Apartment Conversion Opportunity

Hospitality for Sale
Sale Pending
Catylist Listing ID: 30750814
Property Subtypes: Convention Center
Status: Pending
Number of Units: 197 Units
Building Size (RSF): 158,390 SF
Gross Building Area: See Agent
Gross Land Area: 8.50 Acres
Sale Price: See Agent
Property Use Type: Investment, Vacant/Owner-User
Building Name: Former Clarion Hotel Convention Center
Sale Terms: Undisclosed, Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/22/2022

Overview / Comments

Former hotel and convention center located along a highway on the north side of Evansville, IN, near the regional airport. This property most recently carried a Clarion flag and was a full-service 197-room hotel and includes 17,000 SF of conference space with a bar/lounge area and indoor pool.

The hotel closed its doors in December 2014 and a complicated ground/operating lease structure clouded the title preventing further use of the building. The current owners acquired the property in 2019 as part of a package sale and were able to clean the title. The owners are now able to offer the property for sale and deliver fee simple title to a buyer.

Even though the hotel was remodeled last in 2011, most of its FF&E was sold off under a prior owner and the property will need significant capital investment. The building does offer a good 'core' masonry construction, is located in a growing area, and has excess land that could be developed for other uses.

This presents well as a redevelopment opportunity into multifamily. The north side submarket has seen the majority of the residential growth in this region and very little MF development. The location is close to industrial employers and could see some demand for moderately priced housing.

Attachments & Media

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Tax ID/APN: 82-06-09-034-299.040-020
Zoning: M-2
Property Visibility: Excellent
Largest Nearby Street: US Hwy 41
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1973
Roof Type: Flat
Construction/Siding: Block
Water Recreation: Indoor Pool
Total Parking Spaces: 230
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Other
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,622 67,453 147,130
Median Age: 41.06 39.45 38.42
Households: 2,140 28,252 62,309


Photograph of Listing Agent

Scott Edmond CCIM

SVN | The Martin Group ICREX Member
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