18021 Virgil H Goode HwyRocky Mount, VA 24151
- Motels
- 7,513 SF
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
- 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
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
Comparable in this City
Similar Nearby for Sale
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