5015 Ridgeway Dr - Hospitality FOR SALE


Harlan, IA 51537
$2,400,000 USD
605-444-7117
5015 Ridgeway Dr, Harlan, IA for Sale
$2,400,000 USD
Hospitality - FOR SALE
1/15
null | 8% Cap Rate

5015 Ridgeway Dr
Harlan, IA 51537


HIGHLIGHTS

  • Recently upgraded with new mattresses, granite countertops in the lobby and breakfast area, and updated Wyndham paint colors.
  • Includes 45 guestrooms plus modern amenities such as a refurbished swimming pool and renovated fitness center.
  • Strong visibility and accessibility near Highway 59, surrounded by major retailers and dining options.
  • Projected annual revenue of $850,000 by 2026, supported by consistent occupancy rates and competitive ADR.
  • Parking lot with 50 paved spaces provides convenience for guests and event traffic.

OVERVIEW

Baymont by Wyndham in Harlan, Iowa presents an outstanding investment opportunity with an asking price of $2,400,000 and an 8% cap rate. This hotel features 45 well-maintained rooms and has undergone significant renovations aimed at improving guest experience and operational efficiency. Recent upgrades include a new fitness room, refurbished swimming pool, granite countertops in high-traffic areas, LED platform bed frames, new mattresses, and updated Wyndham paint colors, ensuring both aesthetic appeal and functionality. Strategically located near U.S. Highway 59, the property provides convenient access for travelers and proximity to prominent retail brands such as Hy-Vee, Subway, Burger King, and Dairy Queen, enhancing the guest amenity base. The hotel’s 2024 occupancy rate stands at 60.33% with an ADR of $92.64, supporting strong revenue potential. Financial projections indicate a projected 2026 revenue of $850,000, with stable historical performance demonstrated through a 4-year average NOI of $228,124. With paved parking for 50 vehicles and zoning classified as commercial, this asset offers a solid addition to any hospitality portfolio with proven cash flow and operational incentives.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$220 USD /SF

# OF ROOMS

45

PRICE/ROOM

$53,333 {currency}

CAP RATE

8%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Baymont by Wyndham

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

2

ROOM ENTRANCE

Interior

BUILDING CLASS

C

YEAR BUILT

2008

PARKING SPACES

50

LAND DETAILS

LAND ACRES

2.17 AC

LAND SF

94,525 SF

ZONING

C

APN/PARCEL ID

833325000292

ASK ABOUT THIS PROPERTY

Dale ZomerNAI Sioux FallsMore Info
605-444-7117

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Dale ZomerNAI Sioux FallsMore Info
605-444-7117

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