This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
500 Northern Blvd
Albany, NY 12204
Red Carpet Inn Albany · Hospitality Property For Sale · 42,000 SF
Investment Highlights
- Located within an Opportunity Zone
- Opportunity to Grow Rate Following Renovation
- Offered Unencumbered of Flag and Management
- Excellent Location Proximate to Key Demand Generators
- Strong Historical Performance with Operational Upside
- Fee-Simple Interest
PROPERTY FACTS
| Property Type | Hospitality | Number of Floors | 2 |
| Property Subtype | Hotel | Year Built | 1948 |
| Building Class | C | Tenancy | Single |
| Lot Size | 8.21 AC | Parking Ratio | 2.86/1,000 SF |
| Building Size | 42,000 SF | Corridor | Exterior |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 8.21 AC |
| Building Size | 42,000 SF |
| Number of Floors | 2 |
| Year Built | 1948 |
| Tenancy | Single |
| Parking Ratio | 2.86/1,000 SF |
| Corridor | Exterior |
Amenities
- Restaurant
About 500 Northern Blvd , Albany, NY 12204
The last major renovation at the Hotel was the total gutting and rebuilding of 22 bathrooms in 2010. As the Hotel is offered unencumbered by flag, a new owner will have the opportunity to re-brand and further renovate the Property in order to drive rate growth. While the Hotel has consistently earned over $1.2 million in room revenue over the past four years, it is currently capturing 16.7% at the bottom line. A new owner/operator is presented with additional upside opportunity by revamping the operational strategies of the Property in order to better capture the Hotel’s top-line revenue.
PROPERTY TAXES
| Parcel Number | 010100-065-007-0004-001-001-0000 | Improvements Assessment | £921,725 |
| Land Assessment | £280,525 | Total Assessment | £1,202,250 |
PROPERTY TAXES
zoning
| Zoning Code | C2 |
| C2 |
