1500 Spruce StRawlins, WY 82301

Property Details for 1500 Spruce St

Year built

1960

Lot size

1.50 AC

Property size (Sq ft)

14,688 SF

Property type

Motels

APN

21871733700200

APU

21871733700200

Description

This 36-key Rodeway Inn motel presents a compelling value-add investment opportunity in Rawlins, Wyoming. The 14,144-square-foot property, situated on a 1.5-acre lot, boasts a prime location at 1500 W Spruce St, 82301, offering convenient access to Interstate I-80, a major east-west thoroughfare connecting San Francisco and Chicago. Built in 1960 and renovated in 2018, the two-story building is zoned for commercial use and features an exterior corridor design. The asking price is $450,000, translating to $31.82 per square foot. While currently under contract, there may be an opportunity for an all-cash buyer with a quick closing. A change-of-ownership PIP is anticipated to be low. The property's current performance trails comparable motels, presenting significant upside potential for a buyer to implement improved marketing and revenue management strategies, and optimize operational expenses to achieve higher profit margins. The motel's proximity to major cities like Salt Lake City, Cheyenne, Denver, and Fort Collins further enhances its investment appeal. Note that a nearby 58-room Quality Inn is also under contract, potentially offering a unique opportunity for a single owner to operate both properties. However, the Quality Inn has an on-site, condemned 8,906 square foot restaurant building that cannot be used. This freehold property offers a chance to capitalize on the strong location and implement strategies to increase revenue and profitability.

• CAP approach

  CAP return

  Valuation

  6%

  $3,702,098

  6.5%

  $3,417,321

  7%

  $3,173,227

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,721,759

  Geo Method

  $2,851,778

• Alternative Use

  Use

  Valuation

  Residential

  $3,730,722

  Hospitality

  $3,417,321

  Educational

  $2,843,171

  Medical

  $2,940,952

  Retail

  $4,422,710

Location Insight

City

Rawlins

County

Carbon

State

Wyoming

Latitude

41.7875

Longitude

-107.253

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].