2348 Route 70 W - Hospitality FOR SALE


Cherry Hill, NJ 08002- Cherry Hill/Haddonfield
$5,750,000 USD
609-820-4800
2348 Route 70 W, Cherry Hill, NJ for Sale
$5,750,000 USD
Hospitality - FOR SALE
1/5
null | Request Cap Rate

2348 Route 70 W
Cherry Hill, NJ 08002
Cherry Hill/Haddonfield


HIGHLIGHTS

  • Situated within a mile of big box and lifestyle shopping centers.
  • Close Proximity to Philadelphia, NJ Turnpike, I-295, and Route 38.
  • 10 miles from Philadelphia International Airport.

OVERVIEW

• This is a land sale for development of two hotels and restaurant pad 6.73 acres with 5.75 acres usable • The hotels are not yet built; however, all necessary approvals from both the Township and the State have already been obtained for the construction of a Hampton Inn by Hilton (120 rooms) and a Residence Inn by Marriott (131 rooms), plus a 4,250 sq. ft. restaurant pad • Zoning approvals are secured (C-2 zoning – allows hotel, restaurant, and other commercial uses) • 5-year property tax abatement is approved; the restaurant pad is eligible for a liquor license • Convenient location near major shopping centers, Philadelphia International Airport, and major highways The Hampton Inn by Hilton plan contains 120 rooms. The Residence Inn by Marriott shows 131 rooms on the plan. The restaurant building on the plan is 4,250 square feet. The approvals include a 5 year tax abatement. The restaurant would obtain the liquor license as part of the hotel project.

FOR SALE DETAILS

PRICE

$5,750,000 USD

PRICE/SF

$96 USD /SF

# OF ROOMS

120

PRICE/ROOM

$47,917 {currency}

CAP RATE

Request Cap Rate

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Approved Dual Brand Hotel Development Site

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

5

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

2030

PARKING SPACES

-

LAND DETAILS

LAND ACRES

6.73 AC

LAND SF

293,159 SF

ZONING

B-4

APN/PARCEL ID

09-00071-01-00002

ASK ABOUT THIS PROPERTY

Michael WeisbergWeisberg Commercial Real EstateMore Info
609-820-4800

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Michael WeisbergWeisberg Commercial Real EstateMore Info
609-820-4800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.