Historic Inn in Wine
51 and 55 E Main St, North East, PA 16428
For Sale
Contact for pricing
Historic estate in the heart of wine country.
Property Size11,074 SF
Price / SF$69.98
Days on Market814
Property Features for 51 and 55 E Main St
General Information
Standard status
Size
Property subtype
Zoning
Investment Type
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Listing Agency:
Keller Williams Realty Erie
Listed By:
Jim Barbour · License PA RM426122
(610) 967-0538
Source:
Crexi
Added: Aug 19, 2024
Changed: Oct 26
Last Checked: Nov 10 at 7:42AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,576
Cap Rate
3.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 11,074 SF
Gross rent
$110.3K $9.96/SF
− Vacancy
−$60.7K −$5.48/SF
EGI
$49.6K $4.48/SF
− OpEx
−$26.1K −$2.35/SF
NOI
$23.6K $2.13/SF
Area
Erie County, PA
Vacancy
55.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Hotel Hospitality
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,316 @ 7.0% cap · market cap 24.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16428, PA
12,524
Population
5,576
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
73.6 sq mi
ZIP Area
170
Density / Sq Mi
$77,103
Median Household Income
$40,625
Median Earnings
$758
Median Rent
$188,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Similar Off Market 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
Frequently Asked Questions
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.
