5783 Heisley RdMentor, OH 44060

Property Details for 5783 Heisley Rd

Year built

1989

Lot size

7.64 AC

Property size (Sq ft)

98,495 SF

Property type

Hotels

APN

16-B-065-0-00-007-0

APU

16B0650000070

Description

This exceptional investment opportunity presents a 140,000 square foot, three-story Wingate by Wyndham hotel and conference center situated on 7.64 acres in Mentor, Ohio. The property, built in 1989 and renovated in 2004, boasts 83 suites, including a 5,500+ square foot penthouse suite, averaging 482 square feet each. Amenities include an indoor pool and business center. The LaMalfa Conference Center comprises 40,000+ square feet of banquet halls, divisible for various events, along with a breakfast bar, wedding chapel, and full kitchen. Ample parking is available throughout the property. The hotel benefits from a prime location at the intersection of Heisley Road and Diamond Center Drive, with convenient access to State Route 2, 44, and Interstate 90. This fast-growing commercial and residential area offers nearby amenities such as Atlas Movie Theatre, various restaurants, and big-box retailers. Neighboring businesses include Steris, Avery Denison, and other prominent companies. An additional 15.42 acres of adjacent vacant land is available for separate purchase, presenting expansion potential. The property's proximity to Mentor Headlands Beach on Lake Erie and its location midway between New York and Chicago further enhance its appeal. The asking price is $9,200,000, with a price per square foot of $65.71. The property is zoned M-1, Light Manufacturing. This is a rare opportunity to acquire a well-established and profitable hospitality asset in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $20,126,106

  6.5%

  $18,577,944

  7%

  $17,250,948

• Comparable approach

  Method

  Valuation

  Relative Method

  $21,651,072

  Geo Method

  $21,651,072

• Alternative Use

  Use

  Valuation

  Residential

  $20,281,718

  Hospitality

  $18,577,944

  Educational

  $15,456,632

  Medical

  $15,988,209

  Retail

  $24,043,650

Location Insight

City

Mentor

County

Lake

State

Ohio

Latitude

41.7137

Longitude

-81.2991

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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