Marcus & Millichap is pleased to offer a fee simple interest in the Days Inn Charlotte/Woodlawn, a two story, interior corridor, very well-maintained property directly off Interstate-77 with proximity to the Charlotte Douglas International Airport. The property consists of 91 units, which have been very well maintained and offered with a minimal Property Improvement Plan for a new owner. Subject property is strategically located with great proximity to all major demand generators and is within walking distance to many restaurants and businesses.
The Days Inn has strong historical revenues of over $1,400,000 during the past 3 years. The 2018 year-end revenues exceeded $1,450,000 with an approximate Net Operating Income of $550,000. Currently the property achieves a $44.01 RevPAR up 4.2% over the same period during the previous year. We expect the Days Inn Charlotte to exceed $1,500,000 in gross revenues during 2019 with an NOI of approximately $600,000. The subject property has CMBS debt that must be assumed with a 5% interest rate, maturing in 2025. A new investor will be required to inject nearly $2,500,000 and qualify to assume the current CMBS loan. A new investor can expect a return between 15-18% return in a strong market, with a proven track record.
Affectionately known as the “Queen City” Charlotte was ranked the 2nd fastest growing large city according to personal financial group WalletHub in 2017. Charlotte has thrived over the years as the home to six fortune 500 companies that include Bank of America (No. 26), Lowe’s Co. (No. 40), Duke Energy (No. 121), Nucor (No. 169), Sonic Automotive (No. 287), and Sealed Air (No. 287). Two major sports franchises call Charlotte Home: Carolina Panthers (NFL) and the Charlotte Hornets (NBA). Charlotte also hosts two major Monster Energy NASCAR cup series races: NASCAR All-Star race and the Coca-Cola 600. Charlotte is also home of the Wells Fargo PGA Golf Championship, the National White-Water Center, and Carowinds amusement park Currently the Days Inn earns 3 of 5 stars on Trip Advisor and ranks 144 of 192 hotels in Charlotte.