Rocky Mount NC Conversion Opportunity — Sale in Rocky Mount, NC
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Rocky Mount, NC 27804
Photos
Investment Figures
- Cap rate
- 13.82%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present the Rocky Mount NC Conversion Opportunity, a 151-key hotel property located on Wesleyan Blvd in Rocky Mount, North Carolina, offering a compelling hotel-to-multifamily conversion opportunity. Originally built as a hotel in 1987 and renovated in 2023 to Days Inn Standards, the property currently operates as a Days Inn and includes 110 standard hotel rooms and 41 rooms with kitchenettes. Hotel-to-multifamily conversions have emerged as a favored value-add strategy, offering meaningful cost and timeline advantages versus new construction. The property’s recently renovated rooms, existing sprinklered fire protection, individually served plumbing and electrical, elevator systems, and building envelope provide an efficient conversion basis, translating one-to-one from 151 hotel keys to 151 multifamily units. An illustrative all-in basis of approximately $70,000 per unit, inclusive of acquisition and conversion capex, positions the opportunity meaningfully below prevailing new construction costs for comparable multifamily product in Eastern North Carolina. The Rocky Mount NC Conversion Opportunity sits on Rocky Mount’s primary commercial corridor, providing direct access to retail, services, and I-95. Rocky Mount anchors a diversified Eastern North Carolina economy along the I-95 corridor, home to major employers including Pfizer, Cummins Rocky Mount Engine Plant, Nash UNC Health, and QVC. The market sits roughly one hour northeast of Raleigh and benefits from direct I-95 access to Richmond, Norfolk, and other major East Coast metros, supporting steady rental demand across the region. Investment Highlights: • Hotel Conversion Opportunity: 151-key hotel (41 rooms w/ kitchenettes + 110 standard rooms) with a defined path to 151 multifamily units. • Cost & Timeline Advantages: Recent renovations, sprinklered systems, and in-place plumbing/electrical reduce conversion scope. • ~$70K All-In Basis: Illustrative acquisition and conversion
Market Context
This multifamily in Rocky Mount, NC is listed for sale. It is offered at an approximate 13.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Rocky Mount, NC — view the full market.
Contact
- Ryan Parrish · (336) 450-4651 · ryan.parrish@marcusmillichap.com
- Ryan Lipomi · (843) 952-2223 · ryan.lipomi@marcusmillichap.com
- Charles Gallagher · (704) 831-4600
- Richard Williamson · (704) 831-4608 · richard.williamson@marcusmillichap.com
Explore this market
Similar Multifamily Property for Sale in Rocky Mount, NC
- Villas at Wesleyan — $300 · Rocky Mount, NC