Basics
- Date added: Added 4 years ago
- Category: Wholesale
- Type: Hotel, Motel, Multifamily
- Bedrooms: 80
- Bathrooms: 80
- Floors: 2
- Area: 32604 sq ft
- Lot size: 3.02 sq ft
- Year built: 1972
Description
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Description:
THIS ONCE HOTEL, COMMERCIAL GOLDEN NUGGETS SITS ON OVER 3 ACRES OF LAND NEAR DOWNTOWN ABILENE
This currently abandoned 2-story 80 unit hotel is located in Abilene (pop. 123,707) off of the heavily trafficked Business I- 20/US Hwy 80 E. With a proper remodel, this property could be turned in a 39 unit apartment community totaling 32,604 sq ft with plenty of parking space. The community surrounding this property is currently experiencing steady growth and is a popular neighborhood for military personnel from Dyess Air Force Base, and the nearest grocery and retail stores are only 0.8 miles away going north.
The plan for this property would be to rezone it from HC (Heavy Commercial) to MF (Multi-Family), and convert the 80 unit hotel into a 39 unit apartment community comprised of 10 efficiencies (avg 338 sq ft), 17 - 1/1s (avg 676 sq ft) and 12 - 2/2s (avg 1014 sq ft). This property would include a full rehab of every unit, the pool area, and the main building that will serve as the management office, business center, laundry facility, gym, and resident lounge with media. Due to the great parking ratio of this property (7.67/1000 sq ft), there is also the opportunity to create covered parking and back patios with parking access for every first story unit. Rehab is estimated to take 9 to 12 months and will be completed in 3 - 4 phases in order to minimize vacancy over the duration of the rehab. Once stabilized by the end of year 3, the property could be refinanced at 80% of ARV.
Location
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