The Circle RB Lodge is an 18 unit motel with a manager unitand 8 RV / trailer parking spots (5 RV / trailers are ownedand included in the sale) located in the east submarket ofMesa, Arizona. The property is located approximately 8 milesdirectly east of Downtown Mesa via Main Street where a varietyof cultural activities and museums are readily available whichincludes the Mesa Arts Center, Arizona Museum of NaturalHistory, Mesa Contemporary Arts Museum, and the i.d.e.aMuseum. It is also 20 minutes away from two different Mesaspring training parks that bring a ton of seasonal activity tothe area. The property is well located in east Mesa with easyaccess to all parts of the Metroplex, being surrounded by majorthoroughfares such as the Loop 202 (4 miles to the north and. 3.5 miles to the east) and Highway 60 (2 miles to the south). Superstition Springs Mall and Mesa Pavilions are also both minutes away where the nucleus of dining and shopping exists for the east Mesa area. The property exhibits popular southwestern style and charm with tons of open space, and a quaint, quiet feel. The project is on 1.76 +/- acres of land and has been operated as a monthly rental and performs well. Value-add opportunities exist through interior renovations as well as through potentially adding units to the RV portion of the property. Prospective investors could continue to operate it as-is or convert to more marketrate apartments. A future redevelopment play is also an option given the large land size and redevelop the site entirely in the future. This property has many different options and is a strong performer with solid in-place financials. Mesa continues to be one of the most sought-after submarkets for new multifamily residential and mixed-use development with its proximity to one of the nation's largest universities, its tremendous employment opportunities, and its convenient, centralized location in the heart of the metroplex.
13 - 24 Units, RV Park, Other (See Remarks)
|Price Reduced from $3,500,000 to $3,325,000|
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Listing information last updated on August 15th, 2022 at 12:05pm MST.