6614 Thompson RdSyracuse, NY 13211
- Motels
- 15,696 SF
Property Details for 6614 Thompson Rd
- Year built
- 1986
- Lot size
- 2.91 AC
- Property size (Sq ft)
- 15,696 SF
- Zone code
- 06 - INDUSTRIAL
- Property type
- Motels
- APN
- 312689 025.-03-05.2
- APU
- 31268902503052
Description
Exceptional investment opportunity: The Red Roof Inn Syracuse, a 114-key hotel, is offered for $4,250,000. This fee-simple property boasts 15,696 square feet across a 2.91-acre lot, featuring a three-story building constructed in 1986 and fully renovated in 2023. The hotel enjoys a prime location in Syracuse, New York (13211), conveniently situated off Interstate 90, within the vibrant commercial and cultural heart of Central New York. Its strategic proximity—just 10 miles from the upcoming $100 billion Micron Chip Project—promises significant future growth potential. The property's strong historical occupancy rates and minimal required property improvements post-transfer make it an attractive proposition. With 114 exterior corridor rooms, the price per key stands at $37,280.70, and the price per square foot is $270.77. This represents a compelling investment opportunity with substantial upside potential. The property's recent renovation minimizes disruption, ensuring a smooth transition for the new owner. The asking price reflects a 2.7 times multiple of the trailing twelve-month 2024 room revenue. This well-maintained hotel presents a rare chance to acquire a profitable asset in a rapidly developing area.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,097,420
- 6.5%
- $1,936,080
- 7%
- $1,797,790
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,218,860
- Geo Method
- $1,743,210
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $5,475,240
- Retail / Commercial
- $2,757,790
- Mixed-Use / Specialty
- $2,708,660
- Office
- $2,651,620
- Institutional / Educational
- $2,801,860
- Residential Income
- $3,278,180
- Multifamily
- $4,149,580
- Automotive / Energy
- $2,401,600
- Parking / Income-Based Land
- $867,596
- Restaurant / Food Service
- $1,324,910
- Healthcare / Senior Housing
- $2,817,980
Location Insight
- City
- Syracuse
- County
- Onondaga
- State
- New York
- Latitude
- 43.0917
- Longitude
- -76.0924
- CBSA code
- 45060
- CBSA name
- SYRACUSE, NY METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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