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Brokers of Pristine Property

Description

The Knights Rest Motel consists of 13 units, 7 of which are kitchenettes, each unit has a small kitchen, a full bathroom, and a bedroom-living room. The remaining 6 are called efficiency units having a full bathroom, and a bedroom-living room with a microwave. The kitchenettes rent for $850.00/ month or $289.00/week plus tax and the efficiency’s rent for $750.00/ month or $269.00/week plus tax. The present owner tries to rent out by the month only as no bed tax has to be paid when renting for 30 days. As a Motel, you do not have to follow the Land Lord Tenant Act.  Expenses run about $38,000.00/ year. Owners only work about 20 hours/ week, doing cleaning and laundry as the rooms are cleaned once/ week including the bedding. There is a small office and behind it is a small laundry room. The motel was built in 1949 and remodeled in 1983 it seems to be in fair shape with some deferred maintenance being needed.  Also included is a coffee kiosk, that rents for $500.00/ month with the renter paying utilities, rents could be raised. Zoning is B-2 and by adding the motel together with the shop, which is next door,  there would be approximately 36,000 squire feet of B-2 property all fronting Euclid avenue. The motel and coffee kiosk are priced at $625,000.00

Property ID

22011502

Property Type

Commercial

Property Status

Active

Price

$625,000.00

Agent

Real Estate Agent

Real Estate Agent

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