MergerPlace

Boutique Bed and Breakfast Inn

Wilmington, North Carolina (New Hanover)


  • Asking Price: $1,850,000
  • Gross Income: $400,000
  • Cash Flow: $201,000
  • Real Estate: $1,470,000
  • Inventory: Not Disclosed
  • FF&E: $125,000
  • Listing ID: #220975
  • Established: 2006
  • Employees: 4

Business Description

Opportunity to purchase historic downtown real estate that pays for itself.

The Front Street Inn Boutique Bed & Breakfast is located in a historic brick building in the central downtown area of Wilmington, a thriving and fast-growing town in eastern North Carolina. The business comprises of twelve guest bedrooms, a breakfast room, a charming period sun room, a few decks and ample off-street parking, which makes this an unrivaled facility. The Inn could also be converted into 7-8 long term rental apartments.

The business yields a cashflow in excess of any purchase mortgage amounts and effectively pays for itself, respectively builds equity over time. Listed revenue and cashflow are from 2019. In 2020 the Inn was closed for 3 months.

A new management with experience in hospitality operations will easily achieve significant profit growth by tapping into the multitude of unused marketing avenues and margin increasing opportunities.

In addition, a two-bedroom house is located at the back of the property with a right of way through the Inn's parking lot. This house is an ideal owner’s or manager’s quarter. It is separately sold and available with a right of first refusal to the buyer of the B&B business.

All real estate brokered by Hansen Matthews of Maus, Warwick, Matthews & Company.


Business Details

Primary Business Category: Accommodations
Location: North Carolina
Metropolitan Area: Wilmington
County: New Hanover

Company Information

Year Established: 2006
Home Based: No
Franchise: No
Relocatable: No
Number of Employees: 4

Financial Information

Asking Price: $1,850,000
Gross Revenue: $400,000
Cash Flow: $201,000
FF&E: $125,000
Real Estate: $1,470,000
Seller Financing Available: No

Property Information

Facilities:

Historic downtown building with 12 guest bedroom, breakfast room, a charming sunroom, several small verandas, and most importantly, ample off-street parking, (real estate brokered by Hansen Matthews/Maus, Warwick, Matthews & Company) All furnishing of the bedrooms and the public spaces of the premises, including artwork. Assets are well maintained and in good condition. The dollar amount listed is estimated fair market value.

Growth & expansion opportunities:

A multitude of unused marketing avenues and margin increasing opportunities.

Competition:

This is a vacation destination as well as a location that welcomes business travelers. The nearby university houses its academic teaching applicants at this B&B. There are some larger hotels in the area and a few competing B&Bs.

Reason for selling:

Retirement

Support & Training:

The current property manager is willing to remain with the company for a certain amount of time to assist in the transition and training of the new owners.

Contact Business Seller

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Business Listed By:

Regina Fisher

Bristol Group