45-Unit Entitled Adaptive Reuse 870 US-42 NE 80 Pièce Hôtel London, OH 43140 À vendre

OwnerLand Realty’s Hospitality Division is pleased to present the exclusive offering for 870 US Highway 42 NE, London, OH 43140—a fully entitled 6.04-acre commercial asset operating as the FairBridge Inn Express, located directly off Interstate 70 at Exit 79.
The asset possesses a secured, unappealed Conditional Use Permit approved by the Madison County Board of Zoning Appeals (BZA Case #23-26), allowing an incoming investor to bypass lengthy rezoning and convert the existing 85-key motel into 45 long-term workforce housing units (leases up to 12 months).

The site features a low building coverage ratio (11%) and encompasses over 2+ additional acres of vacant land for future commercial or residential development (pending municipal approvals), offering exceptional dual-track upside.
Key Investment Highlights
• De-Risked Adaptive Reuse Entitlement: Formal BZA approval in place to consolidate 85 hotel rooms into 45 micro-apartments (~500 SF average suites) with private bathrooms and full kitchenette build-outs.
• Exceptional Basis Relative to Replacement Cost: Substantially lower delivery basis per unit compared to new ground-up multifamily construction ($180k–$240k+/door) by leveraging existing building envelopes, foundations, and utility connections.

• 2+ Acres of Surplus Development Land: Excess acreage provides immediate flexibility for commercial outlot development (such as QSR pads, convenience retail, truck/fleet parking) or secondary multifamily expansion.

• High-Growth Regional Employment Corridor: Centrally located along the I-70 West corridor between Columbus and Springfield, directly serving labor housing demand from regional logistics fulfillment centers, the Intel Silicon Heartland mega-site, and the Honda/LG Energy EV battery plant.
Compelling Submarket Multifamily Fundamentals:
o Area multifamily sold comps average $75,641 per unit ($2.95M average sale volume).

o Madison County submarket occupancy tracks at 96.59% with a low vacancy rate of 3.4% and zero competitive multifamily units currently under construction.

• Strong Commercial Land Valuation Support: Nearby interchange commercial land recently traded at $524,390 per acre ($12.04/SF) for the RaceTrac travel center on SR-29 in Madison County, reinforcing the underlying land residual value.

• Infrastructure Upgrades: Property sits in the service territory of the Mid-Ohio Water and Sewer District (MOWSD), with a planned $107.7M Regional Wastewater Treatment Facility adjacent along I-70/US-42 (Parcel 05-00224.000).

Approved Reconfiguration Layout
• Block 1 (West Wing): 24 Keys (Rooms 323–345)

• Block 2 (West-Central Wing): 23 Keys (Rooms 300–322)

• Block 3 (East-Central Wing): 22 Keys (Rooms 200–241)

• Block 4 (Front Wing): 16 Keys (Rooms 104–140) + Main Lobby, Front Office, and Manager Support Facility

• Conversion Architecture: 2 existing ~250 SF motel rooms convert into 1 consolidated ~500 SF residential suite.

• Entitlement Restriction: Approved exclusively for private-market workforce tenancy; HUD funding and HUD-subsidized tenancy are explicitly prohibited by BZA condition.

Call for Offers Process
The property is offered on an unpriced basis: Call for Offers. Prospective purchasers are invited to submit Letters of Intent (LOI) outlining purchase price, earnest money deposit, proof of funds, track record, and proposed due diligence/closing timelines.