18021 Virgil H Goode HwyRocky Mount, VA 24151

  • Hospitality properties
  • 7,513 SF
For Sale
$1,300,000 View listing

Property Details for 18021 Virgil H Goode Hwy

Year built
1964
Lot size
1.47 AC
Property size (Sq ft)
7,513 SF
Zone code
B2
Property type
Hospitality properties
Property subtype
Motels
APN
044 00-136 01
APU
440013601

Description

This exceptional investment opportunity presents a fully renovated Redwood Motel and Mary's Diner, situated on a 1.47-acre lot at 18021 Virgil H Goode Hwy in Rocky Mount, Virginia (zip code 24151). The property boasts a total of 7,513 square feet across two buildings, with a permitted B2 zoning classification. Built in 1957 and extensively renovated in 2024, this property offers 16 guest rooms, each undergoing a complete gut renovation, including new wallboard, vinyl plank flooring, plumbing fixtures, and HVAC units. A manager's suite and a space suitable for a coin-operated laundry are also included. The accompanying Mary's Diner generates approximately $14,000 in annual supplemental income. The property is conveniently located on busy Route 200, offering high visibility and accessibility. This turnkey operation, ready for immediate rental, presents a significant return on investment. The asking price is $1,300,000, translating to $173.03 per square foot. The property's APN is 0440013601. This is a rare chance to acquire a fully renovated, income-producing hospitality property in a desirable location. Don't miss this opportunity to own a thriving business in a growing market.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $936,227
    6.5%
    $864,209
    7%
    $802,480
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,241,071
    Geo Method
    $4,052,655
  • Alternative Use

    Use
    Valuation
    Residential
    $943,466
    Hospitality
    $864,209
    Educational
    $719,012
    Medical
    $743,740
    Retail
    $1,118,463
18021 Virgil H Goode Hwy, Rocky Mount, Virginia

Location Insight

City
Rocky Mount
County
Franklin
State
Virginia
Latitude
37.0434
Longitude
-79.8771
CBSA code
40220
CBSA name
ROANOKE, VA METROPOLITAN 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
0
-
$224,400
$331,400
$555,800
-
$224,400
$331,400
$555,800

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