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PineRidge Apartments (old chief lamoni motel) 2010 E Main St 30 Room Hotel Lamoni, IA 50140 $683,388 CAD ($22,780 CAD/Room)

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Investment Highlights

Close to I35 interstate exchange

Poten

Executive Summary

Pine Ridge Apartments is mid-conversion from a motel to a multi-family residence building. 8 1br apartments are completed and ready to rent in a college-town market where rentals are in high demand. 16 historical motel rooms are ready for conversion to 8 more 1 bedroom apartments or can be set up as 16 separate efficiency -units or motel/air-bnb units. There is a very spacious 3br, 2bath inn-keepers quarters upstairs that can be an additional rental unit or accommodations for live-in owner/manager. New sprinkler system is installed. New Metal Roof in 2021 New interior wiring and wire on site for upgrade to main service. Nice greenspace and plenty of parking. Bonus garage building in the back. An excellent investment opportunity: Awesome sweat-equity opportunity for a live-in owner/manager with general construction skills. This property is located close to the I35 interstate exchange, a bank, lumberyard, a Maverick Convenience store, two motels, a large locally-owned Iowa Welcome Center, and a municipal airport for private aircraft.

Property Facts

Price	$683,388 CAD	Building Size	24,560 SF
Price Per Room	$22,780 CAD	No. Rooms	30
Sale Type	Investment	No. Stories	1
Sale Condition	Redevelopment Project	Year Built/Renovated	1971/2021
Property Type	Hospitality	Parking Ratio	1.83/1,000 SF
Property Subtype	Hotel	Corridor	Exterior
Building Class	C	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Lot Size	5.05 AC
Zoning	Commercial

Price	$683,388 CAD
Price Per Room	$22,780 CAD
Sale Type	Investment
Sale Condition	Redevelopment Project
Property Type	Hospitality
Property Subtype	Hotel
Building Class	C
Lot Size	5.05 AC
Building Size	24,560 SF
No. Rooms	30
No. Stories	1
Year Built/Renovated	1971/2021
Parking Ratio	1.83/1,000 SF
Corridor	Exterior
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	Commercial