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Very busy Mom & Pop Motel on I-90. Unique structure.
Plus Downtown bldg 5 apartments used as Motel annex
| Start Price |
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| Current Price |
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| Time Left |
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| Bid Count |
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| Buy It Now Price |
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| Reserve Price |
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| Start Time |
Thursday, August 21, 2008 |
| End Time |
Wednesday, November 19, 2008 |
| Location |
Jackson, Minnesota |
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See more about 'Very busy Mom & Pop Motel on I-90. Unique structure.'
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Description
This property is conveniently located on the junction of a US Highway and I-90 in Southern Minnesota. The motel property is directly adjacent to the exit ramp on the south side of the Interstate Highway and is clearly visible from the Interstate Highway. The motel is located in a couonty seat community of 3,500+ population, and is about 165 miles Southwest of the Twin Cities. The motel was built in 1983 and consists of 17 rooms plus an owner-operators living quarters. All rooms have phones, TV's and microwaves and refrigerators. The phone system is owned by the motel. The rooms and the interior of the motel were upgraded in 1999. The exterior was painted Aug 2008. This motel has interior corridors and sits half underground thus keeping the utilities under control. The motel customers range from truckers to interstate travelers and include tourists as well as hunters and weekly workers. Many motel sales are a result of repeat business from their established and satisfied clientele. Because the motel is visible from the Interstate and the U.S. Highway the location is excellent. The location benefits due to the high vehicle traffic and good signage and it helps build the business because the rooms are kept clean and in good repair. This just in the Round room (Honeymoon suite) is finished and ready for your customers. The round room features a round bed, round chair a laminate floor and it is just beautiful Pics 6 and 7 are of the round room. Real Estate Taxes for motel. For 2008 $4724. real Estate Taxes for Downtown Annex for 2008 $1000 approx. Lot and Building: Motel lot is approximately .64 acres or 27,730 Sq Feet. The building itself measures 130' x 56' and has 6,630 sq ft. Downtown buliding is three stories. Each with 3000 sq ft. Basement, main level and upper level for a total of 8890 sq ft. approx Future business trends: This motel is showing a continuous increase in business since the current and previous owners took over. This motel is a one of a kind unusual and uniquely constructed motels around and you must see for yourself why customers often tell the owners that they have never stayed in such a quiet motel in their lives. The motel is at ground level at the front door but take a look at the pictures and you see it sits underground. Yes you mow the roof. Utilities are low, safe from storms and NO the roof does not leak. As far as future business trends they just completed an ethanol plant about 15 miles away and the maintenance workers stay with us. A wind turbine farm is going up now and another is scheduled for next few years. Keeps us 90% full. Living quarters. Dec 2007 over $7,000 was spent to convert an adjoining double rooms into an owners suite complete with walk in closet. Nice size bedroom and living room with a dining/kitchen area. Laminate floors are very attractive. We have changed out faucets on about 5 of the rooms. We have remodeled room 1 and turned into a round room. Round bed, round chair round hanging lights very swanky, spent over $3000 on updates. Other upgrades this year. The roof and parking lot resealed. All locks rekeyed and new master keys were made for all rooms cost $1,000. New mattresses in 67% of the rooms at a cost of $4,500. New linens throughout the motel these are not white but an upgraded sheet with 200 thread count plus new towels with the cost of over $3,000. We have upgraded the Wireless system that now makes up truly a wifi hotspot. Utilities: Elec $350 month ave. Minnesota Gas $200 Water/Sewer $230 all these are monthly averages. We offer cable tv with HBO runs $400 per month. Phone about 265 per month. Insurance is about $135 per month. Payroll 1,000 per month. Total operating cost is 2,580 per month. NO franchise fees. You make the money it is yours to keep. Monthly income 2008 We anticipate total for the year of $191,976 and over $220,000 for 2009. We also own and have included in this sale a Building downtown that is a retail store on the main level (3300 sq ft) and basement that is leased out at $400 per month plus they pay their utilities for the next 24 months with an option for another 24 months. The five apartments on the second floor (3300 sq ft). We use as an annex of the motel and rent out the apartments as an extended stay. We make an additional $5,000 - $6,000 per month off the apartments. Currently all are rented to wind turbine workers on a weekly basis. We treat as a motel room and clean once a week. Everything is furnished this means even the dishes in the cabinets and we pay all bills. Bills about $100 - $130 per month per apartment. Total for both the Motel with the 17 rooms and Owners suite. Annex building with 5 furnished apartments All for $574,000 Photos 8 - 12 above are of the store and apartment's downtown. Together they produce over $220,000 per year. We are asking less than 2.5 times the gross. An excellent investment. Need more information please call 541-513-0627 Michael's cell or 507-847-5603 Earth Inn Motel ask for Michael or Kandee. Please do not discuss with the employee's. By the way check out the website for more info at www.earthinnmotel.com by the way someone asked why are we moving. We are wanting to return to Oregon where we are from. We have found a piece of property that we want to retire on. There is no owner financing on the property. However with the income of this property you should be able to get financing with a decent down payment. Thanks
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