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Historic Inn in Wine Country

51 and 55 E Main St, North East, PA 16428

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For Sale

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Historic estate in the heart of wine country.

Type:Multifamily

Property size:

11,074 SF

Price / SF:

$69/SF

HighLights

Prime location in the heart of PA wine country, within walking distance of restaurants and shopping.
10 bedrooms and 8.5 bathrooms, many of which are private suites.
Historical estate comprised of 2 buildings, built in 1832, with original features like stained glass windows and fireplaces.
Spacious kitchen with sunroom, ideal for culinary activities and gatherings.
Minutes away from Freeport beach and N.E. marina, offering recreational opportunities.
Suitable for a private residence, hospitality business, or investment opportunity.

We can help!

Listing Contact

Jim Barbour

For Sale

Contact for pricing

Historic estate in the heart of wine country.

Type:Multifamily

Property size:

11,074 SF

Price / SF:

$69/SF

Added:: Aug 19, 2024
Days on Market:: 664
Last Refresh:: May 12 at 10:18 pm

Property Features for 51 and 55 E Main St

General Information

Standard status: Active
Size: 11,074 SF
Property subtype: Multifamily

Building Details

Year Built: 1832

We can help!

Listing Contact

Jim Barbour

Listing agent Jim Barbour License #PA RM426122

Listing office Keller Williams Realty Erie

Listing date Aug 19, 2024

Source Crexi

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Erie

HighLights

Prime location in the heart of PA wine country, within walking distance of restaurants and shopping.
10 bedrooms and 8.5 bathrooms, many of which are private suites.
Historical estate comprised of 2 buildings, built in 1832, with original features like stained glass windows and fireplaces.
Spacious kitchen with sunroom, ideal for culinary activities and gatherings.
Minutes away from Freeport beach and N.E. marina, offering recreational opportunities.
Suitable for a private residence, hospitality business, or investment opportunity.

Overview

Located in the heart of Pennsylvania's wine country, the former Grape Arbor Inn in North East, Pennsylvania, consists of two historical buildings constructed in 1832. The estate is situated in a prime location within walking distance of restaurants and shopping, and is also located minutes away from Freeport Beach and the North East marina. The property features a blend of historic charm and contemporary comfort, with 10 bedrooms and 8.5 bathrooms, many of which are private suites. A spacious kitchen with a sunroom is suitable for culinary activities and gatherings. High ceilings and natural light create an open and warm atmosphere. Central air conditioning and forced air heat provide year-round comfort. Original features include stained glass windows, staircases, and fireplaces. The property offers possibilities as a private residence, a hospitality business, or an investment opportunity. The property size is 11,074 square feet.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$128.9k	$11.64
− Vacancy	−$5.2k	−$0.47
EGI	$123.7k	$11.17
− OpEx	−$55.7k	−$5.03
NOI	$68.1k	$6.15

11,074 SF · lease $11.64/SF/yr · vacancy 4.00% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$972.3K

$850.8K – $1.13M (±1% cap)

NOI $68,060 @ 7.0% cap · market cap 8.78%

Second Best

Hotel Hospitality

$336.8K

$294.7K – $392.9K (±1% cap)

NOI $23,576 @ 7.0% cap · market cap 3.04%

Theoretical Best

Office A

$2.75M

$2.40M – $3.21M (±1% cap)

NOI $192,316 @ 7.0% cap · market cap 24.81%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Episcopal Church of Holy ... Church The Colonial Manor Hotel & Motel Grape Arbor Bed ... Bed & Breakfast

Suggested Use

Similar Places Nearby

The Travelers Village — 59 W Main St, North East, PA 16428
Grape Arbor Bed and Breakfast — 51 E Main St, North East, PA 16428
The Elsie Greer House Bed & Breakfast — 45 Park St, North East, PA 16428

Location Insight

Map
Local Demand

City: North East
County: Erie
State: Pennsylvania
Longitude: -79.8313705
Latitude: 42.216686

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For sale
Bed & breakfasts
PA
North East
16428
51 and 55 E Main St

What type of property is this?

Bed & breakfast - Historic estate in the heart of wine country.

Where is this bed & breakfast located?

The property is located at 51 and 55 E Main St North East, PA.

What is the asking price?

The asking price for this property is $775,000.

What are key features of this property?

This property features: Prime location in the heart of PA wine country, within walking distance of restaurants and shopping.; 10 bedrooms and 8.5 bathrooms, many of which are private suites.; Historical estate comprised of 2 buildings, built in 1832, with original features like stained glass windows and fireplaces.