AFFORDABLE HOTEL WITH A 9 CAP RATE, FOR YOU TO OWN! Located in Grundy,Virginia

AFFORDABLE HOTEL WITH A 9 CAP RATE, FOR YOU TO OWN! Located in Grundy,Virginia this 38 room motel. Offered $485,000 at which is the current appraised value (done Feb. 2009).  Situated on approximately 1.33 acres, 13,980 square feet, Situated near Law School and Pharmacy School. This property generates gross 125,250 annually. Net Gross is 43,288 annually. This property has a history of a great cash flow! A GREAT INVESTMENT AND A GOOD CANDIATE FOR A 1031 TAX EXCHANGE OR CONDO CONVERSON AS THERE IS LITTLE OFF CAMPUS HOUSING.  THIS IS A REAL MONEY MAKER!

Location is:  19587 Riverside Drive Grundy Va...............24914

 Offered at:  $485,000

Current room rentals are: 19 Double rooms at $53.39 a day. ......10 Singles at $42.69..............2 Deluxe Singles at $47.08.........6 Kings at $53.39 a day.......1 Suite at $60.00 a day.

Grundy is a town in Buchanan County, Virginia, United States. The population was 1,105 at the 2000 census. It is the county seat of Buchanan County. The town is noted for its educational institutions and their role in the town's economic rebirth. In the past, the town served as a stopover for Union troops on their way to the Battle of Saltville. The town is also noteworthy for its flood control project, where the mountain across the river was blasted to make way for new development.

Grundy is home to the Appalachian School of Law, which opened in 1997, and the Appalachian College of Pharmacy, which opened in 2005. Buchanan County chose Grundy as the site for the ASL to revitalize the town, which had been in a steady economic decline since the Flood of 1977. The presence of ASL has brought $12 million to the local economy, and is credited with construction of rental homes and the opening of additional businesses in the area. Additionally, ASL has successfully demonstrated the concept of creating institutions of higher education as an economic development tool.This success led to the creation of the Appalachian College of Pharmacy, also located in Grundy, which, like the Appalachian School of Law, was created as part of a continuing economic redevelopment effort. ACP is forecast to add $20 million per year to the local economy.