2490 Mount Moriah RdMemphis, TN 38115

Property Details for 2490 Mount Moriah Rd

Year built

1974

Lot size

3.36 AC

Property size (Sq ft)

107,130 SF

Zone code

CMU-3

Property type

Hospitality properties

Property subtype

Hotels

APN

074-090- - -00107

APU

7409000107

Description

This 194-key, four-story hotel in Memphis, TN, sits on a 3.36-acre lot and offers significant value-add potential. Located 11 miles from downtown Memphis and 8 miles from Memphis International Airport, it benefits from proximity to major attractions like Graceland, Beale Street, and numerous shopping centers. The hotel features a large 9,000 sq. ft. banquet and meeting space, a restaurant, and commercial kitchen, presenting opportunities for expansion and conversion. Constructed of solid concrete block, the property boasts an interior corridor design. Its central location near various demand generators, including the University of Memphis, makes it an attractive investment. The asking price is $4,500,000 ($21,000/key), significantly below replacement cost. Potential exists for multifamily rezoning or conversion to an extended-stay hotel or dual-brand operation. Bank financing is available. This property is being sold on a projection proforma basis.

• CAP approach

  CAP return

  Valuation

  6%

  $17,532,422

  6.5%

  $16,183,774

  7%

  $15,027,791

• Comparable approach

  Method

  Valuation

  Relative Method

  $19,626,858

  Geo Method

  $19,626,858

• Alternative Use

  Use

  Valuation

  Residential

  $17,667,980

  Hospitality

  $16,183,774

  Educational

  $13,464,710

  Medical

  $13,927,782

  Retail

  $20,945,106

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Latitude

35.0816

Longitude

-89.8887

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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