419 George Nigh ExpyMcAlester, OK 74501

  • Motels
  • 3,682 SF
For Sale
$3,200,000 View listing

Property Details for 419 George Nigh Expy

Year built
1960
Lot size
2.75 AC
Property size (Sq ft)
3,682 SF
Property type
Motels
APN
0100-00-462-002-0-002-00
APU
10000462002000200

Description

Exceptional investment opportunity: The HiWay Inn & Suites, a 135-key hotel in McAlester, Oklahoma, is offered at $3,200,000. This 61,470 square foot property, built in 1994, sits on a 4.75-acre lot and boasts a prime location along a major retail corridor with approximately 485 feet of frontage on Hwy I-169. The property includes multiple hotel buildings and a free-standing Pizza Inn restaurant. Its strategic location across from Walmart and near the merging points of major highways (Hwy 75, Hwy 69, and I-40) presents significant advantages. The property's size and location make it ideal for various redevelopment options, including a truck stop, truck wash, truck repair shop, or apartment complex. Additional land is available for expansion west of the existing structures. This two-story hotel presents a unique opportunity in an Opportunity Zone. The asking price is $52.06 per square foot.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $564,946
    6.5%
    $521,488
    7%
    $484,239
  • Comparable approach

    Method
    Valuation
    Relative Method
    $618,928
    Geo Method
    $618,928
  • Alternative Use

    Use
    Valuation
    Residential
    $569,314
    Hospitality
    $521,488
    Educational
    $433,872
    Medical
    $448,794
    Retail
    $674,912

Location Insight

City
Mcalester
County
Pittsburg
State
Oklahoma
Latitude
34.9211
Longitude
-95.7456
CBSA code
32540
CBSA name
MCALESTER, OK MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$27,186
$82,525
$228,700
$311,225
-
$750,231
$2,079,092
$2,829,323

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