Prescott, AZ Property

Motel & Commercial Real Estate

The commercially zoned property and businessfor sale is
an extended stay 18 unit motel in the heart of Prescott, AZ.
This unique building is approximately 5000 square feet
located on the corner of Marina & Sheldon St. (Hwy 89) which is one of the two roads into Prescott.
Across the street from Albertson, Walgreen's, restaurants & banks, it is also only 2-3 blocks from the court house square.
On the northeast corner of Sheldon & Marina Sts. is a new Marriott Spring Hill Suits.
The building backs up to a recently remodeled multi-unit rental.
The original building was built like a fortress in 1925, was added onto through the years & has operated as a motel from the beginning.
I try not to use trite terms, but can't resist saying this is a sleeper.
It has a corner on a 'nich' market
As a motel it is a little money maker & has the potential for more.

Below we have tried to anticipate some questions you might have, provided a little history, & most importantly, give you the financial information.
Please feel free to with any questions.

What improvements did you make when you originally took over the motel in 1994?
1994 Converted a storage room into a rental unit. addition of a small laundry room larger main gas line enclosed the end of the hall & added a bathroom to create another unit
1995 plumbing upgrades to accommodate bar sinks in each room & replaced new traps in the showers. Leveled floors in most rooms & laid easy to clean composition tile.
1996 created a small kitchen in a monthly unit
1997 enclosed the open porch & dividing it to create 5 2 room units & 3 one room units instead of the original 8 on the front you see in the old picture New roof

Why did you sell it if it was making a good profit?
1998, my son was in a severe accident. His care demanded our time. We sold the business & the property, carrying a second mortgage.

If it made money before, why do you want to sell it now?
During the time we were away from the motel, we developed some other interests, ideas and goals. During that time the owners did not properly maintain the building or the business. Much of our time has been suddenly redirected to reestablish good clientele & upgrade the building.

What upgrades have been done in the last 2 years?
New risers in every shower which allows updated faucets
Replaced bathroom floors
New sinks in all bathrooms
Replaced toilets
Replaced most shower stalls
Repaired all leaks & old pipes underneath the building
Replaced doors & upgrading many windows
Converted one basement unit to a 3 room share bath/share kitchen situation
Divided a 2 bedroom unit into 2 units by adding bath & kitchen area
Built a small block wall to protect the basement from flooding during monsoons
Added electrical outlets in rooms
Replaced ceiling fans
Replaced flooring
New curtains and blinds
Stucco entire outside
Replacing beds & furniture
Repaved parking lot
Composition tile in the hallways
80% of the refrigerators, microwaves and TVs have been relpaced with new in the last year.

What other business ideas do you have beside using this as a motel?
Along with this growth Yavapai County is experiencing naturally comes a variety of problems that need solutions. From this arises the numerous ways this property can provide a service to the community & at the same time create income.
Assisted living/ambulatory care home
Housing for the elderly
College Housing for Prescott College, Yavapai College or Embry Riddle University
Low rent 'safe housing' studio apartments
Half-way house
VAMC housing
Hostel
Small business with attached residential rentals
What about using it as office space?
Our personal opinion is that there is a greater shortage of living quarters than office space. With the economy what it is today, I foresee people in small businesses opting to work from home than to rent a small office away from home. Additionally, the parking lot only provides 12 spaces which is not really sufficient for a business. A large portion of our tenants are without cars.