275000.00 $ Liquidation: Unfinished 108-Room Motel Project Calhoun

Published date: February 8, 2017
  • Location: Calhoun, Georgia, United States

Liquidation: Unfinished 108-Room Motel Project

⭕ Property: Former Covered Wagon Motel (which at one time was a very profitable motel)

Address: 1602 US Highway 93 Jackpot NV 89825

Price: Purchase the motel 108 units on 4 acres for only $275,000 (and leave one acre) or purchase all 5 acres for $475,000.

Terms: Cash or Ownership is willing to carry paper.Property: Former Covered Wagon Motel (which at one time was a very profitable motel)

Terms: Cash or Ownership is willing to carry paper.

Contact: Stanley

Property: Former Covered Wagon Motel (which at one time was a very profitable motel)

Address: 1602 US Highway 93 Jackpot NV 89825

Number of Motel Rooms: 108 (6 buildings with 18 units in each building). 2 buildings have been gutted and renovated. Plans and permits are near completion for the other buildings

Land Area: 5 acres (motel sits on 4 acres and there is one (1) acre of beautiful highway frontage for two retail pads (and is approved for all retail, gas station, gaming, convenience store, fast food, etc.)

Parcel Number: 009008009

Location: Excellent location on Jackpot strip across from Cactus Petes Resort & Casino where motel/hotel rooms sell out nearly every weekend for rates in the range of $69-$159/night.

Hotel/Motel Occupancy on weekends is 100% and during week drops as low as 20%.

Zoning: Hotel/motel and unrestricted gaming zoned.

Opportunity: Property requires approximately $300k-$350k in construction to open doors. Once construction is complete, property would likely appraise at $1,500,000. Once in operation, this property would likely be valued at $2M - $2.5M Therefore, this is a tremendous opportunity for the right buyer.

Jackpot Motel Market: Hotel/Motel properties in Jackpot sell out nearly every weekend year round. Hotels/Motels often sell out by Wednesday every week for the weekend.

Property Characteristics: Excellent ingress / egress. The site is located across the street from Cactus Petes Hotel & Casino (the largest Hotel & Casino in Jackpot, NV).

About Jackpot NV
Jackpot, NV is an unincorporated community in Elko County, Nevada, United States. The Zip Code Tabulation Area for its ZIP code is 67518. As of 2014, the population was 1,410. The population has increased sharply (18.6% increase) since the 2010 census population count of 1,189.

Population is expected to increase for multiple reasons. However, the leading population growth constraint is that residential occupancy is at a maximum. Jackpot, for years, has continued to be a favored weekend destination drawing residents from four states. Weekenders come for weekend entertainment as well as for sporting activities (fishing, skiing, snowboarding, etc.).

Jackpot recently was given $250,000 from the US Federal Govt to further build out their airport which would is expected to further increase the consistently growing population and weekend tourism.

Located less than 1 mile (1.6 kilometers) from the Idaho border on U.S. Route 93, Jackpot has been a popular casino gaming destination for residents of Idaho and other neighboring states since its founding.

Jackpot is located approximately 45 miles (75 km) south of Twin Falls, Idaho, a city of approximately 40,000. Although officially part of the Elko Micropolitan Statistical Area, Jackpot is often considered part of the Greater Twin Falls region.

After Idaho outlawed all forms of casino gaming in 1954, Cactus Pete Piersanti and Don French moved their slot machine operations from Idaho to the Jackpot townsite. Piersantis and Frenchs gaming establishments were named Cactus Petes and the Horseshu Club respectively. Piersanti in particular is credited for founding Jackpot as well as for naming it. Cactus Petes management took over the Horseshu Hotel & Casino in 1964 to form what would eventually become Ameristar Casinos. Ameristar Casinos was acquired by Pinnacle Entertainment (NYSE:PNK). Pinnacle Entertainment has 15 casinos throughout the US, Annual Revenues of $1.5B and Annual Net Income of $100M. Their Cactus Petes Hotel and Casino in Jackpot is one of their properties in their portfolio.

The Pinnacle Entertainment-owned Cactus Petes Hotel & Casino, the Horseshu Hotel & Casino, Bartons Club 93 Hotel & Casino and the Four Jacks Hotel & Casino, form the basis of the towns economy to this day. Collectively, Jackpot-area casinos are the largest employer in southern Idaho.

Phone number ✆ +1 470-786-3973

Calhoun, Georgia

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