The Macomb Inn, which has been vacant since mid-2019, along with the former gas station property next door to the old hotel, are now for sale through Mel Foster Commercial Real Estate Services.
The Macomb Inn at 1400 N. Lafayette St. is listed through Nick Roman of Mel Foster's Quad Cities-based office for $925,000. Taxes are $17,317 annually. The 60,500-squarefoot building, which is situated on 5.52 acres, was built in 1968. Western Macomb Apartments, LLC, an Evansville, IN company is the owner of the hotel, and had been working on some repairs to ready the property for sale.
The City of Macomb filed a summons nearly two years ago to press the owners to make the necessary updates to bring the property up to code. According to the city attorney, the case remains open and pending, with community development monitoring progress on the repairs.
Work that has been done to date includes demolishing the pool, repairing potholes, painting exterior walls to remove graffiti, and taking the sign down. Electrical work was also completed so power could be restored.
Roman noted, while the gas station could be remodeled into an office and/or convenience store, the motel is probably best for the land value.
'It will take some considerable work to renovate the building and bring it back up to code for a motel,' he noted.
Western Macomb Apartments, LLC purchased the former hotel in Dec. 16, 2019 from JM Hotels on a warranty deed for $500,000. The 58-year-old commercial building has been sold four times since 1999 to various banks or investment companies. In 2008, it was sold for $2.5 million to Rhee Investors, Inc. from JM Kim Investors, Inc.
The former gas station, which is 1,708square feet, to the south of The Macomb Inn was built in 1980, and is listed at $215,000.
The property is owned by Multiple Ventures Enterprises LLC Services Macomb or Morton, IL.
The zoning for both properties is B-2 (B-2), with both being situated within a Tax Increment Finance (TIF) district. A TIF bond would allow the owners to make investments to secure a brand name hotel to the community, Mayor Mike Inman explained.
