Student Housing / Holiday Inn Conversion

City of Albany is located in Southwest Georgia on the banks of the Flint River. The city is 78 miles southeast of Columbus, OH and 151 miles south of Atlanta, GA. The subject property is within a 5-minute drive of Albany State University and James H. Gray Sr. Civic Center. This hotel is 1.4 miles from Ray Charles Plaza and 1.4 miles from Albany Welcome Center.Golden Group Real Estate, as exclusive agent for the Seller, is pleased to present an exceptional multifamily conversion opportunity in Albany, GA. Located in Southwest Georgia on the banks of the Flint River, 78 miles southeast of Columbus, OH and 151 miles south of Atlanta, GA. Albany has developed a diversified industrial economy, which includes Procter & Gamble, Molson Coors, and Mars Chocolate North America. Since 1994, over $800 million has been invested into the community by local industries. The healthcare and education systems along with the Marine Corps Logistics Base Albany are the largest employers. Manufacturing, transportation, tourism and retail trade are also important foundations of Albany's economy. The city acts as a center for commerce in Southwest Georgia. The hotel, also known as Araamda Inn, is within a 5-minute drive of Albany State University and James H. Gray Sr. Civic Center. It is 1.4 miles from Ray Charles Plaza and 1.4 miles from Albany Welcome Center. This 84,031 SF property, originally built in 1971 offers 152 rooms and is zoned C-3 (Commercial District). The current use of the property as a hotel. The proposed use as an apartment complex providing 152 efficiency units is a permitted use. The sale includes one four-story hotel with an outdoor pool and a vacant restaurant sitting on approximately 5.94 acres of land. Positioned for conversion to multifamily housing, this property presents an ideal opportunity for investors seeking to repurpose hotel space. The property is also approved for Holiday Inn category re-development. With its efficient layout and design, this property is well-suited for rental apartment demand, as well as student housing due to its proximity to Albany State University . The hotel is fully operational with NOI of $_______. At closing the Seller will provide the Buyer- developer a full package of required permits, plans, survey, Phase 1 report along with the city’s approved multifamily zoning– a great deal of money and time that the buyer does not have to spend! Investors looking to make a meaningful impact in the community by converting hotel space into multifamily housing will find this property a compelling and promising opportunity.