1695 Outlet Center DrSelma, NC 27576

  • Hotels
  • 42,888 SF

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
Hotels
Property subtype
Motels
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $8,508,310
    6.5%
    $7,853,830
    7%
    $7,292,840
  • Comparable approach

    Method
    Valuation
    Relative Method
    $9,650,370
    Geo Method
    $8,367,840
  • Alternative Use

    Use
    Valuation
    Industrial / Distribution
    $23,514,000
    Retail / Commercial
    $11,646,300
    Mixed-Use / Specialty
    $11,280,400
    Office
    $10,875,600
    Institutional / Educational
    $11,611,200
    Residential Income
    $13,585,100
    Multifamily
    $18,091,200
    Automotive / Energy
    $9,952,440
    Parking / Income-Based Land
    $3,754,900
    Restaurant / Food Service
    $5,174,860
    Healthcare / Senior Housing
    $11,900,500

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$42,192
$1,086,740
$5,557,640
$6,644,380
-
$1,086,740
$5,557,640
$6,644,380

FAQs

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