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Hotel-Motel

My Place Brookings

711 32nd Ave, Brookings, SD 57006

Listing Price: $4,975,000

Cap Rate
7.90%
Number of Rooms
63
RevPAR
$49
Gross SF
40,000
Price/Room
$78,968
RRM
4.33
Price/Gross SF
$124.38
Year Built
2015

Investment Overview

Marcus & Millichap is pleased to offer for sale My Place Extended Stay Hotel, a fee simple interest in the 2015 build, 63-unit, interior corridor. The subject property is is located in Brookings, South Dakota and situated directly off Interstate 29 about an hour North of Sioux Falls and benefits greatly from the ample interstate demand. This hotel is the only provider of extended stay accommodations within a 100-mile radius. Besides the hotel’s freeway visibility location, it also benefits from South Dakota State University only 2.6 miles away, affording it proximity to all campus and university demand generators. The property is well equipped to host corporate demand that is driven by the proximity to the Swiftel Center with over 30,000 square feet of event space. Each guest room comes equipped with free Wi-Fi, flat screen TV, and of course the signature My Kitchen elements which includes: refrigerator with freezer, ice maker, microwave, 2-burner cooktop, sink with disposal, coffee maker, complimentary coffee, toaster, and desk work space. The hotel also offers a variety of food and beverage options at the My Store pantry for grab and go guests or even breakfast in bed. The My Place Hotel in Brookings achieved total revenue of $1,167,785 for the trailing 12 months ending September 2021. With the benefits of the extended stay construction driving demand and higher margins the My Place Hotel has largely weathered the storm of Covid effects. During 2020, the hotel fared well in comparison to the market. The hotel, on a trailing 12 month has been able to achieve a $49.93 RevPAR only $0.70 below the hotel’s 2019 RevPAR of $50.69. Priced at an attractive 9.2% Cap on 2019 and an 8% Cap on T-12 September 2021 operations this offering breaks down to only $78,969 per room well below replacement cost.

Investment Highlights

  • 2015 Construction | 63 Extended Stay Kitchenette Rooms
  • University Demand | Interstate Location
  • 9.2% Cap Rate 2019 | 8% Cap Rate T12 September 2021 | $78,968 Per Key

Exclusively Listed By

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

    License(s): MN: 40486025, IA: S66396000, WI: 89877-94

    Minneapolis

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9767

    Email Jon

    License(s): MN: 40583288, IA: B63379000, ND: 10032, WI: 76173-94, SD: 17724, NE: 20200223

    Minneapolis

  • Jared Plamann

    Associate

    (952) 852-9745

    Email Jared

    License(s): MN: 40605209, WI: 89876-94

    Minneapolis

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) SD: 17724

    South Dakota

Financing By

Hotel-Motel

My Place Brookings

Listing Price: $4,975,000

Cap Rate
7.90%
Number of Rooms
63
RevPAR
$49
Gross SF
40,000
Price/Room
$78,968
RRM
4.33
Price/Gross SF
$124.38
Year Built
2015

Investment Highlights

  • 2015 Construction | 63 Extended Stay Kitchenette Rooms
  • University Demand | Interstate Location
  • 9.2% Cap Rate 2019 | 8% Cap Rate T12 September 2021 | $78,968 Per Key

Investment Overview

Marcus & Millichap is pleased to offer for sale My Place Extended Stay Hotel, a fee simple interest in the 2015 build, 63-unit, interior corridor. The subject property is is located in Brookings, South Dakota and situated directly off Interstate 29 about an hour North of Sioux Falls and benefits greatly from the ample interstate demand. This hotel is the only provider of extended stay accommodations within a 100-mile radius. Besides the hotel’s freeway visibility location, it also benefits from South Dakota State University only 2.6 miles away, affording it proximity to all campus and university demand generators. The property is well equipped to host corporate demand that is driven by the proximity to the Swiftel Center with over 30,000 square feet of event space. Each guest room comes equipped with free Wi-Fi, flat screen TV, and of course the signature My Kitchen elements which includes: refrigerator with freezer, ice maker, microwave, 2-burner cooktop, sink with disposal, coffee maker, complimentary coffee, toaster, and desk work space. The hotel also offers a variety of food and beverage options at the My Store pantry for grab and go guests or even breakfast in bed. The My Place Hotel in Brookings achieved total revenue of $1,167,785 for the trailing 12 months ending September 2021. With the benefits of the extended stay construction driving demand and higher margins the My Place Hotel has largely weathered the storm of Covid effects. During 2020, the hotel fared well in comparison to the market. The hotel, on a trailing 12 month has been able to achieve a $49.93 RevPAR only $0.70 below the hotel’s 2019 RevPAR of $50.69. Priced at an attractive 9.2% Cap on 2019 and an 8% Cap on T-12 September 2021 operations this offering breaks down to only $78,969 per room well below replacement cost.

Exclusively Listed By

  • Jake M. Erickson

    Senior Associate

    (952) 852-9721

    Email Jake

    License(s): MN: 40486025, IA: S66396000, WI: 89877-94

    Minneapolis

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9767

    Email Jon

    License(s): MN: 40583288, IA: B63379000, ND: 10032, WI: 76173-94, SD: 17724, NE: 20200223

    Minneapolis

  • Jared Plamann

    Associate

    (952) 852-9745

    Email Jared

    License(s): MN: 40605209, WI: 89876-94

    Minneapolis

  • Joseph Ferguson

    Associate

    (952) 852-9769

    Email Joseph

    License(s): MN: 40737246

    Minneapolis

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): SD: 17724

    South Dakota

Financing By

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