Basecamp 151, a 7-room Boutique Motel in Nelson County, VA

[Chase Hoover]

Investment Info:

Other commercial investment investment.

Contributors:
William Harvey

Basecamp151 is a 7-unit boutique motel located directly on Route 151 in Nelson County and surrounded by the Blue Ridge Mountains. Nestled between Charlottesville and the Waynesboro/Staunton area, Nelson County is populated with numerous craft beverage attractions and outdoor activities, making it a popular destination for weekend getaways, bachelorette trips, weddings, and more!

www.basecamp151.com

What made you interested in investing in this type of deal?

The property had great bones, it just needed some cosmetic updates. We knew we could turn the property around quickly and re-launch in time for the busy fall season.

How did you find this deal and how did you negotiate it?

It came up on MLS, we immediatley dropped everything to go see it and made a full-price offer on day 1 to get it under contract. It was priced low and we knew it.

How did you finance this deal?

Ash Valley Development syndicated the deal with investors.

How did you add value to the deal?

-Floors
-Interior & Exterior paint
-New deck
-Resealed parking lot
-Fans & lights
-Bathroom vanities and hardware
-Furniture
-Cleaned up yard and added privacy fence

What was the outcome?

So far, the property is performing better than expected!

Lessons learned? Challenges?

The biggest challenge was getting flooring on-site due to backorder. Almost a month after ordering from Home Depot, they informed us the floor was now discontinued and we couldn't get it. We ended up picking an in-stock floor that was more expensive, but they worked with us on the price. Lesson learned - pick an in-stock floor.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate: Hoover & Co Real Estate
Capital: Ash Valley Development
Management: Be Still Getaways