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1503 Portland Cobalt Road, Portland, CT

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1503 Portland Cobalt Road

Portland, CT 06480 - East Hampton/East Haddam Submarket

(1.3 MB)

Property Type:Hospitality Number of Rooms:48 Status:Existing Year Built:1988
Stories:- Building Size:22,000 SF Land Area:3.5 AC (152,460 SF)
For Sale Price:$1,397,000 Price/Room:$29,104 Cap Rate:-


Sale Notes:
Morrow Realty is pleased to offer The Riverdale Inn & Suites for sale. There are three building on this 3.5 acre site.The Riverdale is operating with profitable weekly rentals. There are 42 rooms, one small apartment and one larger apartment. There is a welcoming lobby, onsite laundry, and meeting room that may also be rented for events and meetings. The 2015 Pro Forma Budget shows net income of over $132,000 allowing for a 25% vacancy and payroll of over $60,000 per year. An active owner operator could greatly improve the net income.
The Riverdale Inn & Suites is located in Portland on RT 66 in CT along the Connecticut River. Located in the heart of Connecticut, this establishment is easily accessible from major highway I91 and RT 9, just minutes from Hartford

Morrow Realty LLC
Jeffrey K Morrow
(860) 584-0510

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