Remarks

Historic 40-room hospitality property, located near the highly traveled intersection of State Road 40 and State Road/County Road 35 in the Ocala, FL MSA, the fastest growing metro in the United States. Across from the naturally renown Silver Springs State Park. The subject property sits on .73 acres with 121 FT of State Road 40 frontage. State Road 40 is a major east-west arterial that transverses the Ocala metro. Consisting of 3 buildings totaling 16,102 leasable SF, the property was developed in 1963 as a Howard Johnson's Motor Lodge next to an existing Howard Johnson's Restaurant. The adjoining restaurant is also currently available for purchase. Opportunity to reunite the complex for the first time in over 30 years. True as it was then this property presents significant potential upside as a renovation, conversion, or redevelopment project. Property is within Catalyst Site #4 of the Silver Springs CRA Master Plan. Plan calls for re-routing of State Road 40 which would potentially increase the frontage of the existing parcel. Site #4 designation also calls for generating interest in a mix of neighborhood scale retail, duplex, and triplex residential development of up to 47 dwelling units. Appreciable value add opportunity for a renovation, conversion, or redevelopment project. CRA Master Plan encourages renovation, conversion, or redevelopment. While Marion County's Special Use Permit process allows alternative uses to be explored. Selling entity has provided conceptualized images of what could be done if the property were to be renovated under its current hospitality use. Ocala, FL MSA GDP is ranked #36 out of 200 large metros in the United States with a 2023 GDP of nearly $16 billion. Combine this with the University of Florida's projection that Marion County's population will grow up to an additional 30% by 2040. One would be hard pressed to find a comparable location in this metro or beyond. Property is served by gas, electric, public water, and public sewer utilities. Roof updated in 2013 and 2022.

Details

MLS#: 844225
Price: $1,577,500

Style: CommercialSale
Baths Half: 0
Year Built: 1963

County: Marion
Subdivision: Not on List
Tax Fee: 9103