Marcus & Millichap Arranges The Sale Of a 32-Room Tukwila Hospitality Property

TUKWILA, WA , December 6, 2024 - Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Jet Inn Motel, a 32-room hospitality property located in Tukwila, Washington, according to Adam A. Lewis, regional manager of the firm's Denver office. The asset sold for $2,900,000.

Huberth Marak, Skyler Cooper, Chris Gomes, and Allan Miller, investment specialists in Marcus & Millichap's Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor.The buyer, a limited liability company, was secured and represented by Marak, Cooper, Gomes, and Miller. Joel Deis Regional Manager assisted in closing this transaction.

Jet Inn Motel is located at 3747 S 142nd St in Tukwila, Washington. This hotel is a 32-room independent hotel, mostly being operated as a long-term extended stay. The owners own a couple of hotels in Washington. The Canadian buyers are first-time buyers trying to enter the hospitality market.

"We managed to get an SBA 7a with creative financing incorporating some seller carry notes because the hotel's cash flow does not have enough DSCR [debt service coverage ratio]. It was financed on proforma because the buyers are planning to run it as a normal motel as opposed to an extended stay motel." Said Marak

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.