2904 Melbourne St - Hospitality FOR SALE


Tampa, FL 33605- Highland Pines
$8,950,000 USD
813-767-9953
2904 Melbourne St, Tampa, FL for Sale
$8,950,000 USD
Hospitality - FOR SALE
1/19
null | 9.48% Cap Rate

2904 Melbourne St
Tampa, FL 33605
Highland Pines


HIGHLIGHTS

  • • Located in Opportunity Zone • Located in the Tampa Bay MSA
  • • Less than 1 Mile from Interstate 4 • 2.7 Miles to Ybor City
  • • 8.2 Miles from Raymond James Stadium • 12.4 Miles from Tampa International Airport
  • • YE 2022 Room Revenue / RRM: $2,530,142 Room Revenue / $3.54x RRM
  • • YE 2024 NOI / Cap Rate: $848,403 NOI / 9.48% Cap Rate
  • • YE 2024 ADR / RevPAR / OCC: $85.00 ADR / $62.05 RevPAR / 73.00% OCC

OVERVIEW

OFFERING OVERVIEW: DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Rodeway Inn Near Ybor City - Casino. Located in Tampa, Florida - one of STR’s Top 25 U.S. hotel markets consistently ranked among the nation’s strongest for occupancy, ADR, and RevPAR performance. The 134-room hotel (118 rentable, 16 staff) is strategically positioned off Interstate 4 offering strong visibility while providing direct access to Ybor City (2.6 miles), Seminole Hard Rock Hotel & Casino (2.9 miles), Downtown Tampa (4.5 miles), and numerous other high-traffic demand generators throughout the Tampa Bay MSA and east toward Orlando. Built in 1984, the three-story, exterior-corridor property recently underwent renovations, and caters to a diverse mix of leisure and business travelers, snowbirds, convention guests, and sports groups. The offering presents investors a rare opportunity to acquire a nationally branded, cash-flowing hotel positioned within one of the most sought after hospitality markets in the United States. OPPORTUNITY ZONE: The subject property lies within a U.S. Department of Housing and Urban Development–certified Opportunity Zone, offering investors potential tax advantages through Qualified Opportunity Fund (QOF) investments. Tax benefits vary based on the length of time the investment is held. Learn more at irs.gov/opportunity-zones. Information on Opportunity Zones is for general reference only and not intended as legal, tax, or investment advice. Investors should consult their own advisors regarding individual eligibility and benefits. PROPERTY OVERVIEW: Based on discussions with ownership, the property recently underwent approximately $200,000+/- in renovations, updating 70 of the guest rooms and enhancing the property’s overall condition and reducing near-term capital needs for new ownership. Recent renovations include: New Furniture New Paint, Bathtub Paint/Coated Furniture has been purchased for the remaining guest rooms New Faucets New Curtains New Toilets The subject property remains in good condition, supported by recent renovations and an ongoing capital improvement plan. A change-of-ownership Property Improvement Plan (PIP) is estimated to cost approximately $100,000+/-, though this figure is only a preliminary estimate. *The actual PIP requirements must be verified directly with Choice Hotels, as they are determined solely at the franchisor’s discretion and may vary in both scope and cost. This includes, without limitation, any franchisor requirements related to a change of ownership. The Recipient is solely responsible for independently verifying all such matters. MARKET OVERVIEW: Tampa Bay continues to experience strong growth in population, employment, and visitor demand, further supporting the market’s long-term outlook. With demand driven by leisure, conventions, sports, and major events, the region benefits from a diverse hotel demand base and is widely regarded as one of Florida’s top-performing hospitality markets. Property Highlights: Rodeway Inn by Choice Hotels Near Ybor City 134 Total Rooms (118 available for rent) Located in Opportunity Zone Located in the Tampa Bay MSA Amenities Include: Outdoor Heated Pool, Meeting Room, Elevator, Business Center, Guest Laundry, Ample Parking, Premium Free WiFi, Pet Friendly Location Highlights: Less than 1 Mile from Interstate 4 2.7 Miles to Ybor City 2.9 Miles to the Seminole Hard Rock Casino 3.7 Miles to the Florida State Fairground 3.9 Miles to the Mid Florida Credit Union Amphitheater 4.5 Miles to the Port of Tampa 4.9 Miles from the Florida Aquarium 5 Miles from the Tampa Riverwalk 5.4 Miles from Tampa Convention Center 5.5 Miles from Busch Gardens and Adventure Island Water Park 8.2 Miles from Raymond James Stadium 12.4 Miles from Tampa International Airport Financial Highlights: Offered at $8,950,000 YE 2022 Room Revenue / RRM : $2,530,142 Room Revenue / $3.54x RRM YE 2024 NOI / Cap Rate: $848,403 NOI / 9.48% Cap Rate YE 2024 ADR / RevPAR / OCC: $85.00 ADR / $62.05 RevPAR / 73.00% OCC

FOR SALE DETAILS

PRICE

$8,950,000 USD

PRICE/SF

$187 USD /SF

# OF ROOMS

118

PRICE/ROOM

$75,847 {currency}

CAP RATE

9.48%

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Rodeway Inn Near Ybor City - Casino

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

3

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1984

PARKING SPACES

64

LAND DETAILS

LAND ACRES

2.16 AC

LAND SF

94,090 SF

ZONING

CG

APN/PARCEL ID

A-09-29-19-4BQ-000001-00081.0

ASK ABOUT THIS PROPERTY

Dennis Hopper CCIMDSH Hotel AdvisorsMore Info
813-767-9953

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Dennis Hopper CCIMDSH Hotel AdvisorsMore Info
813-767-9953

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