400 Center Place DrRochester, NY 14615

Property Details for 400 Center Place Dr

Year built

2009

Lot size

2.91 AC

Property size (Sq ft)

77,616 SF

Zone code

03 - MULTI-FAMILY

Property type

Hospitality properties

Property subtype

Hotels

APN

262800 074.16-4-40.3

APU

262800074164403

Description

This exceptional 95-key Homewood Suites by Hilton hotel in Rochester, NY, presents a compelling investment opportunity. Located at 400 Center Place Drive, this five-story, 67,616 square foot property boasts an impressive 83.4% occupancy rate, significantly exceeding the market average of 66.1% in 2023. The hotel underwent extensive renovations in 2021/2022, addressing major aspects of a planned improvement project, with an estimated $800,000 remaining to complete. Amenities include an indoor pool, games room, full-service lounge/bar, BBQ grills, and two meeting rooms (575 SF and 338 SF) accommodating up to 40 guests. Its strategic location, a short 10-minute drive from the airport and near major highways, provides easy access for both business and leisure travelers, further enhanced by its proximity to corporate offices. The Rochester hospitality market shows positive trends, with RevPAR increasing from $85 to $101 in 2023. Current owner-operation presents significant potential for revenue management improvements, with STR analysis indicating opportunities to enhance all property-level fundamentals (Occupancy 117.4%, ADR 115.1%, RevPAR 135.1%). This well-equipped and renovated asset offers investors the chance to streamline expenses and optimize profitability through their own management strategies. The property is offered for sale via a request for proposals.

• CAP approach

  CAP return

  Valuation

  6%

  $14,236,176

  6.5%

  $13,141,086

  7%

  $12,202,437

• Comparable approach

  Method

  Valuation

  Relative Method

  $16,663,513

  Geo Method

  $11,474,633

• Alternative Use

  Use

  Valuation

  Residential

  $14,346,247

  Hospitality

  $13,141,086

  Educational

  $10,933,229

  Medical

  $11,309,239

  Retail

  $17,007,244

Location Insight

City

Rochester

County

Monroe

State

New York

Latitude

43.2084

Longitude

-77.6723

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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