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Hotel-Motel

La Mirage Motel Bakersfield

525 Union Avenue, Bakersfield, CA 93307

Listing Price: $2,100,000

Cap Rate
3.82%
Number of Rooms
50
RevPAR
$17
Price/Room
$42,000
RRM
6.78
Year Built
1946

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Group is pleased to present for sale to qualified investors the La Mirage Motel Bakersfield (‘Hotel’ or ‘Property’). The Hotel is offered at $2,100,000 or $42,000 per key. The Hotel is located off Union Ave which records over 34,000 cars per day and offers access to many market demand generators in the area such as the Mercy Hospital Downtown and the Mercy Hospital Southwest, both located less than 10 miles from the Property. Furthermore, the Property is less than seven miles from California State University Bakersfield, the Historic Bakersfield Fox Theatre, Kern County Museum, and Bakersfield Municipal Airport. This two-story, 50-room Hotel is ideal for an owner-operator and maintains a manager’s quarters with four beds, three baths, two living rooms, and a kitchen. This offering presents a new investor the chance to acquire an opportunistic asset with upside potential. After completion of renovations, the Property will see an increase in its market penetration, allowing for higher room rates. Additionally, an implementation of better revenue and expense management strategies will boost the overall value. The expenses include provisions for a 4 percent reserve for capital replacement. The hotel is offered fee simple, unencumbered by a management contract and debt.

Investment Highlights

  • 50-Room, Two-Story, Exterior Corridor Hotel
  • Priced Below Replacement Costs at $42,000 Per Key
  • Located 2.5 Miles from Bakersfield Municipal Airport
  • Property Includes Manager's Quarters Containing Four Beds, Three Baths, Two Living Rooms, and a Kitchen
  • Offers Significant Upside to Increase Room Revenue to be Competitive with the Market
  • Fee Simple, Unencumbered by a Management Contract and Debt

Exclusively Listed By

Broker of Record

  • Jim Markel

    First Vice President/Regional Manager

    (818) 212-2700

    License(s) CA: 01253407

    California

Hotel-Motel

La Mirage Motel Bakersfield

Listing Price: $2,100,000

Cap Rate
3.82%
Number of Rooms
50
RevPAR
$17
Price/Room
$42,000
RRM
6.78
Year Built
1946

Investment Highlights

  • 50-Room, Two-Story, Exterior Corridor Hotel
  • Priced Below Replacement Costs at $42,000 Per Key
  • Located 2.5 Miles from Bakersfield Municipal Airport
  • Property Includes Manager's Quarters Containing Four Beds, Three Baths, Two Living Rooms, and a Kitchen
  • Offers Significant Upside to Increase Room Revenue to be Competitive with the Market
  • Fee Simple, Unencumbered by a Management Contract and Debt

Investment Overview

As the exclusive representative of the seller, Marcus & Millichap's National Hospitality Group is pleased to present for sale to qualified investors the La Mirage Motel Bakersfield (‘Hotel’ or ‘Property’). The Hotel is offered at $2,100,000 or $42,000 per key. The Hotel is located off Union Ave which records over 34,000 cars per day and offers access to many market demand generators in the area such as the Mercy Hospital Downtown and the Mercy Hospital Southwest, both located less than 10 miles from the Property. Furthermore, the Property is less than seven miles from California State University Bakersfield, the Historic Bakersfield Fox Theatre, Kern County Museum, and Bakersfield Municipal Airport. This two-story, 50-room Hotel is ideal for an owner-operator and maintains a manager’s quarters with four beds, three baths, two living rooms, and a kitchen. This offering presents a new investor the chance to acquire an opportunistic asset with upside potential. After completion of renovations, the Property will see an increase in its market penetration, allowing for higher room rates. Additionally, an implementation of better revenue and expense management strategies will boost the overall value. The expenses include provisions for a 4 percent reserve for capital replacement. The hotel is offered fee simple, unencumbered by a management contract and debt.

Exclusively Listed By

Broker of Record

  • Jim Markel

    First Vice President/Regional Manager

    (818) 212-2700

    License(s): CA: 01253407

    California

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