4.44 acre development opportunity featuring a full block of frontage on Baltimore Ave (Rt. 1) in College Park, Maryland. The property consists of three operating hotels on two commercial lots, an adjacent house, residential land on Delaware Avenue and a road (48th avenue) between the commercial and residential portions that could be abandoned.
Existing use of the property is lodging in three separate hotels; a Days Inn, a Howard Johnson and a Red Roof Inn. The owner does not wish to sell the property as operating hotels but as land for development. Potentially, an investor can convert one or all the existing buildings to apartments, however the layout and the location of the buildings may not allow for maximizing the yield of the entire land. Currently, there are two ingress and egress points from Route 1 and two from surrounding Cherokee and Delaware Avenues.
College Park strongly desires that properties along Route 1 be developed and has instituted tax abatements to redevelop older hotels. Property offers full block frontage on Route 1 and is only a short distance to The University of Maryland and I-495 (the Washington DC Beltway).
