Restaurant/Motel in prime tourist location

Ellsworth, ME (Hancock County)

Restaurant/Motel in prime tourist location

Asking Price:$1,600,000

Cash Flow:N/A

Gross Revenue:$1,150,000

EBITDA:$200,000

FF&E:$300,000

Inventory:N/A

Real Estate:$1,750,000

Established:1956

Restaurant/Motel in prime tourist location

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Business Description

Jasper's Restaurant & Motel have been in business for nearly 60 years. Located in the center of the main strip of Ellsworth, Maine it has a loyal following to the millions of tourist as well as locals in a part of Maine that serves as the 'hub' for about 20 communities. Its' location is prime and the tourist visiting Bar Harbor and Acadia National Park have a first option of stopping in before they reach a much more expensive destination.
Selling price is about $ 150,000 below assessed value. Owner is willing to split the offering into just the restaurant, or motel with the house/barn being an option to purchase.
There is a 7 year lease in place at $ 1500/mth for a hair salon roadside. This will certainly help pay for any mortgage.
Owner will sell, restaurant ($ 650,000) and Motel ($ 850,000) and house ($ 195,000) separately.

Detailed Information

Real Estate:
Owned
Included in asking price
Building SF:
N/A
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
7053 sq. ft. restaurant, 32 unit motel/1500 sq. ft. additional leased space, 3 bedroom house/large barn, all on 2.23 acres in prime commercial location.
Competition:
This is the largest seafood Restaurant and Motel in the area with a 59 year history and is an iconic landmark There are other restaurants and motels in the area as Ellsworth is very much a 'tourist' location as 3 million people a year visit the area as the go to Bar Harbor and Acadia National Park.
Growth & Expansion:
Motel is near capacity during the tourist season and does very well year round. Restaurant has slowed with economy and could have sales increase yet is still an area landmark. Possible to expand Motel on large 2 + acre lot.
Support & Training:
Manager in place for both Restaurant and Motel
Reason for Selling:
Owner moving.

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Frederick Noyes

Business Listed By:
Frederick Noyes

Acadia Realty Group LLC

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