Splendor Inn Bed & Breakfast
Norwich, New York
Property Overview
The Splendor Inn is an established, successful bed and breakfast in Norwich, in Upstate New York. The majestic Victorian home features six spacious guest rooms, together with owners' accommodation. The B&B is conveniently located a short walk from downtown Norwich, which offers various amenities including restaurants, bars, shops, a pharmacy, a bank, a movie theater and two small parks.
The Splendor Inn is being offered as a truly turnkey property, with everything from furniture, linens and silverware, to credit card machine and bookkeeping software; the owners are even offering a one week handover to get you up and running.
In addition to the guest rooms, the bed and breakfast features a large finished basement with owner quarters comprising a large bedroom, en-suite bathroom, a large family room and a further half bathroom.
The Splendor Inn also features an English-style Tea Room, which is also included in the sale.
The current owners have made various investments and upgrades over the years, including a kitchen remodel (2019) and a new driveway (2022). The exterior of the house was painted during 2023 and 2024.
The Splendor Inn is the highest ranked lodging establishment in the Norwich area, and has won various awards in recent years from TripAdvisor, Booking.com, Yelp and Airbnb.
About the Owner's Quarters
Large finished basement comprising good size bedroom with ensuite bathroom, large family room plus a further half bathroom.
Lifestyle:
-
Ski
Business Description:
The current owners have owned the Splendor Inn for almost 8 years. During that time, they have grown the business to a level where occupancy is consistently around 40 to 43%. Business comes from a wide range of sources: people visiting friends and family; weddings, funerals and high school reunions; large events in Norwich, including Colorscape and the Chenango Blues Festival; Colgate University is just 30 minutes away; and finally, local businesses such as NBT Bank, GE and the Chenango Memorial Hospital.
In addition to its own website, the Splendor Inn is also listed on Expedia, Booking.com and Airbnb.
The current owners have won various awards over the years, from TripAdvisor, Booking.com and Yelp, as well as being Superhosts on Airbnb.
The current owners also run an English-style Tea Room, which generates a small level of income. The Tea Room is included in the sale of the B&B, should the new owners wish to continue to run it.
Terms of Sale:
The sale includes the building as well as the business. The business includes everything required to run the B&B, from furniture, linens and silverware, to credit card machine and bookkeeping software; the owners are even offering a one week handover to get you up and running
Christopher Smith (Owner)
6073160352
Sq Ft:
4,700
Owner's Quarters Sq Ft:
1,000
Acres:
0
Year Built:
1870
Last Renovated:
2024
Years in Business:
8
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Financial Overview
Asking Price:
USD $375,000
Cap Rate:
13%
NOI:
USD $49,457
Annual Gross Revenue:
USD $102,828
Gross Revenue Multiplier:
4x
Revenue Per Room:
USD $15,021
Occupancy Rate:
38%
Average Daily Rate:
