InnShopper > Inns for Sale > Pennsylvania > Erie > Spencer House Bed & Breakfast

Spencer House Bed & Breakfast


Erie, PA   Offered for sale at $475,000
 

UNDER CONTRACT BUT WILL ACCEPT BACKUP OFFER. The Spencer House is the #1 Bed & Breakfast in Erie, and is a rare gem grossing over $100K in our very busy 9-month season. There is off-season additional income potential. Price lowered and reservations are starting for the year. You will have no commute to work and live in a mansion that is historic and recently, completely renovated. Additional $6K gross from year round carriage house loft rental unit, or can be converted to owner's quarters. We are motivated and priced to sell! FOR THIS PRICE YOU ARE PURCHASING REAL ESTATE, GOODWILL, AND FURNITURE AND FIXTURES MAKING THIS TRANSACTION COMPLETELY TURNKEY. THE ZILLOW PROPERTY TAX ESTIMATE IS INCORRECT AS ONLY THE REAL ESTATE IS SUBJECT TO PROPERTY TAXES.
Located in Erie's historic "Millionaire's Row," the mansion features breathtaking original woodwork, large oak center staircase, in script mantles, 12 foot ceilings, and much more. The home has been renovated with two new on-demand water heaters, new high-efficiency furnace, complete new kitchen and appliances, custom energy-efficient windows, and has been totally repainted inside and out. In the back of the property is a 3-bay carriage house, and a recently paved parking lot that will hold eight vehicles.
First floor features a front parlor sitting area, over-sized dining room, library, a large kitchen, and pantry with washer and dryer. Also on the first floor is a sitting room/private office and rear bedroom currently used by the owner but which could be converted to another rental unit. The 2nd floor features 1 king suite, 2 queen rooms, and one room with 2 double beds, all with private bathrooms. There is also a sitting area. The 3rd floor features 2 king suites with private bathrooms and another sitting area. A back room is currently used for storage. Each room has its own controllable radiator heater and an in-window or freestanding air conditioner.
Catering to both business travelers and vacationers, Erie is one of the few places to have a large lakeside beach that gets over 4 million visitors each year (named the 2016 Best Freshwater Beach by USA Today). From Memorial Day to Labor Day, with little B&B competition, the business is booming. This one-of-a-kind property is in excellent condition and ready for a new owner to take the reigns.
Additional revenue can be made by staying open over the winter, catering to business people, coordinating with the 3 local colleges, hosting parties, weddings, and family gatherings. BROKER PROTECTED!

Sale package available for immediate view at http://eriebedandbreakfastforsale.weebly.com/ and other information and additional pictures can be found on the website spencerhousebandb.com. The owners will be happy to discuss the financials with serious potential buyers.



Property Details
  • 6 Guest Rooms
  • 6 Guest Room Baths
  • Has Owner's Quarters
  • Built in 1876
  • Last Renovated in 2014
  • Opened in 1992
  • Building is 6,450 SQFT
  • Lot is 0.3 Acres
  • Photo Gallery
  • Property Website
Financial Details
  • Offered for sale at $475,000
  • Occupancy Rate: 51%
  • Average Daily Rate: $129.87
  • Annual revenue is $104,116
  • Terms: Additional $6000 annually from rental apartment in carriage house. Can be owner's quarters, opening up first floor room for additional guest income.
Contact Information