1000 International DrMount Olive, NJ 07828

Property Details for 1000 International Dr

Year built

2000

Lot size

10.09 AC

Property size (Sq ft)

79,868 SF

Zone code

FTZ4

Property type

Hospitality properties

Property subtype

Hotels

APN

27 00204-0000-00001

APU

2700204000000001

Description

Exceptional investment opportunity: a 141-key Holiday Inn located at 1000 International Drive, Mt Olive, NJ 07828, in Morris County. This four-story, 100,000 square foot hotel, built in 1997 and renovated in 2017, sits on a 10.09-acre lot and boasts 150 parking spaces. The property features 65 king rooms, 65 double-double rooms, 4 suites, and 7 ADA-compliant rooms, all approximately 350 square feet. Amenities include two elevators, a fitness center, an indoor pool, and three banquet halls. The hotel benefits from an interior corridor design and a central gas heating and cooling system. The flat rubber roof is in place. The asking price is $9,750,000, representing a price per square foot of $97.50. The property's current occupancy is 45.2% as of December 31, 2023. Its strategic location along I-80, a major thoroughfare with approximately 50,000 vehicles daily, provides excellent visibility and accessibility. Furthermore, its proximity to New York City (less than an hour away) and several prominent wedding venues positions it for significant revenue growth. The property is approved for rebranding to a Hilton Garden Inn. Morris County's robust tourism sector, with over 5,300,000 visitors and over $292 million spent on lodging in 2022, presents a strong market for increased occupancy and revenue. Analysis indicates a potential for over $700,000 (21%) in additional room revenue based on market rates. The property's parcel number is 1427_204_1.

• CAP approach

  CAP return

  Valuation

  6%

  $22,535,444

  6.5%

  $20,801,948

  7%

  $19,316,094

• Comparable approach

  Method

  Valuation

  Relative Method

  $24,688,390

  Geo Method

  $24,523,550

• Alternative Use

  Use

  Valuation

  Residential

  $22,709,684

  Hospitality

  $20,801,948

  Educational

  $17,306,976

  Medical

  $17,902,190

  Retail

  $26,921,964

Location Insight

City

Budd Lake

County

Morris

State

New Jersey

Latitude

40.9083

Longitude

-74.7248

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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