Brochure - Western North Carolina Commercial Property Exchange

FOR SALE
TEDDY BEAR MOTEL • WHITTIER • NC
Teddy Bear Motel
Whittier, NC
40-Room Motel
in Major Tourist
Destination
$695,000
Opportunity to purchase 40-room motel with
separate fully-equipped restaurant, situated
on 3.15 acres, near Harrah’s Cherokee Casino,
Smoky Mountain National Park, and many
other popular area tourist attractions.
SEE INSIDE FOR
MORE INFORMATION!
G/M Property Group, LLC
•
Commercial Real Estate Services
PRICE JUST
REDUCED BY
$150,000!
FOR SALE
Teddy
Bear
Motel
TEDDY BEAR MOTEL • WHITTIER • NC
Mountain Way, LLC, through G/M Property Group, LLC
as its exclusive agent, is soliciting offers for the
purchase of The Teddy Bear Motel at 6281 Ela Road,
Whittier, North Carolina 28789 (the “Property”).
EXECUTIVE SUMMARY
OFFERING TERMS
Seller seeks offers from qualified buyers to
acquire the Property. The Property will be
conveyed by general warranty deed and is
available on an “As Is” basis subject to a short
due diligence period.
INVESTMENT HIGHLIGHTS
•±15,800 SQFT, 40-key motel on ±3.15
acres, featuring kings, queens, suites &
owner’s quarters.
G/M Property Group, LLC
•3,300 SQFT restaurant outfitted with
sweepstakes machines and fully-equipped
commercial kitchen.
•Currently rented primarily as extended-stay
during the off-season and a conventional
motel during tourist season.
•Property borders Cherokee reservation, has
public sewer, and is less than five miles to
Harrah’s Cherokee Casino.
•Minutes to several other national and
international attractions, including:
• Harrah’s Casino – 5 miles
• Great Smoky Mtn. Ntl. Park – 6 miles
• Great Smoky Mtn. Railroad – 6 miles
• Blue Ridge Parkway – 7 miles
• Nantahala Outdoor Center – 18 miles
• Tsali recreational trail system – 19 miles
• Cataloochee Ski Area – 23 miles
• Gatlinburg – 38 miles
• Tail of the Dragon – 45 miles
Commercial Real Estate Services
FOR SALE
TEDDY BEAR MOTEL • WHITTIER • NC
INVESTMENT
SUMMARY
LAND AREA
±3.15 acres
GROSS BUILDING AREA - 2 LEVELS
Motel
±15,800 SQFT
Restaurant ± 3,300 SQFT
Total
±19,100 SQFT
SALE PRICE
$695,000
Swain County GIS
PRICE / SQFT
$36.39
2013 PROPERTY ASSESSMENT/TAXES
LEGAL
PIN: 6694-02-89-1559
Deed Bk/Pg: 339/1009
ASSESSED VALUE FEE/LEVY
2013 PROPERTY TAXES
$3,666.66
PARKING
±30 marked and ±12 unmarked spaces
ROAD FRONTAGE
±700’ on Ela Road
PRICE
Building (Motel)$
557,270
Swain County - $0.36/$100
$ 2,366.66
Outbuilding (Restaurant) $ 13,760
Solid Waste 2 (Business) - Flat Rate
$ 300.00
Land
$ 73,020
Solid Waste 4 (Hotel, etc.) - $25/Room) $ 1000.00
Personal Value (FF&E)
$ 13,356
Total Value:
Total Taxes & Fees: $ 657,406
$3,666.66
TRAFFIC COUNTS (2012)
4,000 - 6,500 VPD
PROJECTED MOTEL CASH FLOW
YEAR BUILT
1958
REVENUE
Yearly
$ 153,400
2013 ASSESSED VALUE
Building (Motel)
$ 557,270
Outbuilding (Restaurant) $ 13,760
Land
$ 73,020
Subtotal
Total
$644,050
GENERAL DESCRIPTION
Attractive price on a prime incomeearning investment in the heart of
the Western North Carolina tourism
region. 40-room motel with separate
fully-equipped restaurant, situated on
3.15 acres in Whittier, NC. Proximate
to numerous area attractions including
Great Smoky Mountains National
Park, Cherokee reservation, Harrah’s
Cherokee Casino, Nantahala Outdoor
Center, Blue Ridge Parkway and
Gatlinburg/Pigeon Forge.
