Remarks

Unique Investment Opportunity for a creative and open minded investor......

Short term seller financing will be considered

Own a motel/micro apartments neighboring a golf course!

This 69 room motel is grandfathered in and able to be reopened as a motel, weekly/monthly/extended stay.... OR petition for rezoning and do apartments!

Formally known as Budget Inn
Renamed as Buffalo View Motel - www.buffaloviewmotel.com - domain name transfer to new owner is included if they want.

It was closed due to lack of management and guests staying at the motel.

Some of the leg work that has been done:

Sprinklers can be updated for $30-50k - all sprinkler heads and the dry pump must be replaced.

Erwin Utilities is willing and able to provide fiber optic internet at 1gb or higher speed.

Erwin Utilities will connect electric service to the existing electrical panel and passed an electrical inspection 6/6/2022

Johnson City Utility System will provide sewer service.

Unicoi County will provide water service

A structural engineer evaluate the property and he said the sidewalks and back concrete deck area need to be replaced.

Roof maintenance has been done. It has an EPDM membrane roof that was installed in 2011.

Retaining wall repair done on the side closest to the road.

Survey done and the property corners are marked.

Rezoning will take about 6 months, so there won't be a seller contingency for this.

This opportunity is being sold as-is and is an excellent way to create your own equity and acquire a motel that if rented into micro apartments at $650/month including utilities you have a $4.48m valued asset BEFORE you do anything with the restaurant, meeting rooms or add extras to this.

Mini storage? This motel is currently sitting on 5.18 acres with ample space for you to daydream of what could be! Creating positive cashflow and increasing your assest's value by what you do with the property

Buyer/buyer's agent to verify

Details

MLS#: 9965256
Price: $899,900

Sq Ft: 40527
Year Built: 1973

County: Unicoi
Lot Size: 693x 347x589x400irr
Tax Fee: 0