5225 Summer Avenue

Winning Bid: $600,000
  No hidden reserves. What's this?
No Hidden Reserve

If there is no hidden reserve set for this auction, then the Seller has agreed to sell the property as long as he or she receives the Minimum Bid amount.
Cap Rate: N/A What's this?
Cap Rate

Capitalization rate (Cap Rate) is a measure of the ratio between the net operating income produced by the property and its sale price. Because property taxes will adjust based on the final sales price, the Cap Rate can either be current or a future estimate. Please contact the Listing Broker to understand how the Cap Rate is calculated for this property.
Per Room: $4,225 per room
Start Time: 1/14/2010 11:00 AM CST
End Time: 1/14/2010 3:00 PM CST
  Or 5 minutes after the last bid. Why?
End Time 5 minutes after the last bid

The Auction Period will end at the specified End Time or 5 minutes after the last bid is entered. This prevents last-minute bidders from winning the auction without giving other bidders ample opportunity to bid.

This auction has ended.

Winning Bid: $600,000

Bidder# 8562

Property Overview

View Full Property Details
Name: Guest Inn Memphis    
Address: 5225 Summer Avenue
Memphis, TN 38122 		view mapView Map  
Type: Motel Year Built: 1966
Number of Rooms: 142 rooms Parking: 150
Zoning: CH - Highway Commercial
Highlights:
  • Bank-approved short-sale opportunity
  • Centrally located operational motel on 3.54 acres
  • Highway adjacent with traffic count of over 115,000 cars per day
  • CH zoning allows for future redevelopment into gas station, convenience store or restaurant
  • $786,000 pro forma income projected for 2011
  • Renovated in 1987 and 2008
  • State and local tax benefits (see Due Diligence page)
  • Auction has no hidden reserve price

Thank you

Bids are not accepted at this time.

The Auction will be held January 14, 2010 from 11:00 AM to 03:00 PM.

Please return during that period to place your bid.

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Joseph Orseno
CA LIC: 01502786
jorseno@srlgroup.com
(619) 990-7542

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