With the economy steadily improving, many aspiring business owners are considering the hospitality industry with budding endeavors such as restaurants, bed and breakfasts, hotels and motels. This week we’re profiling a couple of motel properties that could bring in a steady clientele (and with it, a solid revenue stream) for the lucky winning bidder.
Check out Tranzon’s 31-room motel in High Springs, Florida. The entire property offers 5 buildings on 4.33 acres and includes refrigerators, microwaves and many flat screen TVs in the guest rooms, as well as an office for management. This listing holds commercial and hotel/motel zoning and is located in a high tourist area globally recognized for its cave diving. PA is picking this one for its limitless potential, where the property could be redeveloped into a host of lucrative options including a dive resort, assisted living facility or seasonal apartment complex. Auction date is March 25th.
Spotlight on . . .William
For this month’s Spotlight On, we spoke with William Bone, President of National Auction Group, Inc. Covering real estate auctions in every sector nationwide, National Auction Group has established itself as a prominent leader in the field. In our interview, various topics were discussed including the current real estate market, the importance of mobile marketing, and international investors at auction.
PA: Please describe your background and your role with the company.
WB: I have been president of the National Auction Group, Inc. for 20+ years and have overseen operations and auctions which resulted in billions of dollars in real estate sales in 44 states and 6 foreign countries.
PA: How do you think the recent surge in real estate sales is affecting property auctions – positively or negatively?
WB: It has been a positive for auctions. Auctions continue to grow in popularity with buyers and sellers. Auctions take away all of the negotiating and back and forth between buyers and sellers, but still leave both parties feeling like they have gotten a fair deal. Auctions will continue to make up a larger portion of the real estate market.
Some real estate opportunities deserve to stand alone in the spotlight. Once such opportunity caught our eye in the commercial property sector that is not to be missed.
Check out NRC and Auction Advisor’s sealed bid sale of 18 leasehold gas stations dispersed throughout Northern New Jersey. Being directed by the Superior Court of New Jersey, most of these stations include the essential kiosks and service bays. All stations are sold without fuel supply and all bids are subject to court approval. PA is picking this for its sheer profitability – an ideal capital venture for business owners and property investors. Sealed bids are due March 12th at 5pm.
Ever dream of owning your own restaurant? Maybe you’ve toyed with the idea of opening an Italian bistro or American pub. If you’re looking for that perfect place to make your culinary aspirations a reality, you may want to peruse these former restaurant properties hitting the auction block.
Check out Tranzon’s 5,328sf one-story former restaurant/bar in Barrington, New Jersey. Set on 1.72 acres, the interior boasts a central bar area surrounded by 10 booths for ample customer seating. The kitchen is chock-full of the essentials, including stoves, ovens and kitchen supplies. This property also offers a basement, complete with an office and walk-in refrigerator. PA digs this one for its vast parking availability, which is on-site and can host approximately 80 vehicles. Auction date is February 26th.
Now well into 2014, the national economy and real estate market both seem to be maintaining an upward momentum. A notable increase seems to be in land sales, where scores of developers are back in business breaking lucrative ground in various parts of the country. NuWire Investor reports a significant rise of activity in this sector, stating, “Developers, owners and lenders who found themselves stuck holding land when the development spigot shut off are beginning to see a welcome return of buyers… As both the commercial and residential markets continue to improve, developers are increasingly shifting attention back to new construction, which is providing a much needed boost to land sales. Approximately $6.4 billion in land sales occurred during the first half of the year, which is up 18 percent compared to the same period in 2012.”
For business owners and real estate investors in search of some prime commercial property, you may want to peruse this week’s PA Picks of a few choice warehouse offerings hitting the auction block.
Take a look at Cottonwood Auctions’ 9,000sf warehouse/office in Kearneysville, West Virginia. Built in 2003 with 6,000sf dedicated to warehouse space and 3,000sf for office use, this property comes equipped with a loading dock, drive-in door and fully-sealed garage doors. Set on 3.13 acres which can easily accommodate an additional 10,000sf structure, this listing offers a host of options for growth potential. The entire building is insulated and climate-controlled, and is being sold absolute without reserve. PA digs this one for its convenient location, only 6 miles from I-81. Auction date is March 8th.