Grand Motor Inn

Maspeth, NY

Sold

$7,500,000

OVERVIEW

LOCATION:
72-51 Grand Avenue, Maspeth, NY 11378

Asset Type: Hotel

Square Feet: 17,100

Stories: 2

 

Description

Besen & Associates has been retained as exclusive broker to sell real property known as the Grand Motor Inn, located at the address of 72-51 Grand Avenue in Maspeth, NY 11378. The property is a two-story motel containing 44 rooms all with full baths and parking for 14 cars.

 

The building was constructed in 1931, and contains approximately 17,100 gross square feet (SF). This 2 story building was built on a lot which measures 200’ x 149’. It resides in a split zoning district, which encompasses C1-2/R6B/R4-1 and a maximum floor area ration (FAR) of 2.0. There are an additional 17,862 SF of unused air rights, which can be utilized to add additional floors to the existing property, or otherwise provide the potential for a new structure of 34,970 SF total (buildable BSF) doubling its existing size. The flexible zoning allows various uses.

 

The 44 rooms include 8 doubles (containing two Queen size beds) and 36 singles (one Queen bed), each with sitting areas as well as well laid out bathrooms. Rooms are generously sized, with doubles of approximately 450 SF and singles of 350 SF. Typical room rate average is $160 for a double bed and $140 for a single bed. Present amenities include Wi-Fi, internet and cable, vending machines and coffee / breakfast room. The underutilized breakfast room is ideally suited to create an indoor/outdoor Café/ restaurant that can service the needs of the local community also. The three vending machines and can be upgraded and vastly expanded for incremental revenue. Modern Wasco washers and dryers facilitate on site laundry for the day to day needs of the hotel.

 

The motel is presently run with 14 employees, all of whom are non-union. Onsite staff includes 6 house keeping personnel, 5 front desk clerks, 2 security and one maintenance.

 

The Grand Motor Inn presents several value-add opportunities for investors and hotel operators. An operator can upgrade the property, rebrand with a flag it to bolster the occupancy and increase the average daily rate (ADR) substantially. The property also lends itself well to reposition for senior housing, assisted living or shelter, which meets an underserved need in the community.

 

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