Asking Price: $675,000
Gross Revenue: $220,000
Lease Rate: $5,000 /Month (Flexible lease period)
*The owner worked in this motel in 2012-2014 and bought it in 2017, and the business is growing since with new management.
Turnkey Income-Producing Motel in Almost Heaven, West Virginia!
One-story, 24 room exterior corridor, budget friendly motel with owner/manager quarters in Princeton, referred to as the “Jewel of the South,” and part of the Bluefield, West Virginia-Virginia micropolitan area with a population of over 100,000. The motel is close to restaurants, convenience stores and shopping.
Located with easy access and proximity to Interstate 77, Princeton is a popular lodging stop for travelers and backpackers away from home wanting to enjoy the small town charm, tranquil scenery, scenic country roads, warm southern hospitality, or a variety of adventurous recreational activities nearby.
The region has a history of coal mining since the late 19th century. In recent times, it has experienced economic upswing with the coal mining industry picking up quickly, bringing more jobs and more revenue to the county. Princeton is a booming coal-town, and the motel has a growing supply of coal workers renting rooms for several months. The occupancy rate is at high as 80% to 90% in summer and around 50% to 60% in winter months. West Virginia has a lower cost of living making a positive impact in keeping expenses low and generating good cash flow.
Local Attractions include Green Valley Bowling Center, Hatfield-McCoy Trails, Mercer County War Museum, Mountaineer Bowling Lanes, Pipestem Drive – In Theatre, Pipestem Golf Course, Pipestem Resort State Park, Princeton Railroad Museum, Vietnam Memorial, Winterplace Ski Resort and more.
Recently renovated rooms with amenities including 24 hour Front Desk service, Refrigerator, Microwave, Air Conditioning/Heating, Free Wi-Fi, Flat Screen TVs, Free Cable with 90+ channels including premium HBO, Free Coffee, Ice Machine, Vending Machines, Free Parking, Hair Dryer, Laundry Service, Fax/Photocopying, Signage.
This listing is for sale of business only however buyer can work with the seller directly to buy real estate too. For more details, please call (919) 428-9840. Information in this listing has been provided by the seller and third parties, and is subject to change without notice. Buyer must independently verify this information, and we assume no responsibility for its accuracy or completeness.
Real Estate: Leased
Building SF: 11,520
Lease Expiration: N/A
Facilities: The motel sits on 1.01 acre land with ample parking. The building has 11,520 sq ft area, and 24 rooms of which 22 have been recently renovated. Amenities include: 24 hour Front Desk service, Refrigerator, Microwave, Air Conditioning/Heating, Free Wi-Fi, Flat Screen TVs, Free Cable with 90+ channels including premium HBO, Free Coffee, Ice Machine, Vending Machines, Free Parking, Hair Dryer, Guest Laundry Service, Fax/Photocopying, and Signage.
Competition: One of the nicer economy motels in the area offering competitive pricing with higher level of customer service, amenities and estimated high occupancy due to growing population of coalmine employees. The owner worked in this motel in 2012-2014 and bought it in 2017, and the business is growing since with new management.
Growth & Expansion: Immediate revenue upside potential is possible with higher advertising and marketing efforts.
Support & Training: 1-2 weeks training can be provided if needed.
Reason for Selling: Owner wants to buy a bigger motel.