Historical Downtown Mountain Resort Community 870 Main St

NEWLY RENOVATED, 3-story, 6,207 Sq. Ft. Multi-Purpose Commercial (Restaurant)/Residential Building with (11 Bedrooms and Marble Bathrooms) at 870 Main Street in picturesque Downtown Blowing Rock, North Carolina, presents exceptional income and investment potential of a 9.09% Cap Rate! Crafted with meticulous attention to detail, boasting over $3,500,000 in renovations in 2024, this property radiates elegance with its fresh, professional décor, new furnishings, and new smart T.V.s in every room. New lighting, ceiling fans, and appliances. The building has three floors. The first floor is a restaurant, the second floor is a home with 5 bedrooms and a laundry room, and the third floor is another separate house with 6 bedrooms. Each floor has a large private outdoor deck. Zoned Commercial Business.
Featuring new HVAC units, instant water heaters on each floor, and separate utility meters, this building allows the new owner to retain one or both residential units for personal use or capitalize on income/investment opportunities.
The renowned "The Social on Main Restaurant" operates under a long-term lease on the ground floor, yielding $8,500 in monthly rental income. Potential short-term rentals in the residential units above complement the restaurant's income. This building has been recently completely renovated.
Approximate Yearly Expenses: Insurance is $15,178 per year, taxes are $14,042 per year, and Republic Dumpster is $482.82 per month, of which the landlord splits this expense with the restaurant owner each year. $482.82 x 6 months = $2,896.92 Yearly Per Year. The Power Bills average $541.25 per month x 12 months = $6,495 Per Year, Landscaping $2,500, Water Bill Averages $379.14 x 12 months = $4,549.68 Average Per Year. Spectrum Cable $136.75 per month per floor x 2 Floors = $273.50 x 12 months = $3,282 Per Year for both floors. Wallace Propane, front door gas lanterns $24.95 per month for each floor x 2 Floors = $49.90 per month x 12 months = $598.80 Per Year for Propane Gas. Total Yearly Expenses for all three floors = $49,542.40 / 12 months = $4,128.53 per month are the average operating expenses.
Restaurant Income is $8,500 per month plus a 3% annual yearly escalation. 5-year lease term with two 5-year options to renew. $8,500 x 12 months = $102,000 Yearly Income from Restaurant. Anticipate the approximate nightly average income for 2025, $800 per night per floor. $800 x 2 floors = $1,600 per night x 20 nights average rentals per month = $32,000 potential average income from the residential units per month x 12 months = $384,000 Total Average Income from the Residential Units.
$102,000 Restaurant Income plus $384,000 Potential Income from Residential Units = $486,000 Per Year potential income for the entire building - $49,542.40 Yearly Average Expenses = $436,457.60 potential average Yearly Profit. $436,457.60 / 12 months = $36,371.46 Average Profit Per Month.
A charming large outdoor hand-built stone seating area enveloped in gas lanterns creates an enchanting ambiance overlooking Main Street. Ascend to the second floor to discover 5 bedrooms adorned with marble bathrooms featuring heated/bidet toilet seats, a shared laundry room, and a gourmet kitchen connected to a spacious family room. An expansive outdoor deck features a new built-in gas grill and Jacuzzi. The third floor unveils 6 bedrooms, each boasting marble bathrooms with heated/bidet toilet seats, alongside a grand kitchen and family room featuring vaulted ceilings. A sprawling private outdoor deck with a built-in gas cooking grill offers panoramic views of Main Street Downtown Blowing Rock. Both units boast expansive windows overlooking Main Street. The building has legal approval with the Town of Blowing Rock, allowing short-term rentals through platforms like AirBNB and VRBO due to the property's commercial zoning. Notably, the property features its own parking lot with assigned spaces for each bedroom for the residential units, a rare amenity in downtown Blowing Rock.
Blowing Rock, nestled in the scenic Blue Ridge Mountains, is nationally recognized for its natural beauty and tourism appeal. With accolades such as Best Mountain Getaway and Best Downtown and Main Street Local Shopping Town, Blowing Rock attracts visitors year-round, ensuring a steady stream of rental income for investment properties. The town's stable real estate market, coupled with its strong sense of community and range of amenities, further enhances its appeal to both tourists and residents.
With limited supply and steady demand, Blowing Rock offers favorable conditions for real estate investors, which could lead to increased property values and rental income. Whether you're interested in vacation rental properties or commercial ventures, Blowing Rock's desirable location and strong tourism appeal make it an ideal investment destination.
Surrounded by breathtaking natural landscapes and attractions such as the Blue Ridge Parkway, Moses H. Cone Memorial Park, Tweetsie Railroad, Grandfather Mountain, and Blowing Rock Art and History Museum, Blowing Rock offers something for everyone, from outdoor enthusiasts to history buffs.
Don't miss this Unparalleled Opportunity to own a piece of History in Downtown Blowing Rock, NC!
Call now to schedule your showing and seize this Incredible Investment Opportunity!