1100 Mediterranean AveColumbus, OH 43229

Property Details for 1100 Mediterranean Ave

Year built

1987

Lot size

2.02 AC

Property size (Sq ft)

48,160 SF

Property type

Motels

APN

010-196700

APU

10196700

Description

This exceptional 4-story hotel, located at 1100 Mediterranean Avenue in Columbus, Ohio, presents a unique investment opportunity. The property boasts a substantial 48,160 square feet of space situated on a 2.02-acre lot, offering significant potential for future development. The entire building has undergone a complete renovation, extending from the foundation to the rooftop and parking area. All 102 rooms are fully furnished and equipped with modern amenities including a kitchen with dishwasher, beds, TV, phone, coffee maker, mattress and box spring, and drapes. The property includes 8 ADA-compliant units and 8 one-bedroom units, with the remaining 86 units configured as studios. All units feature brand new fixtures and furniture. Building amenities include two elevators, building-wide Wi-Fi and cable TV, and comprehensive security cameras both inside and outside the building. Its convenient location provides easy access to I-71 and I-161, adding to its appeal. Furthermore, this property is situated within an Opportunity Zone, presenting additional investment incentives. The asking price for this fully renovated, turnkey hotel is $10,750,000. The property's current configuration as a hotel offers immediate income potential, while its size and location also allow for the possibility of conversion to apartments, should the new owner choose to pursue that option. This is a rare opportunity to acquire a completely renovated, high-amenity property in a prime Columbus location.

• CAP approach

  CAP return

  Valuation

  6%

  $10,303,107

  6.5%

  $9,510,560

  7%

  $8,831,235

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,586,483

  Geo Method

  $10,586,483

• Alternative Use

  Use

  Valuation

  Residential

  $10,382,769

  Hospitality

  $9,510,560

  Educational

  $7,912,674

  Medical

  $8,184,804

  Retail

  $12,308,605

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

40.0913

Longitude

-82.9883

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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