Update: This property is Off Market
Beau Beach, CCIM presents:
Price just lowered $100,000 to ensure a timely sale! Seller willing to finance with 25% down!
2019 revenue = $1,033,899. 2019 profit = $337,268. Cap rate = 11%! Priced at just $20,833 per room! Priced at just 2.9 times annual revenue!
144 room hotel ideally located in high traffic location in growing Jackson, TN. Many new residents consider Jackson to be the cleaner, safer alternative to nearby Memphis.
Unbelievable location. The two main roads through Jackson are Interstate 40 (48,795 vehicles per day) and Hwy 45 Bypass (47,620 vehicles per day). This property is located at the intersection of both! Hwy 45 Bypass has replaced downtown as the premier business address in Jackson. An influx of national retailers and restaurants have taken note and added locations nearby in recent years.
Old Hickory Inn was built in 1969 and sits on 3.79 acres. The property includes a large amenity center building which houses the full bar with dance floor, cafe, meeting rooms and banquet space. The bar and cafe share a large commercial kitchen.
Other guest amenities include a fitness center, guest laundry facilities and two outdoor pools. The main swimming pool is 9’ deep making it the deepest hotel pool in Jackson. Covered entry for check in and check out. Huge pole sign with electronic display. 122 of the 144 rooms are currently in use. Current competitors are Days Inn and Jackson Inn.
Guests may walk to surrounding retail and food options including Taco Bell, Burger King, McDonald’s, Arby’s, Jackson Donuts, Zack’s Grill, Tap Bar and Grill, Cody’s, TKO Bar & Grill, Waffle House, O’Charley’s plus multiple retail centers and gas stations.
Buyers may consider rebranding and repositioning the property with a renovation.
Recent improvements include:
- New energy efficient white rubber roof installed in 2019.
- Hot water heaters replaced in 2018 (200 gallon capacity).
- All rooms have new vinyl flooring.
- New telephone system, wifi and security cameras.
- 90 new air conditioning units installed with digital controls.
- 82 new RFID entry door access locks.
- New tile in lobby and back office areas.
- New central AC unit installed in meeting and banquet spaces.
- New granite vanities installed in all rooms.
- Flat screen TV, mini-fridge and microwave standard in all rooms.
2017-2019 Profit and Loss Statement, 2019 ADR and Occupancy available by request.
We’ll draft your offer and pay $500 of your legal fees!
LOCATION DESCRIPTION:
Jackson is a city in and the county seat of Madison County, Tennessee. Located 70 miles east of Memphis, it’s a regional center of trade for West Tennessee. Its total population was 65,211 at the 2010 census.
Jackson is Madison County’s largest city and the second-largest city in West Tennessee next to Memphis. Jackson is the 8th largest city in Tennessee, next to Nashville, Memphis, Knoxville, Chattanooga, Clarksville, Murfreesboro and Franklin.
Jackson offers the best of big city amenities while retaining its small-town, family atmosphere. Jackson has thousands of hotel rooms, more than 200 restaurants and more than two million square feet of retail shops. Jackson is also home to the Casey Jones Railroad Museum, the International Rock-a-Billy Hall of Fame and historic downtown buildings.
Two other drivers of tourism are the West Tennessee Healthcare Sportsplex and the Jackson Generals, a minor league baseball team
The West Tennessee Healthcare Sportsplex is the Southeast’s premier youth baseball facility. With 17 lighted and immaculately groomed baseball fields sitting on 70 acres, it offers the perfect location for teams from any region.
The Jackson Generals are a minor league baseball team of the Southern League and the Double-A affiliate of the Arizona Diamondbacks. The team plays their home games at The Ballpark at Jackson. Opened in 1998, the park currently holds 6,000 fans.
Jackson is home to a number of higher education institutions including Jackson State Community College, Lane College and Union University. The health care sector and educational system provide a majority of the city’s residents with employment.
In addition to developing talent, Jackson is drawing a top-ranked labor pool from major cities throughout the nation. A variety of entrepreneurs, creative professionals and technical specialists in manufacturing, IT and healthcare are calling Jackson home because of the quality of life, excellent schools and low cost of living.
Two of the reasons Jackson is such a great place for doing business are the business-friendly tax structure and incentive packages available for new and expanding industries. Also, Tennessee has the second lowest state and local tax burden per capita, and no income tax on wages.
Located one hour, twenty minutes to Memphis International Airport and two hours from Nashville International Airport.
- Price: $2,999,000
- Area: 3.79 Acres
- Phone Number: 615-200-9330
- Space (s.f.): 144 Rooms