1617 Spruce StRawlins, WY 82301

Property Details for 1617 Spruce St

Year built

1966

Lot size

5.50 AC

Property size (Sq ft)

8,954 SF

Property type

Turn key restaurants

APN

21871840000700

APU

21871840000700

Description

This 58-key Quality Inn in Rawlins, Wyoming, presents a compelling value-add investment opportunity. The 26,024 square foot hotel, built in 1966 and renovated in 2018, sits on a 5.5-acre lot and features two two-story buildings. Currently priced at $1,900,000 ($73.01 per square foot), this freehold property offers significant potential for increased profitability. The hotel's interior corridor design and recent renovations to rooms and common areas provide a solid foundation for a new owner. While the hotel is currently underperforming compared to its competitive set, a new owner can leverage improved marketing, revenue management strategies, and expense control to significantly boost the Net Operating Income (NOI). The property's location on I-80, midway between Salt Lake City and Cheyenne, and within a reasonable driving distance of Denver and Fort Collins, offers strong potential for attracting travelers. Note that a separate 36-room hotel across the street is also under contract. An 8,906 square foot restaurant on the property has been condemned and is unusable. A change-of-ownership PIP is available and expected to be low. This presents a unique chance to acquire a well-located hotel with upside potential, especially for an owner-operator. The low price per room, considering recent renovations and comparable sales, further enhances its attractiveness. The low NOI margin compared to the Mountain Region average presents an opportunity for a buyer to improve operational efficiency and increase profitability.

• CAP approach

  CAP return

  Valuation

  6%

  $2,920,826

  6.5%

  $2,696,146

  7%

  $2,503,564

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,701,536

  Geo Method

  $1,864,244

• Alternative Use

  Use

  Valuation

  Residential

  $2,274,300

  Hospitality

  $2,083,247

  Educational

  $1,733,237

  Medical

  $1,792,846

  Retail

  $2,696,146

Location Insight

City

Rawlins

County

Carbon

State

Wyoming

Latitude

41.7882

Longitude

-107.256

Property Tax & Assessments

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