Greenville Inn in Maine's popular moosehead lake region

An elaborate Queen Anne built in 1895 for William Shaw, a prominent lumber baron in the late 19th and early 20th century who also owned the steamer Katahdin. Guests can relax with an evening cocktail or aperitif on the veranda or in either of the sitting rooms; the Cherry Room or the Oak Room, before optional dining in the restaurant. Both dining rooms offer beautiful mountain sunset vistas overlooking the town, East Cove of Moosehead Lake and the Big and Little Moose Mountain ranges.

There are a total of 14 guest units – 6 cottages, the Tower Suite, 2 carriage house suites and 5 guest rooms in the main inn. The inn accommodates singles to families/groups up to six.

The 45 seat restaurant has a gas fireplace for both ambience and warmth in the cooler months. The setting is elegant and comfortable.

The gorgeous “cherry room” has a gas fireplace proudly displays the original woodwork (floor, walls, ceiling) and light fixtures and beautiful details in the leaded glass. The “oak room” offers a more casual atmosphere, but with the original woodwork, gas fireplace, coffered ceiling and details from when the house was built.

stunning original cherry wood in the formal parlor
Stunning woodwork in the foyer and hallway

The inn is on the National Register of Historic Places. The inn has also been in business for 68 consecutive years.

beautiful details
gorgeous light fixtures

Simply stunning period details, rich ornate wood, stained glass, warm ambience.

Property Tour

A beautiful view over Moosehead Lake
And a view from the wrap around upper porch
Gorgeous Sunsets

The Cottages

cottages spring 2014
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There are 6 cottages and a new one is currently being built.

The Tower Suite

This private lavish suite is double occupancy and offers a large jet tub, a sitting room with picture window, telescope, a gas fireplace and private porch.

At A Glance

  • 14 guest rooms, all en-suite baths (cottages, inn rooms, carriage house and tower suites)
  • The total overall square footage is 14,356 of gross building area; the mansion itself is an impressive 11,728 square feet!
  • 4.5 acres in the central business district, located on a quiet non thoroughfare street. There's plenty of room for events!
  • Incredible original woodwork (mahogany, cherry, oak), leaded glass and original light fixtures throughout this grande dame
  • Several sets of original hardwood pocket doors
  • Immaculately maintained and updated over the years
  • Spacious commercial kitchen. The inn has offered dinners in the past, but the owners decided to slow down and enjoy a bit more time as innkeepers. It could easily be started back up with new owners as there isn't much medium-to-fine dining in the area.
  • Onsite, spacious staff quarters
  • Open year round (inn rooms) but the 6 cottages are fully winterized (and on foundations) and could remain open all year.
  • Private third floor owner's suite with 2 bedrooms, 1 1/2 baths, new kitchenette, office/storage, a very comfortable and private space.

Full financial detail provided with signed non-disclosure agreement for qualified buyer. Financially viable property.

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Rooms in the Mansion

Carriage House Rooms

Each of these has a sitting room and some have second bedrooms. They're very spacious.

Property Highlights

  • Built in 1895 for a prominent lumber baron
  • Overall 14,356 square feet of Gross Building Area (GBA)
  • full unfinished basement with ice machine, wine cellar, office, laundry room, mechanical rooms and plenty of space for open storage. This space could be finished for living space (full height ceiling).
  • lot size: 4.5 acres, well landscaped, wooded and spacious for events
  • 14 guest rooms, 14 en-suite baths (6 cottages, Tower Suite, 2 carriage house suites, 5 inn rooms) with another cottage being built in 2017
  • Buyers have an option to run a 45 seat restaurant with service bar and 2 restrooms for dining guests; large commercial kitchen
  • owner’s quarters: very comfortable and private 3rd floor space with 2 bedrooms, full bath plus half bath, walk-in closets, new kitchenette, storage.
  • additional private work space for owners in the large garage of the Tower Suite building
  • staff quarters with 1 1⁄2 baths and chef quarters with 1 bath
  • Lovely wrap porch overlooking the town with a view of the lake and mountains
  • paved semi-circular driveway and parking lot at main inn, gravel parking lot for upper cottages – total parking for 20+ cars
  • flooring: hardwood, vinyl, tile, carpet
  • Real Estate Taxes: $12,790 (2017)

