $5,412,522

  6.5%

  $4,996,174

  7%

  $4,639,304

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,753,167

  Geo Method

  $4,165,832

• Alternative Use

  Use

  Valuation

  Residential

  $5,454,370

  Hospitality

  $4,996,174

  Educational

  $4,156,758

  Medical

  $4,299,716

  Retail

  $6,466,068

Location Insight

City

Billings

County

Yellowstone

State

Montana

Latitude

45.7557

Longitude

-108.595

CBSA code

13740

CBSA name

BILLINGS, MT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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