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    900 3Rd St Galena, IL 61036

    For Sale
    $975,000

    Historic Inn, High Occupancy, Strong ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This historic 1845 Galena, IL inn, boasting a TripAdvisor #1 ranking and national accolades, presents a remarkable turnkey investment opportunity. The 5-key, 5-bedroom bed and breakfast enjoys a 60% occupancy rate and consistently outperforms market averages in revenue and rates. Recent extensive renovations (2022-2023) include a new roof, windows, kitchen, and HVAC systems throughout, ensuring low maintenance costs. Each guest room features individually controlled HVAC, and the property includes a private 1-bedroom innkeeper's suite. The inn benefits from a loyal customer base, over 1000 five-star reviews, and a robust online presence, including a recently updated SEO-optimized website and a highly engaged social media following (over 2500 followers on Facebook). Situated on nearly half an acre in a residential neighborhood, the property is within walking distance of Galena's downtown area and a short drive from other area attractions. Its prime location, within a 3-hour radius of major cities like Chicago and Milwaukee, ensures a steady stream of year-round visitors. This exceptional property offers immediate return on investment, a strong foundation for future growth, and the opportunity to build upon an already successful and highly-rated hospitality business. The permitted zoning is residential. Asking price is $975,000.

    Property Features for 900 3Rd St

    General Information

    Property type
    Hotels

    Building Details

    Year Built
    1845
    Stories
    2

    HighLights

    • $975,000 asking price for a turnkey hospitality business.
    • Five‑key, 5‑bed Inn in Galena, IL, with 60% occupancy.
    • Recently renovated with new roof, windows (2023), kitchen (2022), and HVAC systems.
    • High‑performing business with strong revenue, occupancy, and rates exceeding market averages.
    • Established online presence with a recently updated website and over 2,500 engaged social media followers.
    • Prime location in Galena, within walking distance to downtown and easily accessible from major cities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Aldrich Guest House Bed & Breakfast

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Galena
    County
    Jo Daviess
    State
    Illinois
    Longitude
    -90.4269899
    Latitude
    42.4109064

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    FAQs

    What type of property is this?
    Hotel - Historic Inn, High Occupancy, Strong ROI
    Where is this hotel located?
    The property is located at 900 3Rd St Galena, IL.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: $975,000 asking price for a turnkey hospitality business.; Five-key, 5-bed Inn in Galena, IL, with 60% occupancy.; Recently renovated with new roof, windows (2023), kitchen (2022), and HVAC systems.
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    900 3Rd St Galena, IL 61036
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    Galena, IL 61036
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    900 3Rd St Galena, IL 61036
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