Inn at Bath Offered at $799,000

A gorgeous historic Greek Revival

Property Overview

The grand 1840 Greek Revival sits on a about a third of an acre in a tree lined historic district amongst other beautiful stately homes, with huge mature trees and gorgeous perennial gardens.

The inn has 8 guest rooms, all en-suite baths; one of the 8 is handicap accessible via an exterior ramp. The inn is fully sprinklered, offers two spacious guest parlors, a large sunny dining room and a beautiful open kitchen.

Mature perennial gardens are a highlight of this property as are the size of the rooms, the common spaces and the location. The home has over 5,000 square feet of space, an unfinished basement, beautiful period details and has been well maintained over the years.

Four rooms have wood burning fireplaces and two rooms have large two person Jacuzzi tubs. The inn is beautifully and comfortably decorated in an eclectic mix with cottage, contemporary, period and lodge style, offering something for everyone.

Owner's quarters consists of a first floor spacious office with built-ins with glass shelves, a powder room and a wood burning fireplace bedroom suite on the second floor. There are options for locations and expansion of owner's quarters.

Each of The Inn’s guest rooms has its own personality; fabric, color and light as well as the furniture, art and family photographs collected by Elizabeth all contribute in making each room unique . All guest rooms have private bathrooms and offer a selection of firm and comfortable king, queen, double and twin beds, each with comforters and extra pillows. Two rooms have very comfortable 6’5′′ sofa/daybeds which can be made up for additional guests. Four guest rooms have writing desks/tables, sofas/love seats and wood-burning fireplaces (unlimited firewood is included in the room rate), two rooms have 2 person whirlpool tubs and fireplaces, and three rooms have outdoor entrances making them ideal for visiting dogs. Pet friendly lodging is in demand in Maine!

The inn is open year round and offers a strong business with room for growth.

a walk around the inn

Lush perennial gardens, mature trees and lovely stone patio for outdoor relaxation

Property Highlights At a Glance

  • Built in 1840
  • square footage: 5,205
  • lot size: .32 acres
  • 8 spacious guest rooms, all en-suite baths, two with large two person Jacuzzi tubs, four with wood burning fireplaces
  • owner’s quarters: a 2nd floor bedroom suite with wood burning fireplace, full bath. First floor office/den, half bath
  • Fully renovated kitchen with Jennair appliances, granite counters and beautiful glass pendant lights
  • Gorgeous perennial gardens; lovely corner lot, some water views
  • gravel driveway, total parking for about 10 cars plus single car garage
  • flooring: hardwood, vinyl, tile, carpet
  • fully sprinklered
  • zoning: R1 Residential
  • Taxes: $16,998 (2017)
a beautiful and bright kitchen

lets go inside

the common areas with beautiful natural light
spacious guest rooms, some with fireplaces and two person jetted tubs

history of the inn

The Inn at Bath was a private residence until the previous innkeeper purchased the property in 1989 and converted it into an outstanding Midcoast Maine bed and breakfast. There were no formal streets in Bath back in the very early 1800ʹs and thus the search to identify previous owners and property transfers became difficult. The earliest record found to date shows that the property was sold on August 28, 1826 by Mr. Thomas Robinson to Mr. Henry B. Webb for the sum of $300. By 1850 the property is owned by the McClellan’s and it is valued at $4,000, signifying that a house now stood on the property.

property facts

  • Owner: Elizabeth Knowlton
  • Address: 969 Washington Street, Bath, ME 04530
  • Legal Description: Book 2570, page 37 of Sagadahoc County Registry of Deeds
  • Deed: Warranty
  • Lot size: .32 acres
  • Zoning: R1, Residential, Historic Village
  • Designated use: Bed and Breakfast
  • Construction: Wood frame with wood clapboard
  • Roof: Composition shingle and rolled rubber on a flat section
  • HVAC: A/C units; oil fired, steam, baseboard off heating system
  • Windows: some replacement, some original with storms, double hung
  • Gas: natural gas
  • TV/Internet: TV in all rooms; wireless throughout
  • Water/Sewer: Public

area location, access and visibility

Ideally situated just a short walk to the heart of downtown. Bath offers a lovely collection of shops, galleries, restaurants and cafes for guests and innkeepers alike to enjoy. Bath is considered an up and coming town for residents and tourists alike.

