area location, access and visibility
- 37 miles to Camden
- 45 miles to Rockland
- 19 miles to Bangor
- 33 miles to Mount Desert Island and Acadia National Park
- 20 miles to Ellsworth
- 17 miles to Castine
- 19 miles to Belfast
- And just a 2 hour drive from Portland’s International Jetport
The Bucksport Motor Inn overlooking the Penobscot River is centrally located to some of Maine's most frequently visited coastal towns. This is a great stop over for: snowmobilers, ATV riders, hunters, birdwatchers, ski and snowboarders, hikers, bikers, boaters or just family vacationers. The Penobscot Narrows Observation Tower is the first such innovation of its kind in the United States and only the third in the world.
Fort Knox and Bridge Observatory
Located on the west bank of the Penobscot River in Prospect, Maine, in an area known as the Penobscot Narrows, Fort Knox is one of the best-preserved fortifications on the New England seacoast. The observatory is, at 420 feet and 42 stories, the tallest occupied structure in Maine. Visitors will enjoy the 360° views of the Penobscot River and Bay, the Maine countryside and the distant mountains to the west. Fort Knox and the observatory are open May 1 through October 31, from 9am to sunset. The grounds are open year round for your visiting pleasure.
market position and competition
Tourism is the number one industry in the state so the lodging choices in the region are wide-ranging, from small inns and bed and breakfasts to larger motels and hotels. Bucksport Motor Inn has prices well within any area lodging property, with room to increase rates.
Bucksport Motor Inn receives very nice reviews on Tripadvisor and has maintained a 4.5 star status. They offer rooms priced from $79 to $109 depending on the season; there is definitely room for increase during peak and non-peak seasons.
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 Bucksport Motor Inn demonstrates that it has enjoyed a steady business, with only a slight dip in 2017. But with better marketing, a new website and the ability to book direct through the website instead of an online booking engine (Expedia, Booking.com etc), there remains a great deal of future potential for new innkeepers.
With a continued disciplined approach to the business, judicious expenditures for controlled expenses and continued marketing, Bucksport Motor Inn can generate a very comfortable ROI with a wonderful business and lifestyle for new owners. Keeping expenses in control should be easy to attain since nearly everything has been updated, renovated or replaced.
INCREASING BUSINESS AT BUCKSPORT MOTOR INN
- A new website with reservation capability, integrated with the OTAs (Expedia, Booking.com, etc) should enhance direct bookings to the website directly, lowering commissions paid
- Better photos on the website, active Facebook page and increased marketing should enhance direct bookings, lowering commissions paid
- The property is much nicer in person than the website or photos on Expedia/Booking show. With increased perceived value, the occupancy should grow; rates might need to be dropped to boost occupancy initially until perceived value is increased; then once occupancy is boosted, rates can be increased again. Supply and demand; economics 101!
- Maine Maritime Academy is planning survivor school and other educational classes at the former Verso paper mill which should bring several thousand to the area
- Wholeoceans.com is a new sustainable salmon farming technology that's in the works to start phase I late 2018 that should bring thousands of jobs to Maine.
- The mission of Main Street Bucksport is to promote a vibrant downtown Bucksport by supporting existing businesses, attracting new businesses, and supporting cultural arts events as a committment to revitalizing downtown Bucksport.
- 2018 brings an International Maritime Film Festival, Bucksport Art Festival, Evening Under the Stars at the Lightouse Arts Center, along with other new events should bring increased business to Bucksport
- In December there is a Holiday Lights Festival
- Business from the Waterfront concerts in Bangor
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 1.25 to 1.3. With the appropriate down payment for commercial lending, the numbers work very well at Bucksport Motor Inn.
Additional Sources of Information
The property's website
The broker's listing info
Link to additional property photos
Area Chamber of Commerce
Maine Tourism Association
Other Documents Available
- Supporting Financial Statements
- Inventory of Personal Property
- Seller’s Property Disclosures Improvements List
- Additional Photos of Owner’s Quarters
Bucksport Motor Inn is offered at $1,200,000 and is proudly brought to you by Dana Moos
Director of Lodging and Hospitality Brokerage
43 Cottage Street, Bar Harbor, ME 04609
iPhone 207-266-5604 firstname.lastname@example.org www.danamoos.com