The price has been slashed to $650,000 for the Garnett Inn, Suites & RV Park. The property is located off of US Highway 169 on the south side of Garnett, Kansas. In addition to having multiple revenue streams (hotel, RV park & lounge), the property offers a number of amenities including continental breakfast, free Wi-Fi, an exercise room as well as a guest laundry facility.
The City of Garnett is the county seat of Anderson County, located in the east central part of the State of Kansas. The City is situated on U.S. Highways 59 and 169 and Kansas Highway 31. U.S. Interstate 35 is less than 25 miles north of the City by way of U.S. Highway 59. The City is approximately 80 miles southwest of Kansas City and 75 miles southeast of Topeka. The estimated population of Garnett was 3,253 in 2017. The nearest commercial air service is Kansas City International Airport which is 90 miles from Garnett.
Garnett is the major community of Anderson County. The primary economic activity of the County is agriculture and related supporting activities. However, the urbanizing influence of the Kansas City metropolitan area has begun to affect the norther portion of Anderson County and to a lesser extent, the City in that “bedroom communities” (suburban communities) are beginning to develop. As this urbanizing influence continues, it is anticipated that it will continue to offset the decline in agricultural population due to the trend toward farm consolidation.
Garnett is home to East Kansas Agri-Energy which produces more than 40 million gallons of ethanol as well as 200,000 tons of grain and 5 million pounds of corn oil each year from its 16 million bushels of locally-sourced corn.
Now priced under 2.2x revenue (and with no franchise fees) this offering represents an excellent opportunity for limited service investors and owner/operators.