The 32-room Jet Inn Motel, located in Tukwila, Washington, has been successfully sold by Marcus & Millichap. The property was purchased for $2.9 million.
A team of investment specialists from the Denver office of Marcus & Millichap – Huberth Marak, Skyler Cooper, Chris Gomes and Allan Miller – had the exclusive listing to market the motel on behalf of a private investor. They also represented and secured the buyer: a limited liability company. Regional Manager Joel Deis assisted in finalizing the deal.
According to Marak: “We were able to secure an SBA 7a loan with creative financing that included seller carry notes due to lower cash flow at this hotel.” He added that it was financed based on projected income since the buyers plan on operating it as a traditional motel rather than an extended stay one.
Jet Inn Motel is situated at 3747 S 142nd St in Tukwila and is currently being operated as an independent long-term extended stay hotel with mostly Canadian guests. This sale marks their first entry into hospitality ownership.
