A downtown Fresno motel is generating buzz among would-be investors and out-of-town developers, just days after the owners decided to put the property up for sale.
The Super 8 Motel at Inyo and L streets was listed Wednesday with Boese Commercial at an asking price of $5 million. The owners, the Panchal family of Fresno, decided to sell the motel and pursue other investment interests, said Rob Boese, broker and president of Boese Commercial.
“They’ve done really well with it; it performs great for them,” he said of the 50-room motel. The family also owns other hotel and motel properties in the region.
I’m not surprised by the interest, but I am surprised by the volume.
Rob Boese, broker/president, Boese Commercial
Because the listing is so new, Boese said he still is assembling a marketing package for the property. “But we’re getting a lot of word of mouth, a lot of calls already, from investors and commercial real estate developers,” he said. “I’m not surprised by the interest, but I am surprised by the volume.”
The motel building is 17,500 square feet and has a pool on a 30,000-square-foot lot. Its proximity to the Fresno Convention Center, the Fresno County Courthouse and other county offices, the city’s Fulton Street redevelopment efforts and the Chukchansi Park baseball stadium make the property attractive for possible redevelopment as a mid-rise, mixed-use building with retail/commercial space on the ground floor and either residential space or offices on the upper floors, Boese said.
“But the Super 8 performs well, and people are always interested in an investment vehicle,” he added. “Traffic in that area is really great, and people have a lot of different ideas.”
The motel was built in 1962, according to property records. The Panchal family has owned it since 2007.