1430 Main St, Marion, VA 24354

VALUE-ADDED POTENTIAL CLOSED HOTEL NEAR TRI-CITIES MSA OF BRISTOL, KINGSPORT AND JOHNSON CITY
1430 Main St, Marion, VA 24354 (Ask Price: $599,000)
https://www.dialmforhotels.com/property/extended-stay-hotel-conversion-opportunity/
The subject property is a 32-rooms (incl. 2 Bedroom owner’s quarters), two-story, limited-service hotel that is currently vacant and not operational and was previously branded America’s Best Value Inn. The improvements are situated on a 24,829± square foot site.
Convert the building to HomeTowne Studios Extended Stay Hotel (HTS) by Red Roof with low upfront costs of $139,000 only. Estimates provided by Red Roof and includes Lobby Build-out/Exterior Paint/Parking area/Signage, Case goods package, LVT Vinyl Flooring, Appliance Package, Vanity/Sink/Bathroom, and Soft Goods.
OR Re-open and operate as an independent Hotel or add and operate as a franchised hotel.
OR Potentially convert to Studio-Apartments / Multifamily Housing (Buyer to contact city/county to verify permissible uses)
FINANCING: SBA / USDA Loan Eligible Property. Call Madhur Gupta at 919-428-9840. Gujarati / Hindi Translation Available.
LOCATION: Excellent location between Route 11 and Interstate 81, the main thoroughfare for southwestern Virginia. Prime location value-added non-operational hotel (closed since covid) positioned along the primary retail corridor in Marion, Virginia with value-add potential. Located in a bustling retail corridor with a wealth of options including Walmart, CVS, Food Lion, McDonald's, Starbucks, Dollar General, and many more.
PROXIMITY TO MAJOR CITIES: 45 miles to Bristol, VA; 100 miles to Roanoke, VA; 140 miles to Greensboro, NC; 150 miles to Charleston, WV; 155 miles to Knoxville, TN; 160 miles to Charlotte, NC; 190 miles to Durham, NC; 215 miles to Raleigh, NC.
INCREASING DEMAND FOR LODGING: Marion is a hot market for adaptive reuse and multifamily apartment conversions as the current housing market is extremely tight, with houses selling over market price despite needing to be renovated. In virtually every strata of housing – from Section 8 housing to $750,000 or more homes – there is a need/shortage. The Town of Marion has received almost $3 million in grant funding that will allow Marion’s First Housing Development since the 60’s, alluding to the extreme shortage in housing. In April 2023, Smyth County Board of Supervisors approved a recommendation from the American Rescue Plan Act (ARPA) committee to provide $3,000,000 in funding to spur housing development in Smyth County.
RENTAL PROPERTY INVESTORS: Priced at only $599,000, more like a “single family house,” the 32-unit building is an ideal property to transition from residential rental real estate investment to commercial rental real estate. Convert from hotel to multifamily building, and leverage future upside opportunities through unit enhancement and lease up.
HOMETOWNE STUDIOS (HTS): The HomeTowne Studios Extended Stay new prototype by Red Roof is all about function, style and defining the segment, and shaped by input from hotel owners and longtime franchisees and guests. It features modern room design aesthetics, a cost-effective development footprint and a layout that sets new standards for improved operational efficiency. HomeTowne Studios rooms typically feature kitchenettes with full size refrigerator, stove or cooktops, microwave, and the option to purchase cooking utensils and kitchen kits. Prospective buyer to order own PIP, but HomeTowne Studio Conversion budget estimate, design and finished brochure is available.
WHY RED ROOF AND HTS EXTENDED STAYS: Red Roof ranked #1 in online reviews for 10 years in a row (Medallia 2019). Intent to return scores for NextGen® properties was 72.9%, up 15.4% (Market Metrix). NextGen® design elements are included in PIP for all hotels. Extended stay properties make up more than 1/4 of all hotel development projects in the U.S. pipeline and demand remains extremely resilient to economic conditions. HomeTowne Studios outperformed the economy lodging segment by 29.7 percent (April-June 2020) and 15.8 percent (July-September 2020). During the initial months of the pandemic, when most communities were locked down, HomeTowne Studios achieved more than 80 percent occupancy across its hotels. HomeTowne Studios typically have higher performance (OCC,ADR), lower operating, specifically payroll and housekeeping costs, compared with most other economy extended stay competitors.
RESTAURANTS: Mi Puerto (0.23 miles), Sonic Drive In (0.38 miles), McDonalds (0.47 miles), Subway (0.48 miles), Arbys (0.7 miles), Pizza Perfect on Main (0.96 miles), Macado’s (1.62 miles) and more.
AREA ATTRACTION/DEMAND GENERATORS: Historic Downtown Marion (1 mile); Smyth County Community Hospital (1 mile); Lincoln Theatre (1.8 miles); World Renowned Hungry Mother State Park – (3 miles); Hungry Mother Adventures; Holston Hills Community Golf Course, 300-acre site with a tennis facility and pool (4 miles); Mount Rogers National Recreation Area (9 miles); Settlers Museum of Southwest Virginia (9 miles); Park Place Drive In (2.5 miles); Grayson Highlands State Park.
COMPETITIVE SET (258 rooms: 30-50 each): Motel 6 Chilhowie, Comfort Inn Atkins-Marion I-81, Econo Lodge Marion I-81, Super 8 Richlands/Claypool Hill Area, EconoLodge Glade Spring.
AREA SALES: Red Roof Inn Wytheville VA $2,300,000 (2022), Super 8 South Boston VA $2,525,500 (2020), Motel 6 Hillsville VA $2,350,000 (2019)
SMALL TOWN ADVANTAGES: Lower Property Taxes, Government Incentives, Grants and Tax Benefits, Employee Retention, Development and Appreciation Potential
MARION, SMYTH COUNTY, VIRGINIA: County seat of Symth County, the Town of Marion is located on the middle fork of the Holson River on historic Route 11. It is conveniently positioned upon Interstate 81, located in the Blue Ridge portion of the Southern Appalachian mountains in Southwest Virginia, the general Marion area is well known for its scenic beauty. Nestled in the heart of Southwest Virginia, along the I-81 corridor, Smyth County is located in scenic Southwestern Virginia in the foothills of the Appalachian Mountains within a day’s drive of 2/3 of the U.S. population and 45-minute drive of the Tri-Cities Metropolitan Area of Bristol, Kingsport and Johnson City, TN with over 500,000 population. I-81 provides easy access to I-77, I-26, and I-64.
ALL SHOWINGS BY APPOINTMENT. DO NOT CALL PROPERTY/OWNER/STAFF OR TALK TO EMPLOYEES. ALL COMMUNICATION, OFFERS, NEGOTIATIONS THROUGH BROKER. INFORMATION HEREIN PROVIDED BY RELIABLE THIRD PARTIES, NOT GUARANTEED AND SUBJECT TO CHANGE WITHOUT NOTICE. BUYERS TO DO OWN DUE DILIGENCE.
Listing By: Brian Brockman VA 0225245999, Bang Realty Inc. (513) 300-0763 (m), [email protected] and Madhur Gupta NC 296538, M Hotels, LLC (919) 428 9840, [email protected]