G/M Property Group, LLC
$153,400
ANNUAL EXPENSES
Cable & Internet
$ 3,400
Laundry service 5,300
Electric 11,600
Gas 9,600
Phone 1,500
Supplies/Repair 6,400
Real Estate Taxes
3,700
Insurance
4,700
Capital Reserves
5,000
Professional Services 1,000
Subtotal
$ 52,200
NET OPERATING INCOME
$101,200
ROI (RETURN ON INVESTMENT)
Acquisition Price
$845,000
Net Operating Income
$ 101,200
Year 1 Unlevered Yield 12.0%
Commercial Real Estate Services
FOR SALE
TEDDY BEAR MOTEL • WHITTIER • NC
BUILDING DESCRIPTION
YEAR BUILT
1958
GROSS AREA
• Motel: ±15,800 SQFT
• Restaurant: ±3,300 SQFT
NUMBER OF ROOMS
• Kings - 8
• Queens - 27
• Double - 5
• Live-In Quarters - 1
CONSTRUCTION
Concrete block
FOUNDATION
Block masonry
EXTERIOR FINISH
Wood, Metal, Brick, Stucco
HOT WATER TANKS
3 (Two 50-gallon plus One 100-gallon)
FLOORING
Carpet & Vinyl
INTERIOR FINISH
Painted drywall/plaster
DOORS
Wood and Glass
ROOF
Shingled
CEILINGS
Plaster
FLOOD ZONE
N/A
UTILITIES
• Water: Well
• Sewer: Public
• Electricity: Duke Energy
•H VAC: Each room has independent
heating/cooling units
Front office
G/M Property Group, LLC
Commercial Real Estate Services
FOR SALE
G/M Property Group, LLC
TEDDY BEAR MOTEL • WHITTIER • NC
Commercial Real Estate Services
FOR SALE
G/M Property Group, LLC
TEDDY BEAR MOTEL • WHITTIER • NC
Commercial Real Estate Services
FOR SALE
TEDDY BEAR MOTEL • WHITTIER • NC
Johnson City, TN
Knoxville, TN
2 hrs
2 hrs
Teddy
Bear
Motel
Asheville, NC
1 hr
2 hrs 45 min
Chattanooga, TN
Charlotte, NC
3 hrs
2 hrs
Greenville, SC
2 hrs 45 min
3 hrs 15 min
Columbia, SC
Atlanta, GA
REGIONAL HOSPITALITY & TOURISM
Swain County’s setting in the heart of a vast
and beautiful recreation area has made tourism
an important part of the economy. Swain
County is located in a region that benefits
from proximity to some of the most popular
attractions in the United States.
Harrah’s Cherokee Casino Resort: With 3.6
million visitors annually, Harrah’s Cherokee is
the most visited attraction in North Carolina.
Harrah’s is in the midst of a $650 million
expansion to broaden the Cherokee experience
for visitors. Gaming space will be doubled,
a spa and 3000-seat entertainment venue
added, as well as a new 22-story hotel tower,
G/M Property Group, LLC
which will make Harrah’s Cherokee the largest
hotel in North Carolina. The Property is located
±6 miles from Harrah’s.
Blue Ridge Parkway: More than 500,000
people travel through this region via the Blue
Ridge Parkway every year. The Parkway is the
country’s second most visited recreation area,
and Swain County is the southern terminus of
this scenic roadway.
Great Smoky Mountain National Park:
Swain County is situated at the front door
to America’s most visited National Park.
The Park generates more than 2.2 million
visitors per year.
Regional hospitality trends: The Property is
located in a region which includes the counties
of Haywood, Jackson, Transylvania and Swain.
Smith Travel Research reports on occupancies
in this region throughout the year.
This region benefits from the second largest
number of rooms in the western 21 counties
in North Carolina, and reports some of the
strongest occupancies throughout the year.
Summer and fall are the motel’s strongest
seasons. Currently, the Property rents as a
conventional motel during tourist season, and
an extended-stay during the off-season.
Commercial Real Estate Services
FOR SALE
TEDDY BEAR MOTEL • WHITTIER • NC
38 mi. / 1 hr. to
Gatlinburg
46 mi. / 1 hr. to
Tail of the Dragon
Cherokee Crossing
Shopping Center
5 mi. / 10 min. to
Harrah’s Cherokee
Teddy
Bear
Motel
12 mi. / 16 min. to
Dillsboro / Sylva
60 mi. / 1 hr. to
Asheville
19 mi. / 20 min.
to Tsali trails
& Fontana Lake
51 mi. / 1 hr. 20 min. to
Lake Toxaway
Bryson City
29 mi. / 35 min. to
Franklin, NC
MARKET SUMMARY
LOCATION
Nearby attractions & amenities:
• Harrah’s Casino – 5 miles
• Bryson City – 6 miles
• Great Smoky National Park – 6 miles
• Blue Ridge Parkway – 7 miles
• Moonshiner 28 – 9 miles
• Nantahala Outdoor Center – 18 miles
• Tsali recreational trail system – 19 miles
• Cataloochee Ski Area – 23 miles
• Gatlinburg – 38 miles
• Tail of the Dragon – 45 miles
• Cherohala Highway – 49 miles
The Property is located in Swain County, NC.
Much of the county lies in the Great Smoky
National Park and is bordered by the Cherokee
Reservation. Adjacent counties to Swain
include Haywood, Jackson, Macon, Graham,
Sevier (TN) and Blount (TN).
Features: Smoky Mountain National Park,
Cherokee Indian Reservation & Harrah’s
Cherokee Casino, multiple scenic rivers, Lake
Fontana, Bryson City, and many other natural
and tourist attractions.
ADDRESS
Teddy Bear Motel
6281 Ela Rd.
Whittier, NC 28789
GPS COORDINATES
35.4560734, -83.3719524
All information is from sources deemed reliable. No warranty nor
representation is made as to the accuracy thereof and all information
above is subject to errors, omissions or change without notice.
FOR MORE INFORMATION
Please contact agent Keaton Edwards at G/M Property Group, LLC
G/M PROPERTY GROUP, LLC
P.O. Box 18723
Asheville, NC 28814
(828) 281-4024
Keaton Edwards
kedwards@gmproperty.com
(828) 774-5191 (Direct)
(828) 289-8400 (Cell)
YOUR COMMERCIAL REAL ESTATE EXPERTS SINCE 2001.
G/M Property Group, LLC
•
Commercial Real Estate Services