Scipio, UT 84656,230 W 400 N
Scipio, UT 84656,230 W 400 N
Scipio, UT 84656,230 W 400 N
Scipio, UT 84656,230 W 400 N
Scipio, UT 84656,230 W 400 N
Scipio, UT 84656,230 W 400 N
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$1,900,000

$2,000,000

5.0%
Est.Price: ?

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Est. payment /mo

1.66 Acres Lot


SOLD DATE : 06/21/2024

Key Details

Sold Price $1,900,000

Property Type Commercial

Sub Type Hotel/Motel

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 1895053

Sold Date 06/21/24

Construction Status Blt./Standing

HOA Y/N No

Year Built 2001

Annual Tax Amount $10,755

Lot Size 1.660 Acres

Acres 1.66

Lot Dimensions 0.0x0.0x0.0

Property Description

KW Commercial is pleased to present the exclusive listing of the Scipio hotel in Scipio, Utah. This is an exceptional investment opportunity with Value Add Potential. The offering is a 32-key interior corridor hotel located right off of Interstate 15. The property is currently run as a non-franchised independent hotel operation and has a 13.11% CAP rate. The two-story building was built in 2001 and has an onsite manager's apartment. It's prime location, situated at the crossroads of major highways, makes it easily accessible to travelers from all corners of the country. It's also the gateway to Northern and Southern Utah with it being 1 hour 40 minutes to Salt Lake City and 2 hours 30 minutes to St. George. The hotel's ideal location, combined with the exclusivity as the only hotel in Scipio, means that weekends are constantly at capacity, especially during the summer months. Amazing Value Add Potential. The current owner is an absentee owner, which means hands on management or an owner/operator could be a great value add for this property. Rebranding this independent hotel as a branded franchise could also be a wonderful value add for this property. In addition, Property had a pool that is no longer in operation. The current owner had plans to replace the space with 4-5 suites to generate additional revenue but didn't get the chance. The owner has turned the managers apartment into an extended stay and is currently charging $2500 a month, with limited housing in town or the surrounding area this could be a great value-add opportunity for additional units. Vacant land behind the hotel allows for additional expansion or possible space for an RV park. With pricing at $2,000,000 this puts you at only $62,500/key and a price per SF of only $108.61, which sits far below the replacement cost. Scipio hotel combines comfort, convenience, and a promising investment potential, making it an enticing choice for investors seeking a thriving hospitality venture. PLEASE DO NOT CONTACT THE OWNER OR ANY EMPLOYEES OR TOUR THE PROPERTY WITHOUT AN APPOINTMENT. All inquires must go though the listing broker. Reach out to the listing agent for the financial packet.

Location

State UT

County Millard

Area Fillmore; Flowell

Interior

Fireplace false

Exterior

View Y/N No

Present Use Commercial

Private Pool false

Building

New Construction No

Construction Status Blt./Standing

Others

Senior Community No

Tax ID S-1280

Horse Property No

Financing Conventional

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Listed by KW South Valley Keller Williams
Bought with KW South Valley Keller Williams
agent-avatar

+1(801) 259-5565

ccpollock@outlook.com

5965 S 900 E STE 150, Murray, Utah, 84121, United States

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