Downtown Rockford Hotel

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30583596
Property Subtypes: Free-Standing Building, Street Retail, Other
Status: Pending
Building Size (RSF): 36,744 SF
Gross Land Area: 10,324 SF
Sale Price: $649,900
Unit Price: $17.69 PSF
Property Use Type: Business
Building Name: Lafayette Hotel
Usable Size (USF): 36,744 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Last Updated: 6/17/2020

Overview / Comments

Unique opportunity to own a profitable hotel in downtown Rockford.
Built in 1927, The LAFAYETTE HOTEL has operated continuously with an average 90% occupancy and strong cash flow.
66 total rooms. 25 are apartments, the balance are standard hotel rooms.
The Mandalay Lounge is a full bar on the first floor. Three additional storefront spaces available for lease.
The building is in excellent condition. New roof in 2015, new boiler. All systems regularly inspected and are up to date.
Owner is retiring but will assist with the transition to the new owner/operator.

Additional Details

Nearest MSA: Rockford
County: Winnebago
Taxing Authority: Winnebago County, IL
Tax ID/APN: 1123302006
Zoning: C4
Retail Clientele: General, Other
Property Located Between: Corner of Mulberry and N. Church St.
Property Visibility: Excellent
Feet of Frontage: 156
Airports: Chicago/Rockford International Airport
Area Description: Property is located one block from the Winnebago County Courthouse at the corner of N. Church St. and Mulberry.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 4
Property Condition: Good
Year Built: 1927
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Vintage terra cotta facade in excellent condition with recent tuck pointing.
Parking Type: Other
Parking Description: Three parking spaces adjacent to the property. On street parking available.
Passenger Elevators: 1
Freight Elevators: 1
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Other
Zoning Description: C4
Lot Frontage: 156
Lot Depth: 66
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,126 101,134 182,185
Median Age: 32.67 33.99 36.96
Households: 7,402 39,068 72,081

Contact

© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Rockford Area REALTORS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.