2149 Gill Road
Hospitality
Marketing description
This 36-unit motel presents a unique opportunity to acquire a recently renovated hospitality asset with both in-place income and long-term redevelopment potential. The property has demonstrated consistent operating performance, generating $361,749 in revenue and $87,921 in NOI in 2025 , with a historical NOI range between approximately $73,000 and $88,000 from 2021 through 2025. Based on this performance, a stabilized NOI of ~$85,000 provides a reliable baseline for underwriting.
Ownership recently completed a near-total renovation and implemented an automated check-in system designed to streamline operations and reduce long-term labor costs. These improvements resulted in a temporary dip in NOI during 2024 to $36,413 , driven by elevated consulting, repair, and transition-related expenses. These costs are largely non-recurring, and early 2025 performance indicates a return to stabilized operations with improved efficiency and margin potential.
Strategically located within the Lake Erie Shores and Islands corridor, the property benefits from strong seasonal tourism demand and consistent regional traffic. Annual revenues have ranged from approximately $350,000 to $444,000, highlighting the asset’s resilience and positioning within a well-established travel destination.
Beyond its current income profile, the property offers a compelling covered land play. The existing cash flow allows an investor to offset holding costs while evaluating higher-and-better-use scenarios, including boutique hotel redevelopment or conversion to a higher-end short-term rental concept. Given the property’s proximity to Lake Erie, there is potential to capture water views from upper levels, creating an opportunity to significantly increase revenue per key through repositioning.
Offered at $980,000, this investment is best suited for buyers seeking a hybrid opportunity—combining immediate income with long-term upside through operational improvements, expense normalization, and future redevelopment potential in one of Northern Ohio’s most active tourism corridors.
Listing Page: https://www.hoffleigh.com/listing/2149-gill-road/
Investment highlights
- 36-Unit Motel | Stabilized NOI ~$85,000
- $360K+ Annual Revenue with Consistent Operating History
- Significant renovation to the building and installation of automated check-in system in 2024
- Elevated 2024–2025 expenses including $16K–$24K consulting, $20K+ repairs, and increased utilities are non-recurring, positioning the asset for improved margins.
- Located in the Lake Erie Shores and Islands - One of Ohio’s strongest tourism corridors, driven by Cedar Point, island ferries, marinas, and fishing.
- Site layout and location offer option for vertical redevelopment capturing Lake Erie views, supporting higher ADR hospitality or short-term rental product.
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