Investment Overview

Marcus & Millichap is pleased to present the Rocky Mount NC Conversion Opportunity, a 151-key hotel property located on Wesleyan Blvd in Rocky Mount, North Carolina, offering a compelling hotel-to-multifamily conversion opportunity. Originally built as a hotel in 1987 and renovated in 2023 to Days Inn Standards, the property currently operates as a Days Inn and includes 110 standard hotel rooms and 41 rooms with kitchenettes. Hotel-to-multifamily conversions have emerged as a favored value-add strategy, offering meaningful cost and timeline advantages versus new construction. The property’s recently renovated rooms, existing sprinklered fire protection, individually served plumbing and electrical, elevator systems, and building envelope provide an efficient conversion basis, translating one-to-one from 151 hotel keys to 151 multifamily units. An illustrative all-in basis of approximately $70,000 per unit, inclusive of acquisition and conversion capex, positions the opportunity meaningfully below prevailing new construction costs for comparable multifamily product in Eastern North Carolina. The Rocky Mount NC Conversion Opportunity sits on Rocky Mount’s primary commercial corridor, providing direct access to retail, services, and I-95. Rocky Mount anchors a diversified Eastern North Carolina economy along the I-95 corridor, home to major employers including Pfizer, Cummins Rocky Mount Engine Plant, Nash UNC Health, and QVC. The market sits roughly one hour northeast of Raleigh and benefits from direct I-95 access to Richmond, Norfolk, and other major East Coast metros, supporting steady rental demand across the region.