2855 Austin Peay Hwy - Hospitality FOR SALE


Memphis, TN 38128- Raleigh
$4,450,000 USD
404-398-2090
2855 Austin Peay Hwy, Memphis, TN for Sale
$4,450,000 USD
Hospitality - FOR SALE
1/24
null | Request Cap Rate

2855 Austin Peay Hwy
Memphis, TN 38128
Raleigh


HIGHLIGHTS

  • Year Built: 1999. Lot Size: 1.24 acres. 3 Stories
  • 10 miles from Downtown Memphis. Close proximity to all demand generators
  • Bank Financing Available
  • Seller PIP Completed
  • Minimal to No PIP for the New Buyer
  • Seller has Spent Significant Capex Improvement

OVERVIEW

Quality Inn - Memphis - TN hotel is conveniently located just 10 miles from Downtown with easy access to Interstate I- 40 and Interstate I- 240. The University of Memphis and Memphis Motor Sports Park are 6 miles from the hotel. It is also located near Downtown attractions including, Memphis Zoo which is 6.8 miles, Liberty Bowl Memorial Stadium which hosts the AutoZone Liberty Bowl is 7.4 miles and Sun Studio, the birthplace of rock ‘n’ roll, is just off Beale Street 10.5 miles. FedEx Forum, home to the NBA Grizzlies is 11.1 miles. Gibson Beale Street Showcase is 11.2 miles, Mud Island Park, is in the middle of the Mississippi River, and the riverside Tom Lee Park is 11.7 miles away. Memphis International Airport is 18.5 miles away from the hotel. Location Highlights: 1. Proximity to Downtown Memphis: Located within a short drive to Downtown Memphis, offering convenient access to popular attractions like Beale Street (10.5 miles), the Memphis Pyramid (11.4 miles), and the National Civil Rights Museum (12.1 miles). 2. Graceland: The hotel is ideally located for Elvis Presley fans, with Graceland (16.5 miles), the iconic home of Elvis, just a short drive away. 3. Memphis International Airport: The hotel is conveniently located near the Memphis International Airport (18.5 miles) 4. Shopping and Dining: The area is surrounded by numerous shopping centers and local dining options, showcasing Memphis's famous barbecue and Southern cuisine. 5. Easy Access to Highways: Positioned near major highways like I-40 and I-240, offering seamless travel to other parts of the city and neighboring areas. 6. Attractions Nearby: Memphis Zoo (6.8 miles): A family-friendly destination featuring a wide variety of animals and exhibits. Stax Museum of American Soul Music (12.5 miles): A must-visit for music lovers to explore the roots of soul music. Mud Island River Park (11.9 miles): Ideal for outdoor enthusiasts, offering walking trails and views of the Mississippi River. 7. Business and Corporate Accessibility: Close to major business hubs and conference centers. Memphis, Tennessee is undergoing a period of significant development, with new projects and economic shifts poised to impact the entire city, including the area surrounding the Governor's Inn & Suites. Here is a breakdown of key developments that could drive demand for the hotel's services. Economic and Industrial Development: xAI "Colossus" Supercomputer: Elon Musk's AI company, xAI, is making a massive investment in Memphis. They announced the construction of a "Colossus" supercomputer facility, with a major expansion and property acquisition in Southwest Memphis. This project is expected to create hundreds of jobs in the tech sector, bringing in a new wave of business travelers and potentially long-term employees needing temporary housing. FedEx "Super Hub" Expansion: FedEx, a cornerstone of the Memphis economy, has invested over $1 billion to expand and modernize its global "Super Hub" at the Memphis International Airport. The project, slated for completion in 2025, will make it the second-largest air cargo facility in the world, further solidifying Memphis's role as a logistics center and driving an increase in business-related travel. Emerging Tech Hub: The city is seeing a broader trend of tech companies, including Nvidia, Dell, and Supermicro, establishing a presence. This diversification of the local economy beyond logistics and healthcare is creating new job opportunities and attracting a demographic of business and professional travelers. Residential and Mixed-Use Development: Liberty Park: This large-scale, mixed-use development near the Mid-South Fairgrounds is moving forward with a new 152-room Hampton Inn by Hilton, 215 apartments, and 20,000 square feet of retail space. While it represents new competition, it also signifies a major revitalization of a nearby district, which could increase overall visitors to the area and spill over into demand for other hotels. Increased Residential Construction: There is a notable increase in new construction homes and apartment complexes in various Memphis neighborhoods. This residential growth brings in a new population, including families and new hires, who may have visiting guests or relatives needing hotel accommodations. Major Events and Tourism: Ongoing Major Festivals: Memphis's calendar is packed with major annual events that attract visitors from across the country. Key events like the Memphis in May International Festival, the World Championship Barbecue Cooking Contest, and the Great American River Run drive a surge in hotel demand. Sports Tourism: The city's sports scene, including the NBA's Memphis Grizzlies, the University of Memphis Tigers, and major golf tournaments like the FedEx St. Jude Championship, generates a consistent flow of fans and sports teams. Graceland's 90th Birthday (2025): The year 2025 will mark the 90th birthday of Elvis Presley. Graceland is a massive tourist draw, and this milestone will likely result in a significant increase in visitors, offering a major opportunity for hotels in the area to capture a larger share of the leisure travel market. Please Do Not Call The Hotel or Hotel Employees about the Sale of the Hotel. Absentee Owner.

FOR SALE DETAILS

PRICE

$4,450,000 USD

PRICE/SF

$212 USD /SF

# OF ROOMS

70

PRICE/ROOM

$63,571 {currency}

CAP RATE

Request Cap Rate

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Quality Inn Memphis

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

3

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

2000

PARKING SPACES

64

LAND DETAILS

LAND ACRES

1.23 AC

LAND SF

53,579 SF

ZONING

CMU-3

APN/PARCEL ID

08-3021-0-0087

ASK ABOUT THIS PROPERTY

Raiyan RabNumarix Real Estate ServicesMore Info
404-398-2090

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Raiyan RabNumarix Real Estate ServicesMore Info
404-398-2090

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