1891 Evelyn Byrd AveHarrisonburg, VA 22801

Property Details for 1891 Evelyn Byrd Ave

Year built

2003

Lot size

1.70 AC

Property size (Sq ft)

1,392 SF

Zone code

GENERAL BUSINESS

Property type

Hospitality properties

Property subtype

Hotels

APN

079 E 9-A

APU

079E9A

Description

This 81-key, four-story Sleep Inn & Suites hotel in Harrisonburg, VA, presents a compelling investment opportunity. Built in 2003 and renovated in 2017, the property boasts 74,226 square feet on a 1.7-acre lot, zoned B2. Located less than a mile from James Madison University (22,000+ students) and conveniently situated off Interstate 81 and US Route 33 (60,000+ vehicles daily), the hotel benefits from high traffic volume and proximity to major demand generators. Amenities include a business center, fitness center, complimentary breakfast, and guest laundry facilities. Each of the 81 guest rooms features a flatscreen TV, work desk, refrigerator, microwave, and coffee maker. The hotel's strong location within the Shenandoah Valley, coupled with the area's robust economic and demographic growth, positions it for continued revenue growth. Nearby attractions include the Edith J. Carrier Arboretum, Atlantic Union Bank Center, JMU Convocation Center, several museums, Massanutten Resort (325,000 annual visitors), and Shenandoah National Park (1.4 million annual visitors). The asking price is $6,700,000. This represents a strong value proposition in a thriving market with significant upside potential. The property offers a compelling combination of established operations and significant growth opportunities.

• CAP approach

  CAP return

  Valuation

  6%

  $376,313

  6.5%

  $347,366

  7%

  $322,554

• Comparable approach

  Method

  Valuation

  Relative Method

  $654,044

  Geo Method

  $654,044

• Alternative Use

  Use

  Valuation

  Residential

  $379,223

  Hospitality

  $347,366

  Educational

  $289,004

  Medical

  $298,944

  Retail

  $449,563

Location Insight

City

Harrisonburg

County

Harrisonburg City

State

Virginia

Latitude

38.4311

Longitude

-78.8495

CBSA code

25500

CBSA name

HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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