640 S Broadway

Description

Great investment opportunity! This 88 room hotel is currently vacant and is not in operation. The current owners intended to convert the property into a 57 unit apartment complex with a mixture of studios, one-bedrooms, two-bedrooms and one three-bedroom. The owners have architectural designs for the conversion that meet all of the city codes and approvals. The owners have successfully gone through the city to have variances, building plans and community approvals. There is flexibility for property owners to develop their own design and maximize its potential. Due to unforeseen circumstances the owners have decided to go in separate directions. The current owners had an appraisal completed December of 2022, that valued the property at $1,450,000. There are six buildings that contain rooms all with exterior entries. Along with the six buildings containing the 88 rooms, there is an 11,336 sqft commercial building that contains three commercial units. One of these unit was ran as a restaurant that still contains a commercial kitchen. The property is able to be redeveloped into other commercial and mixed use opportunities. The over 4.5 acre lot is ready for your creativity.