Listing ID: 1191
Located in a beautiful and historic setting, this seasonal 19 unit Motel with 60+ seat restaurant/lounge has been established and successful for nearly 40 years and has provided a stable income base for each of the owners over the years.
Nestled amongst nature and a stone's throw away from many beautiful beaches and attractions, no wonder this property is a favourite amongst locals and visitors alike.
The property has seen many updates in recent years with close to $110K in capital improvements, from furnishings, flooring, bathrooms, kitchen upgrades, etc., which has resulted in an increase in 4 & 5-Star reviews on tripAdvisor, Trivago, Booking, Kayak and other travel sites.
The business is operating only half the year, however, should there be construction projects in the area during the off season, the property can quickly open to accommodate same. Do not worry, there are always a couple of winter months' vacation time, providing a well-balanced lifestyle and quality return on investment.
Prospective Buyers will recognize several major projects near starting that would have a significant impact on this business.
Let's connect to discuss further.
2019 Revenues: $342,421
Average past 3 years: Revenues $311,207 - SDE $71,354
$175,000 annual revenue from room rentals, balance from restaurant sales.
The sale price considers $0 in debt and a $0 working capital calculation.
* SDE - Seller's Discretionary Earnings are the pretax and pre-interest profits before non-cash expenses, owner's benefits, one time investments, and any non-related income or expenses. In addition, SDE may require that expenses be adjusted if a new owner will necessarily need to take on a new expense.
19 units located on 5.4 acres of land.
- town water and sewer
- property has been migrated
- oil fired hot water, heat pump in restaurant.
One of the units is currently not being used, however, quickly could be.
There is a winterized home on property which was once the previous owners' family home (3 children). There are 3 bedrooms and 1 bathroom. To be used for a family once again, expect some renovating.
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