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Located within short drive of 4 major metropolitan marketing areas,
this commercially zoned, historic property opened as a B & B in 2000, has 12
rooms in the main house, including oversized suites, all with private baths
and fireplaces. A carriage house on-site, with 4 car garage storage on the
lower level, also has two income-producing apartments above.
Located in the heart of the marketing areas of NYC, Philadelphia, Wilmington,
Newark, Baltimore and Washington, DC., this inn attracts mid-week
business travelers as well as weekend leisure guests.
Only a couple of miles off the I-95 corridor,
Elk Forge B & B boasts
an occupancy rate consistently in the low 30's, with an Average Daily Rate of
almost $150. The income from the two apartments, currently occupied by long
term guests who have been in the apartments since they opened two years ago,
is in addition to the revenue of the inn.
A separately deeded Cape Cod style home, on 2.65 acres, with a
finished barn ideal for events and meetings, is adjacent to the inn
property and is priced separately.
Within a few miles of the University of Delaware, and with
the expected rapid growth in the area due to the Base Realignment activity of
Aberdeen Proving Grounds, the future of the inn's additional growth potential
is optimistic. Events on the beautiful grounds and The Conservatory add to
the revenue of the inn's guest room occupancy.
Adjacent to state forest, the inn has quiet walking trails through the
woods, a trail to creekside for relaxing nature walks, and stunning
landscaping to complete the idylic setting.
Financial Data:
Properly priced turnkey at $1,450,000
Gross Revenue Multiplier:
4.74
Price per Guest Room: $120,833
Cap Rate:
8.13%
Contact:
Marilyn & Scott Bushnell
The B&B Team®, Bushnell & Bushnell Services, Inc.
410-422-5083(Scott's cell) or
410-422-0013 (Marilyn's cell)
Click
here for more details.
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