Midtown Inc. to renovate old Motel

[Zads07]

Maybe not a big story, but Midtown Inc. is going to renovate the old University Motel on 2nd Ave. and 94.

http://www.detroitnews.com/story/new...old/107694556/

[Richard]

You have to admit the city did well for the taxpayers on that one, bought it for 29k and sold it for 600k 3 years later.

I wonder if they except outside investors in thier real estate department,with returns like that maybe not a bad idea.

The vintage roadster, Mercedes Gazelle,is not very vintage as a kit car,interesting how it is still there and not stripped.

Nice work though,good to see something done with it.

[Bigdd]

The new owners are going to take a bath in that one.

It's going to need a couple hundred k in upgrades to be descent,... and with only 23 rooms,.. they'll never break even. They'd need at least 40 rooms.

I briefly looked at buying that one about 6 years ago. It was as ghetto of a place as you've ever seen. People weren't even given the key to the rooms,.. instead you'd rent [[well, maybe you,.. certainly not me lol) and a gal that looked like she was on crack would open the door for you.

No one in the lobby or at the front desk. No idea how one would go about renting a room.

My family and I used to be in the motel business. We had as many as 4 at a time. The smallest one was 32 rooms and never made much money. The ones that were 54, 60, and 80+ rooms did really well.

23 rooms only works if a poor family lives there, and does all the desk clerking, maid service and maintenance themselves.

[DetroiterOnTheWestCoast]

The new owners are going to take a bath in that one.

It's going to need a couple hundred k in upgrades to be descent,... and with only 23 rooms,.. they'll never break even. They'd need at least 40 rooms.

I briefly looked at buying that one about 6 years ago. It was as ghetto of a place as you've ever seen. People weren't even given the key to the rooms,.. instead you'd rent [[well, maybe you,.. certainly not me lol) and a gal that looked like she was on crack would open the door for you.

No one in the lobby or at the front desk. No idea how one would go about renting a room.

My family and I used to be in the motel business. We had as many as 4 at a time. The smallest one was 32 rooms and never made much money. The ones that were 54, 60, and 80+ rooms did really well.

23 rooms only works if a poor family lives there, and does all the desk clerking, maid service and maintenance themselves.

Curbed says the deal is for 3 properties while the Free Press says it includes the property at 5847 2nd, which looks like a duplex. An old listing shows that the properties on either side were included a few years ago. I have no idea how the other properties would enhance the deal.

https://detroit.curbed.com/2017/11/1...n-detroit-sold

[Richard]

The new owners are going to take a bath in that one.

It's going to need a couple hundred k in upgrades to be descent,... and with only 23 rooms,.. they'll never break even. They'd need at least 40 rooms.

I briefly looked at buying that one about 6 years ago. It was as ghetto of a place as you've ever seen. People weren't even given the key to the rooms,.. instead you'd rent [[well, maybe you,.. certainly not me lol) and a gal that looked like she was on crack would open the door for you.

No one in the lobby or at the front desk. No idea how one would go about renting a room.

My family and I used to be in the motel business. We had as many as 4 at a time. The smallest one was 32 rooms and never made much money. The ones that were 54, 60, and 80+ rooms did really well.

23 rooms only works if a poor family lives there, and does all the desk clerking, maid service and maintenance themselves.

Something seems kinda odd,they are talking,shops on the bottom,hotel,and small long term room rentals.

The parking seems to be only the lot within the motor inn,the adjoining buildings are pretty nice,is the dirt worth 600k and demolition rebuild?

I have some acquaintances that have small motor inns with as little as 16 rooms,they live there and the city pays $3000 a month per room for reserving the rooms for emergency shelter,abuse victims,temporary baker act space etc.

But most of those owners just hold until they receive thier papers then pass it on to the next one,if one has a c store the little motels make good laundrymats for washing cash to send overseas.Never really need to rent a room.

[Wheels]

Isn't this in the I94 expansion path?

[Gistok]

Isn't this in the I94 expansion path?

Hard to say? I have a feeling that any possible expansion will likely not include service drives.

https://www.google.com/maps/@42.3619...7i13312!8i6656

[MikeyinBrooklyn]

I can't wrap my head around this development. It seems like far more money going in than they can hope to get out. If I had the money, I'd tear it down and build something new...