1695 Outlet Center DrSelma, NC 27576

Property Details for 1695 Outlet Center Dr

Year built

1997

Lot size

1.98 AC

Property size (Sq ft)

42,888 SF

Zone code

COM

Property type

Hospitality properties

Property subtype

Hotels

APN

14074199J

APU

14074199J

Description

This fee-simple, 75-key La Quinta Inn & Suites offers a unique investment opportunity. Located at 1695 Outlet Center Dr, Selma, NC 27576, this four-story, 42,888 square foot hotel sits on a 1.98-acre lot with excellent visibility from I-95 (44,000 vehicles per day), Highway 70 (18,000 vehicles per day), and Outlet Center Dr (10,000 vehicles per day). Its prime location is just 1.5 miles from the Carolina Premium Outlets, a major shopping destination. Originally built in 1998 and fully renovated in 2021 to the newest Wyndham prototype, this property boasts a fresh, modern design throughout. Renovations included a complete exterior façade update, lobby, market, breakfast area, corridors, fitness center, and all guest rooms and bathrooms. The 20-year franchise agreement extends to 2040. While recent renovations have improved the hotel, operational challenges have resulted in below-market RevPAR performance compared to competitors. However, this presents a significant opportunity for a new operator to leverage the superior quality of the recently renovated asset to increase profitability. Historical revenues have ranged from approximately $1,500,000 to $1,700,000, with previous years' NOI exceeding $700,000. Projected 2025 revenue and NOI indicate strong cash flow potential for a prospective buyer. The property is offered unencumbered by management, with minimal to no PIP required for the incoming purchaser.

• CAP approach

  CAP return

  Valuation

  6%

  $11,807,889

  6.5%

  $10,899,590

  7%

  $10,121,048

• Comparable approach

  Method

  Valuation

  Relative Method

  $26,680,434

  Geo Method

  $23,134,602

• Alternative Use

  Use

  Valuation

  Residential

  $11,899,186

  Hospitality

  $10,899,590

  Educational

  $9,068,331

  Medical

  $9,380,205

  Retail

  $14,106,293

Location Insight

City

Selma

County

Johnston

State

North Carolina

Latitude

35.5178

Longitude

-78.2954

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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