Black Lantern Inn Bed and Breakfast

Property Address: 1526 Franklin Road SW
Roanoke, VA 24016
Contact: Hal Cone, Broker
Cone Realty Group
1101 Wilson Blvd 6th Floor
Arlington, VA 22209
Contact Email: hal@conerealtygroup.com
Contact Telephone: (540) 759-4766
Contact Toll-free: n/a
Contact Fax: n/a
MLS Listing: https://www.conerealtygroup.com/homes-for-sale/VA/roanoke/24016/1526-franklin-rd-sw/bid-295-908326
Property URL: http://www.blacklanterninn.com
Date Business Established: 1/1/2008
Trade Association Affiliations: Virginia Green Tourism Partner
Financials Verified: Yes

Area Description: Roanoke VA is a diverse and dynamic city nestled in the Blue Ridge Mountains, where you can enjoy scenic nature, rich culture, historic landmarks, and many entertainment venues. It is also a center of innovation with a thriving biomedical and technology sector only minutes from the Inn.

Owners state that “We have experienced the importance of living in a supportive and collaborative small business community that works to help us succeed and thrive”. The population of Roanoke City was 100,011 as of April 1, 2020. Greater Roanoke also boasts a fantastic collection of colleges and universities with 21 institutions of higher learning within a 60-mile radius.

The region is proud of awards and accolades for its quality of life, including the following:

• Mountain Biking Capital of the East Coast
• Home to Virginia Blue Ridge Twenty24 cycling team preparing for the 2024 Olympics
• Professional Hockey Team
• Best Trail Town by Blue Ridge Outdoor Magazine
• 100 Best Places for Business Development by Inc. Magazine
• Best Places to retire by Money Magazine
• 10 Best Places to Raise a Family by Parenting Magazine

The Inn is a walkable mile from the lively downtown with locally owned restaurants, bars, craft breweries, as well as arts and cultural attractions, such as museums, art galleries, and a historic farmers market. The famous Roanoke Star is an iconic symbol of Virginia’s Blue Ridge and a must-see spot when visiting the region. The “Star” is visible from the Inn and only minutes away.

Site Description: The Black Lantern Inn at 1526 Franklin Road is located within the Historical Southwest neighborhood of the City of Roanoke, VA. The property is 0.175 acres and is zoned MX (mixed use). The adjacent lot at 1530 Franklin Road is 0.0555 acres and is zoned MX (mixed use). Both properties are included in the sale.

The Inn is located less than 10 miles from exit 143 off I-81, and 1 mile from the heart of historic downtown Roanoke. The iconic Roanoke Star at the top of Mill Mountain is 1.2 miles away, and the entrance to the Blue Ridge Parkway is another 2 miles (mile marker 121). The Roanoke River Greenway is 1/3 mile away, and one of the most popular hikes on the Appalachian Trail – McAfee Knob – is approximately ½ hour away.

Structural Description: The Black Lantern Inn is located within the limits of the City of Roanoke in the historical southwest neighborhood. It dates back to the early 1900s but was completely renovated in 2008, preserving its original architecture while adding modern conveniences such as central air conditioning. It has 4 bedrooms and 4 ½ bathrooms, 2 kitchens, a laundry room, front and back porches, and a 2nd-floor covered deck totaling 2,720 sq. ft. which includes separate owner’s quarters on the first floor. The Inn also has a full stand-up basement. The property outside features a private off-street parking lot with 6 designated parking spots, an outdoor covered brick patio, a fire pit, gardens, an outdoor bike wash, and mature trees. It also includes an adjacent tree-lined yard for future use. The Inn is proud to be recognized as a Virginia Green Tourism Partner with one of the highlighted features being the gutters that drain underground to water a garden area.

Offering: JUST REDUCED! Listed for sale at $849,000 $749,000. Price includes the 15 year old business, real estate and assets, the adjacent lot, complete guest list (2000+), website, marketing materials, menus, training, bookings through 2025, and #1 ranking on Google, TripAdvisor and Booking.com. The Inn profitably operates 60% of the year by choice (210 days/yr) at 70% capacity. New owners could easily increase sales and profitability by expanding the operating calendar. Reason for sale – owners looking at retirement options and relocating closer to family. Buyers are required to sign a NDA and provide a Statement of Net Worth. 3% fee payable to Buyer’s Broker at closing. Property can be seen by appointment only.

Occupancy: 70%
Average Daily Rate: $190
Income from Room Sales: $80,000+
Property Taxes: $4,380/yr
Electric: $400/mo
Water & Sewer: $175/mo
Natural Gas/Propane: $23/mo
Insurance: $150/mo