220 N 2nd St Canadian, TX 79014 1
EXECUTIVE SUMMARY VITAL DATA Price $1,000,000 Down Payment 31.05% / $310,500 Loan Amount $700,000 Loan Type Proposed New Interest Rate / Amortization 6.00% / 25 Years Price/Room $19,608 Ownership Type Fee Simple Number of Rooms 51 Rentable Square Feet 19,909 Number of Buildings 3 Number of Stories 2 Year Built 1995 Lot Size 0.96 Acre(s) MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES HEMPHILL COUNTY HOSPITAL 95 AT&T Corp 58 King Well Service Inc 57 Lads Pharmacy Inc 57 Edward Abraham Memorial Home 52 E M S 50 Subway 45 Pcs Oilfield Services LLC 42 Canadian High School 40 Canadian Independent Schl Dst 37 Baker Elementary School 35 Turner Energy Services 35 DEMOGRAPHICS 1-Miles 3-Miles 5-Miles 2016 Estimate Pop 2,936 3,383 3,496 2016 Census Pop 2,574 2,972 3,070 2016 Estimate HH 1,024 1,193 1,233 2016 Census HH 898 1,047 1,082 Median HH Income $69,986 $71,069 $71,129 Per Capita Income $28,158 $28,962 $28,960 Average HH Income $80,542 $81,866 $81,867 # 2
INVESTMENT OVERVIEW Marcus & Millichap's National Hospitality Group, as an exclusive broker, is pleased to offer for sale the Canadian Courts Motel in Canadian, Texas. The property is a 51- room, exterior corridor, one-story independent hotel located in Canadian, Texas, approximately 100 miles northeast of Amarillo, Texas, directly off of State Highway 60. The Canadian Courts Motel is being offered at 2.43 times the July 2017 trailing twelve months revenue. At a list price of $1 Million, or $19,608 per key. INVESTMENT HIGHLIGHTS 51-Room, Three Building, Exterior Corridor, Independent Motel Offered at 2.43 RRM TTM July 2017 P&L Completely Renovated in 2011 and 2016 125-Person Conference Center Included Located In Destination Town with Growing Artist Community Includes One Bedroom Manager's Quarters 3
PROPERTY OVERVIEW Property Overview: The Canadian Courts Motel is a 51-room, exterior corridor motel located in Canadian, Texas. The property opened in 1995 as a single property and experienced major renovations in 2011 and 2016 including the addition of a 125-person capacity conference center to the motel. The property also has a vacant restaurant located on site and a one bedroom manager's quarters. Location Overview: Canadian, is located on U.S. highways 60 and 83 in the northern Texas panhandle and is the county seat of Hemphill County. Canadian Texas is situated on a frequently traveled route connecting Amarillo and Tulsa, Oklahoma. In addition to the town's annual rodeo, the annual Midsummer Music Festival in August and the Autumn Foliage Tour in October and a burgeoning artist community which attracts visitors. Other attractions include the River Valley Pioneer Museum in Canadian, and Lake Marvin and the Gene Howe Wildlife Management area just east of the town. Common Area Amenities Breakfast Area Conference Center Vacant Restaurant On-Site Outdoor Patio Area Guest Room Amenities Flat Screen Televisions Self-Controlled Heating/Cooling Private Bathroom Microwave Refrigerator # 4
PROPERTY SUMMARY THE OFFERING Property Canadian Courts Motel Price $1,000,000 Property Address 220 N 2nd St, Canadian, TX SITE DESCRIPTION Year Built/Renovated 1995/2003 Ownership Type Fee Simple Lot Size 0.96 Acres Parking Ample Location Highway CONSTRUCTION Foundation Concrete Framing Wood Exterior Stucco/Stone Parking Surface Concrete Roof Flat MECHANICAL HVAC PTAC Fire Protection Smoke Detectors NUMBER OF ROOMS ROOM TYPES ROOM TYPE 36 Double 11 King 1 Queen 0 Suite/Kitchenette FIRST TRUST DEED PROPOSED FINANCING Loan Amount $700,000 Loan Type Proposed New Interest Rate 6.00% Amortization Loan Term 25 Years 25 Years Loan to Value 70% Debt Coverage Ratio 7.83 SECOND TRUST DEED Loan Type All Cash 5
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BEST WESTERN OASIS INN PROPERTY PHOTO Marcus & Millichap closes more transactions than any other brokerage firm. FOR MORE INFROMATION CALL: Allan Miller First Vice President Investments Senior Director, National Hospitality Group Office: (512) 338-7831 Mobile: (512) 203-9154 Steve Swenholt Senior Associate, National Hospitality Group Office: (512) 338-7826 Mobile: (972) 824-5483 127