Historic Hotspot on strip. VRBO / Event Venue. Constantly Booked.

Collin County, TX

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Asking Price: $819,995

Cash Flow: $51,000

Gross Revenue: $64,000

EBITDA: N/A

FF&E: $20,000

Inventory: N/A

Real Estate: $695,000

Established: 2017

Historic Hotspot on strip. VRBO / Event Venue. Constantly Booked.

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Business Description

102 yr old Historic Vacation Rental / Event Space on Downtown Strip

4.9 Rating. 60+ reviews. SuperHost status for 2 years.
Venue has weddings and parties several weekends a month!

One of Wylie's landmark charms. 102 yrs old & on the Historic Downtown strip, this beautifully restored 3700 SF craftsman lies in the heart & soul of the town's shoppes, restaurants, winery & the Olde City Park.

5 Bedrooms, 2 full + 2 half bath home. 2-story charm, restored back to gracious era of the 1920s. High ceilings, grandiose rooms, original hardwood floors throughout. Spacious w/ lovely antique personality furnished in every room. 10 mins to world renown SouthFork Ranch. 5 Mins to Lake Lavon. Near Plano, Murphy, Allen.

Olde House currently books around an average of $260/n for regular nights and $1400 on average for wedding weekends (Friday evening - Sunday morning). Guests also pay additional cleaning fee for each stay, which covers maid costs for turnovers.

Driveways can fit approx. 9-10 vehicles and street parking is another 3-4. Also available lots across and down the street for events.

Extra-tall, 2-year old wooden privacy fence around entire back yard is great for family gathering and / or parties.

Depending on buyer's preferences, this property can also easily be converted to an actual B&B as opposed to the vacation rental / event rental property it's currently operating as.

Detailed Information

Location:
Collin County, TX
Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
3,700
Employees:
0
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
102 y/o Property on downtown Strip. 64 foldable Lifetime chairs 10 round Lifetime tables 2 rectangle Lifetime tables Event building has 4 custom bay doors for open-air vibe. Kitchen has commercial size range/oven & extra-large island for party refreshments. All appliances that are currently installed, including the washer and dryer. 2-3 sets of sheets / comforters / pillow cases for each bed. Towels, kitchenware, cleaning supplies and remaining supplies for soaps, paper products, etc. Has amazing standing online. Incredible ratings on AirBNB & H (Home Based)
Competition:
While vacation rental sites and hot right now, there are a few factors that make this property almost competition-less. One is the fact that it is a historic gem and staple in the city's downtown strip. It's had a century of good will and charm built and collected that make it a hotspot for weddings and events. Plus, guests from out of town can see the unique factor from the online listing. The other factor is size and space. Its ability to sleep 16 overnight and host parties of up to 100 guests make it a great purchase for our guests with groups.
Growth & Expansion:
Lots of room for income growth, even though the property is currently operating very well. The owners are pretty passive & do not use aggressive, dynamic pricing techniques to boost occupancy. Our strategy has been passive and organic since day one. With an active hospitality-focused owner/manager, occupancy should quickly go up to 55-60% minimum without much in the way of marketing dollars being spent. The home stays well booked through the year but with the willingness to apply dynamic real-time pricing, there's a bigger share to capture.
Support & Training:
With todays, technology, sites like AirBNB and HomeAway easy to learn and have great support staffs. Online bookings through these sites (and a few through other smaller sites) make up 100% of our business. Owner will show buyer the ropes on each site to handle bookings, scheduling. Other tasks include maid scheduling / management for turnovers.
Reason for Selling:
Owners are rearranging investment portfolio
Home-Based:
This business is Home-Based
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Business Listed By:
Colton Tapp

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