728 S Broadway Cortez CO Real Estate
Potential abounds. This is an amazing opportunity for an owner/operator or investor. Historic motel located just off Highway 491/S. Broadway with great visibility and sign driven traffic. The property has been continually well maintained and pride of ownership shows. The previous owners were ready to retire and had not actively worked the business for approximately the past 5 years. Since current owners have taken over and began improvements, occupancy rates have already increased. Current Owners have managed the property since they took the loan/property back in December from the previous owners who purchased in 1996 for $1,100,000. Due to the unique circumstances of this sale, the previous financials cannot be warranted. However, based on the previous years tax returns provided, after reviewing depreciation, mortgage interest, and some deductions the property is showing a profit of $80k-$81k annually. At a purchase price of $750k this puts the cap rate at just about 10%. Per the Montezuma County Assessor the property is a total of 9606 square feet on 1.93 acres. Each of the motel rooms has a full bath, refrigerator, bed(s), furniture, Wi-Fi, and owners are in the process of upgrading TVs. Newly remodeled manager's quarters (899 SF) is warm and inviting with new flooring, cabinets, and paint. Private fenced yard is perfect for enjoying the Colorado sunshine. New blacktop and updated sign have greatly increased the curb appeal. As the oldest motel in the Cortez, the towering neon lighted sign is designated as historic. On-site laundry, storage, workshop. All inventory, fixtures, etc. are included. In the past couple months the new owners have begun a series of upgrades including sign repairs and new blacktop.
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