Property Facts

  • Owner: Mountain Vista LLC (Terry and Jeff Johannemann)
  • Legal Description: Book 1479, Page 179 in Piscataquis County Registry of Deeds
  • Deed: Quitclaim with Covenant
  • Land: 4.5 acres
  • Zoning: Village
  • Designated use: Bed and Breakfast with Restaurant
  • Construction: Wood frame
  • Roof: Composition shingle
  • Exterior: Wood shingle, wood clapboard siding
  • Windows: Some thermal pane replacement, some original w/storms
  • HVAC: oil fired, hot water, baseboard, multi-zoned off heating system
  • Gas: Bottled
  • TV/Internet: TV in all rooms; wireless throughout
  • Water/Sewer: Public

Market Analysis, Location, Access & Visibility

Greenville Inn sits near the top of a no-through residential street. So it’s quiet and sits high enough to see the lake, particularly from 2nd floor rooms. The mountain views and sunsets are just beautiful. But the nice thing about this inn is that guests can walk down the street and be right in town and leave their car at the inn. There are tours on the lake on the S.S. Katahdin or high above on a sea plane.

In real estate, the three most important things are location, location, location. It is no different with a Bed and Breakfast/ Country Inn. While some believe (and a very few have made it so) that you can “build it and they will come,” the reality remains that guest occupancy is driven in large measure by location combined with a quality facility that is well marketed by gracious hosts offering arewarding and memorable guest experience. A location is what it is and cannot be changed by aproperty owner, though involved business owners can participate in making their communities better, thereby improving the quality of a location over time.

Nestled among scenic mountain ranges, Moosehead Lake in Maine is the largest lake east of the Mississippi contained within one state. Moosehead Lake's island studded waters stretch as far as the eyecan see and are surrounded by vast forested wilderness. Moosehead Lake is the destination for eco-tourists, nature lovers, and those seeking a refuge from the bustle and stress of their busy lives. Thepristine waters draw those wishing to explore nature. Tourists can experience the wonders of the Moosehead Lake Region by kayak or canoe; go fly fishing; relax on a scenic cruise on the historic steamship Katahdin; or feel the adrenaline rush of shooting the rapids on our world class white waterrafting rivers.

Greenville is situated 180 miles from Kennebunkport; 150 miles from Portland; 125 miles from Bar Harbor/Acadia National Park; 100 miles from Camden; 70 miles from Bangor; 45 miles from Baxter State Park; and 158 miles from Quebec. It’s situated amongst year round activities and national and state parks, from spring to fall on the lake, hiking, kayaking, canoeing, swimming, hiking, biking and hunting to ice fishing, snowshoeing, snowmobiling, downhill skiing and cross country skiing. It’s an outdoor enthusiast’s paradise!

It is interesting to note that within 250 miles there is a population of approximately 7 million people,and within 150 miles there are about 1.3 million people to tap into as potential guests. This is a truly significant number when you think of the number of guests who prefer to drive to their vacation destinations.

Historic Touches

History of the Area

Greenville is the historic gateway to the north country and a center for outdoor recreation in the area.

First called T9 R10 NWP (or Township 9, Range 10, North of the Waldo Patent), the land was granted about 1812 by the Massachusetts General Court to Thornton Academy in Saco. In 1824, Nathaniel Haskell of Westbrook bought the Thornton Academy Grant. With Oliver Young and John Smith, he began clearing trees that summer for farming near Wilson Pond, where the Wilson Stream would provide water power for mills.

In 1827, Haskell completed a house, and his family joined him. A sawmill was built on Wilson Stream in 1829, with a gristmill added the following year. In 1835, Henry Gower began clearing land beside Moosehead Lake for what would develop into Greenville village. There he erected the first hotel, a two- story building called The Seboomook House, and the first store. On February 6, 1836, Greenville was incorporated from Haskell Plantation, and named for its green forests. By 1846, Greenville village included two houses, two blacksmith shops and a schoolhouse. On August 10, 1848, the town annexed land from Wilson, the remainder of which was distributed to Shirley and Elliotsville.

A small steamboat was launched in 1836 to tow logs, and in 1838 the first large lake steamer began operation. In later years, a succession of steamers by the name of Katahdin plied the waters. The current S/S Katahdin was built in 1914. In July 1884, the Bangor and Piscataquis Railroad (later, the Bangor and Aroostook Railroad) arrived at Greenville Junction. The Canadian Pacific Railway's subsidiary the International Railway of Maine was built through the village in 1888. Tourists were attracted by the region's scenic beauty, hunting and fishing. Consequently, several inns and hotels were built, including the Piscataquis Exchange Hotel, the Squaw Mountain Inn and the Moosehead Inn. Steamboat service was available across Moosehead Lake to the grand Mount Kineo House on a peninsula at Mount Kineo. Today, Greenville remains a popular resort area.