Downtown Bath, Front Street and Commercial Street along the water

Bath sits just about midway between mid-coast and southern Maine. The inn's location along the tree lined historic Washington street is just a few blocks from the heart of town, which makes it a great spot to leave your car and go explore town. There's a fantastic farmers market all summer long at Waterfront Park on Commercial Street, and indoors in the winter.

A great home base for exploring the coast of Maine
Inn at Bath (in yellow box at bottom) and the proximity to downtown and the Kennebec River
Bath's Library Park

market position and competition

Tourism is the number one industry in the state so the lodging choices in this area are wide-ranging, from small inns and bed and breakfasts to a few larger motels and hotels. Inn at Bath is one of just a few bed and breakfasts in town and there are a couple of larger hotels and more inns in the region. But there are clear differences between B&B guests and hotel guests. And often the hotel or motel guest, if given enough privacy and anonymity can easily be convinced to stay at a bed and breakfast when they see the value in what they're getting.

Inn at Bath receives very nice reviews on Tripadvisor and is competitive with the top B&B’s. They offer rooms priced from $169 to $207 depending on the season and there is room for a rate increase during peak and non-peak seasons.

market potential

When looking at any business, determining market potential is at times an exercise in creative imagination. A study of the revenue patterns for the past few years at Inn at Bath demonstrates that it has enjoyed a consistent pattern over the past 4-5 years. But there remains future potential for new innkeepers. The inn just started participating with the OTAs (online travel agencies) and only in 2015 implemented online reservations.

With a continued disciplined approach to the business, judicious expenditures for controlled expenses and increased marketing and social media efforts, Inn at Bath can generate a comfortable ROI with a wonderful business and lifestyle for new owners.

investment considerations

The process for assessing and valuing the business is multi-layered. The first step is to look at an actual profit and loss statement.

The second step is to consider fixed and variable costs. How can you manage things more affordably? How will you increase revenue without increasing expenses? What can you do more efficiently? Can you market more aggressively? Based on your cash down, how will your net operating income work for you?

The most important part of the investment analysis is the debt coverage ratio. This is important in assessing whether a lender would consider the cash flow to be adequate to support a loan. They are generally looking for a number of at least 1.20 to 1.28. With an appropriate down payment, the numbers work at Inn at Bath.

beautiful touches

Additional Sources of Information

The inn's website

The broker's listing info

Link to additional property photos

Midcoast Chamber of Commerce

Maine Tourism Association

Maine Innkeepers Association

Other Documents Available

  • Deed
  • Supporting Financial Statements
  • Inventory of Personal Property
  • Seller’s Property Disclosures Improvements List
  • Additional Photos of Owner’s Quarters
Inn Brokers and Consultants Since 1993

Dana Moos, Lodging, Inn/Bed and Breakfast and Motel Broker

Lafayette Center - 2 Storer Street, Suite 404, Kennebunk, ME 04043

iPhone 207.266.5604 efax 207.669.8326 dana@danamoos.com www.bbteam.com

Broker/Consultant Disclaimer

The B&B Team® and its representatives believe that the information contained herein is accurate and has been obtained from sources it believes reliable, including the owners of the property and business, but it has not been independently verified, is not guaranteed and is submitted subject to errors, omissions, change of price, prior sale, or withdrawal without notice. There may be additional information available to a purchaser from other sources. Purchasers should exercise whatever due diligence they feel is necessary and should not rely upon the information contained herein. Neither The B&B Team nor its representatives warrant the suitability of the property for any particular purpose and do not assure the success of any future or contemplated business venture. If you have received this from anyone other than The B&B Team or someone authorized by The B&B Team, its use is strictly prohibited.

Non-Disclosure of Material

This buyer’s offering report contains information of a sensitive nature. The owners of the property and business herein described do not want this information shared with anyone other than your legal and tax advisors; therefore, this information is released on the understanding that it will not be reproduced or disseminated without written permission of the Broker or Consultant and only after agreeing, in writing, to maintain the confidentiality of the information.

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