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Hotel-Motel

Rodeway Inn Winston Salem Route 52

3810 N Patterson Ave, Winston-Salem, NC 27105

Listing Price: $3,650,000

Cap Rate
9.70%
Number of Rooms
102
RevPAR
$33
Gross SF
17,986
Price/Room
$35,784
RRM
3.48
Price/Gross SF
$202.94
Year Built
1975

Investment Overview

Marcus & Millichap is pleased to offer for sale a fee-simple interest in the 105-unit, Rodeway Conversion Winston Salem Route 52 located in North Carolina. This well-appointed hotel was constructed in 1975 and is being offered well below replacement costs with the ability to retain the current franchise or convert it to Red Red Roof or Motel 6. The well appointed guest rooms provide complimentary Wi-Fi and HDTVs, plus minifridges, microwaves, hair dryers, ironing boards and coffeemakers. Free amenities include laundry facilities, large seasonal outdoor swimming pool, and parking. Located just off Route 52, the hotel is 3 miles from Wake Forest University, one of the 4 major colleges located in the region. The property is currently operating with an occupancy rate of 57%, an ADR of $53.28 and a RevPAR of $30.38 per the December 2020 STR report. Conveniently located close to several neighboring cities such as Greensboro and Charlotte, the hotel is near plenty of attractions including Wake Forest University, Winston-Salem State University, Salem College, Hanes Mall, and the Bowman Gray Stadium. Winston-Salem is the county seat of Forsyth County, North Carolina. With a 2020 estimated population of 247,945 it is the second largest municipality in the Piedmont Triad region, the fifth most populous city in North Carolina, the third largest urban area in North Carolina, and the eighty-ninth most populous city in the United States. Major corporations including Hanes Brands, BB&T Bank, Krispy Kreme Doughnuts, TW Garner Food Company (makers of Texas Pete), Wells Fargo, Bank and Lowes Foods have established headquarters in Winston-Salem. Winston-Salem has seen a surge in growth and revitalization in the downtown area with hotels, restaurants, and apartments under construction.

Investment Highlights

  • Fee simple interest in 105-unit, two-story Rodeway Conversion Winston Salem
  • Excellent repositioning opportunity with both Red Roof Inn and Motel 6 preapproved for franchising
  • Consistent revenue performance over the past 3 years of $1MM+ with a healthy NOI of 30% (pre-COVID-19, Post conversion top-line revenue expected to exceed $1.5MM
  • Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
  • 3 miles from Wake Forest University and 5 miles from the Reynolda House Museum of American Art | Wake Forest has an enrollment of 8,000 students

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s) NC: 303785

    North Carolina

Hotel-Motel

Rodeway Inn Winston Salem Route 52

Listing Price: $3,650,000

Cap Rate
9.70%
Number of Rooms
102
RevPAR
$33
Gross SF
17,986
Price/Room
$35,784
RRM
3.48
Price/Gross SF
$202.94
Year Built
1975

Investment Highlights

  • Fee simple interest in 105-unit, two-story Rodeway Conversion Winston Salem
  • Excellent repositioning opportunity with both Red Roof Inn and Motel 6 preapproved for franchising
  • Consistent revenue performance over the past 3 years of $1MM+ with a healthy NOI of 30% (pre-COVID-19, Post conversion top-line revenue expected to exceed $1.5MM
  • Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
  • 3 miles from Wake Forest University and 5 miles from the Reynolda House Museum of American Art | Wake Forest has an enrollment of 8,000 students

Investment Overview

Marcus & Millichap is pleased to offer for sale a fee-simple interest in the 105-unit, Rodeway Conversion Winston Salem Route 52 located in North Carolina. This well-appointed hotel was constructed in 1975 and is being offered well below replacement costs with the ability to retain the current franchise or convert it to Red Red Roof or Motel 6. The well appointed guest rooms provide complimentary Wi-Fi and HDTVs, plus minifridges, microwaves, hair dryers, ironing boards and coffeemakers. Free amenities include laundry facilities, large seasonal outdoor swimming pool, and parking. Located just off Route 52, the hotel is 3 miles from Wake Forest University, one of the 4 major colleges located in the region. The property is currently operating with an occupancy rate of 57%, an ADR of $53.28 and a RevPAR of $30.38 per the December 2020 STR report. Conveniently located close to several neighboring cities such as Greensboro and Charlotte, the hotel is near plenty of attractions including Wake Forest University, Winston-Salem State University, Salem College, Hanes Mall, and the Bowman Gray Stadium. Winston-Salem is the county seat of Forsyth County, North Carolina. With a 2020 estimated population of 247,945 it is the second largest municipality in the Piedmont Triad region, the fifth most populous city in North Carolina, the third largest urban area in North Carolina, and the eighty-ninth most populous city in the United States. Major corporations including Hanes Brands, BB&T Bank, Krispy Kreme Doughnuts, TW Garner Food Company (makers of Texas Pete), Wells Fargo, Bank and Lowes Foods have established headquarters in Winston-Salem. Winston-Salem has seen a surge in growth and revitalization in the downtown area with hotels, restaurants, and apartments under construction.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2222

    License(s): NC: 303785

    North Carolina

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