Fee-simple interest in the Best Western Southside Hotel, Located in Jacksonville Florida. The subject property has proximity to the Jacksonville Naval Complex and is the closest hotel to the facility. The Best Western qualifies for the automatic-transfer per BW Membership with an upfront expense of $7,500. The Property is very well maintained and situated on over 2.2 acres directly off Interstate-295 and Highway-17, this corridor experiences a very high daily traffic count of nearly 30,000 daily travelers. The Best Western offers premium amenities including an outdoor seasonal pool, complimentary Wi-Fi and complimentary breakfast as well as premium meeting space.
The Best Western currently achieves a $68.86 RevPAR (October 2020) which equates to an attractive market index of 123.3%. The property has consistently operated with occupancy of 80%+ over the past 24 months and continues to offer upside as a new investor continues to increase the Average Daily Rate. Currently this asset provides significant cash flow with a net operating income of nearly $1,200,000. Marcus & Millichap expects the revenue to stabilize above $3,000,000 post COVID-19. The Jacksonville Naval Complex is within 1 mile of the hotel and there is more demand for hotel rooms than supply. The Per Diem is $94 which is $5 higher than the current ADR.
Jacksonville is located in the northeastern corner of Florida and covers a total of 2,636 square miles south of the Georgia border. Jacksonville benefits from a strategic location along Interstate-95, with proximity to Interstate-295, Jacksonville beach, Downtown Jacksonville, and the Jacksonville Airport. Nearby leisure attractions include the Jacksonville Zoo and Gardens, Museum of Science and History and Hands-On Children’s Museum, all of which are located within 20 miles of the hotel.