Description

The Lafayette Inn

146 East Main St, Stanardsville, VA 22973

“The Lafayette Inn has been selected fourteen years in a row for the Best of Blue Ridge Awards for Bed & Breakfasts and now qualifies for the 2021 Blue Ridge Business Hall of Fame.”

The Lafayette Inn and Restaurant located just outside of the Shenandoah State Park in Greene County, VA., has been continuously operated for over 20 years and provides considerable room for growth. The Lafayette Inn was awarded the Wine Enthusiast Magazine Award of Distinction for 2005 and the 2006 Virginia Restaurant of the Year award at the Virginia Wine and Food Society Banquet and recently the 2018 Diners’ Choice Award- Charlottesville Area – Best Overall, Best Ambiance, Best Service, Neighborhood Gem, Notable Wine List. The inn is currently only open for 95 days per year on a regular basis and the restaurant is only open on weekends. A full-time operation would see a nearly instant increase in revenue. Established within a destination location, there is a highly sustainable business model built into The Lafayette that cannot be matched in most traditional restaurant locations.

The Lafayette Inn & Restaurant:

  • Historic Inn- circa 1840- 6 fully furnished suites- each with external entrances, private bathrooms, television, internet access (through the building).
  • Full-Service Restaurant- (Winner of Virginia’s Restaurant of the Year- 2006 Food & Wine Society). OpenTable “Best Overall” award, Trip Advisor “Travelers Choice” Hall of Fame and many other accolades.
  • On site events (rehearsals primarily)
  • Full on-site ABC License (Recurring annual winner of Wine Enthusiast Restaurant Award)
  • Located in the small County seat town of Greene County, VA, 1 block from the courthouse and historical society museum and newly opened Piedmont Community College Annex. Federalist-style historic hotel built in 1840 with sweeping colonnaded porches, near the Skyline Drive and the Appalachian Trail. Lafayette is close to local vineyards and historic sites. Lydia Mountain Adventure is 5 mi away and University of Virginia is 22 mi from the property. Early Mountain Vineyards and Barboursville Vineyards are remarkably close by.

Real Estate/buildings– Over 8,000sf of useable space

-13 original fireplaces. (8 set/operational for gas or electric)

-Seating-

-Dining room 40 seats

-Tavern 20-22 seats

-Courtyard (Tented option) 100-120 seats

-Parking lot (Tented option) 175-250 seats

Nearly 5,000 seasoned guests in their database

-Just north of the University of Virginia. East of James Madison University and adjacent to Blue Ridge School.

-Within miles from renowned Skyline Drive with fall foliage that brings visitors worldwide.

-Centered between Montpelier, Ash Lawn, Monticello and other historic sites and battlefields.

-Located in the Monticello Wine Trail. Perfectly located to various award-winning vineyards on the Washington, DC side of the trail (making us one of the best Inn locations for visitors)

-15-20 minutes from Massanutten Resort, home of over 60,000 weekly timeshare owners with skiing, golf, and famed indoor/outdoor water park.

-Over the past years they have participated in over 400 rehearsals, small wedding receptions and a few actual ceremonies in our gazebo timed to coordinate with the 6:00 church bells from the adjacent church.

-NGIC (Homeland Security) is in process of adding over 1,000 positions. They are encouraged as their employees do fit in our dining demographic.

-It is centrally located north of Charlottesville, south of Culpeper, east of Harrisonburg and west of Orange/Gordonsville- making  them a growth location.

-On a broader view, they are an excellent location for expanding business’s serving Virginia and other Mid-Atlantic destinations. Nearby to 81 and 29 for North/South travel and route 64 for East/West travel. (Believing the county stands to attract business in the coming decades as they are both convenient and affordable for access to these areas).

-The town revitalization organization (*STAR*) has been working on and has now received grants to assist in the improvement of a multi-block section of town encompassing the Inn. The first phase of improvement fully encompassed this property with nearly $1M in sidewalk, crosswalk, street lighting and other enhancements. Since many other (smaller grants) have been used to help enhance the “curb appeal” of the small-town charm of Stanardsville.

Major Improvements made:

Invested $86K in 2005 on upgrading several electrical items and mostly the installation of a central HVAC system.

Bathrooms redone in every suite and the dining room public bathrooms as well.

Third floor office, full bathroom and laundry room added/finished.

All 6 Inn rooms decorated, furnished, painted and upgraded

One handicap friendly suite, the others require a flight of steps

Flat screen TV added to all Inn rooms.

Individual hot water heaters installed with on/off switches

New kitchen subfloor

Private parking lot

Handicap friendly street parking

Notable Points:

-Create a bar- While they use the tavern occasionally for small parties, this is a natural expansion for someone with no added fixed cost outside of the build out desired. While they are fully licensed, they have no (nor ever pursued) this business. (Due to time/family constraints). They personally believe a niche exists for a moderate to upscale experience. Limited audience, but the only choice. (Lower end has a broader audience but has several options).

-On-site Catering- they have hosted over 400 rehearsal dinners without much of a reach out to local wedding venues. This could be expanded considerably.

-Off-site Catering- there actually is a large market for catering in the region. Many providers are active, mostly in Charlottesville and south. Locally, most are focused on the lower end or specialty (Full Pig BBQ). This has unlimited potential and can again largely be accomplished without adding much to the fixed cost.

-Inn rooms- they run about “average” with most B&B/Inn’s across America with our reservation rates. There is a lot of room for added rooms if marketing time could be allocated. The weekdays are virtually untouched, creating a strong net dollar for each room improvement. Seeking local companies that have employees and guests visiting. Offering a nice lodging experience and the option to have dining and bar is relatively not being provided locally.

Legal Description:

Tax map- 37A-A-33A, 9D and 9E recorded in deed book 375 page 229, deed book 551 page 155.

Main Building Circa 1840- All Approximate.

First Floor- 2,700 sf. – Dining room, Tavern, Foyer and Kitchen.

Second Floor- 2,040 sf- Two regular suites and one double suite. (Not included is the covered deck around three sides of the building)

Third Floor- 2,040 sf- Owners floor. Finished office and full bathroom. Laundry room. Bedroom/Storage room. The other 40% is unfinished- used for storage.

Fourth Floor- original observation room- now houses two HVAC units.

Side Building Circa 1820

Two Inn suites- 1,120 sf

Dicey’s Cottage- Circa 1840

Two story suite approx. 1,004 sf

Total Space- Approximately 8,904 sf

Zoned Mixed Use. Multi-family residential and commercial.

Asking price is $1,700,000.00

Address

  • City VA
  • State/county Virginia

Details

Updated on December 10, 2021 at 3:13 pm
  • Price: $1,700,000
  • Property Type: All Restaurants for Sale and Lease, Liquor License, Property For Sale, Restaurants For Sale
  • Property Status: For Sale, New Listing

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Jim McGinnis
  • Jim McGinnis

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Jim McGinnis
  • Jim McGinnis