International Seaplane Fly-in

In 1973, a group of local seaplane pilots and bush pilots from around Moosehead Lake including Charlie Coe, Dick Folsom, Telford Allen Jr., and Seaplane Pilots Association founder David Quam got together and established the Greenville International Seaplane Fly-In; the first such event took place on the weekend before Labor Day that year and became an annual attraction that grew larger every year. Seaplane pilots locally and from around the country fly to Greenville each year for the event and stage out of Moosehead Lake while other general aviation pilots arrive at nearby Greenville Municipal Airport. The festivities originally centered around the Folsom's Air Service Hangar and Seaplane Ramp but in recent years have switched to the neighboring Maine Fish and Game Hangar which is now called Stobie Seaplane Base and has been expanded to accommodate the event. The fly-in consists of planned competitions among seaplane pilots which include Short Takeoffs and Spot Landings, Taxi Slaloms, bomb-dropping contests (which have used water jugs and grapefruits), and the so-called "Bush Pilot's Canoe Race" which was invented in Greenville. Many exhibitors also utilize the Fish and Game Hangar to advertise and sell aviation and seaplane items, each year between 50 and 100 seaplanes arrive on the lake and just as many land- planes stage at the Greenville Airport; these normally include popular General Aviation types such as Cessna 172s, Cessna 180/185, Cessna 182s, Cessna 206s, Piper J-2 Cubc Piper PA-18 SuperCubs, Lake Aircraft and Republic RC-3 Seabees. Also seaplanes that have commonly attended in past years have included Cessna 195s, Cessna 208 Caravans, De Havilland DHC-2 Beavers and turbine Beavers, De Havilland DHC-3 Otters Cessna O-1/L-19 Bird Dogs, Grumman G-21 Gooses Grumman G-44 Widgeons, Grumman HU- 16 Albatrosses, and multiple unique ultra-light and homebuilt float-planes. Some examples of extremely rare seaplanes that have visited the Greenville fly-in include the Quest Kodiak (in 2010 and 2014), the German Dornier Seastar (in 2010), the only remaining airworthy Sikorsky S-39 (in 2009) and a vintage Consolidated PBY Catalina Flying Boat which was featured at one of the Fly-Ins during the 1980s. In addition to the competitions and aviation vendors, there are usually organized flybys and demonstrations, the Maine Forestry Service usually puts one of their locally based UH-1 Huey helicopters through it's paces in a water-bombing demonstration, before acquiring Hueys in the late 1980s they used a De Havilland Beaver in these demonstrations. The Canadians used to bring down a Canadair CL-215 Flying Boat for a similar performance from the 1980s to 1990s. The world's only Douglas DC-3 on floats that was operated locally by HBF inc. called Greenville Home from 1990 to 2004 when the floats were removed, the aircraft has not since been flown. The fly-in has since become much more well-known among the aviation community and celebrated its 40th anniversary in September 2013. The most recent event in 2014 proved an even better turnout. The next Greenville International Seaplane Fly-In is scheduled for September 11–14, 2015.

Special Touches

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. The Moosehead Lake region has long been a destination location for travelers coming to Maine, as well as those who live in Maine. Greenville Inn is one of only 4 bed and breakfasts in town, there are a half dozen smaller motels and about 16 or so lodging places with cabins.

The Greenville receives high reviews and is consistently one of the top rated B&B’s in the area. The Greenville Inn offers rooms priced from $185 to $450 depending on the season and suite and there is room for increase during both peak and non-peak seasons since some competitor’s rates range from $350-$800.

The inn is on the National Register of Historic Places. This does not restrict what can be done to the inn, but it does prevent eminent domain.

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 Greenville Inn demonstrates that it has enjoyed a fairly steady business. The area sees steady business in the winter (some tourism, many Mainers or New Englanders for winter sports) and the inn could enhance the off season business a great deal.

With a continued disciplined approach to the business, judicious expenditures for continued room upgrades, controlled expenses, creative advertising and social media marketing, Greenville Inn has the prospect of generating a higher 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 the appropriate down payment for commercial lending, the numbers work.

Additional Sources of Information

  • The inn’s website: http://greenvilleinn.com
  • Link to Additional Property Photos: https://goo.gl/308vUp

Other Documents Available

  • Deed
  • Supporting Financial Statements
  • Inventory of Personal Property
  • Seller’s Property Disclosures
High Above Moosehead Lake

Greenville Inn is offered at $2,395,000 and proudly brought to you by

Inn Consultants and Brokers Since 1993

dana moos, B&B broker 207-266-5604 dana@danamoos.com danamoos.com

Created By
dana moos
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