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Active
$624,900
/mo Edit
Commercial:  Business Opportunity
Built 1903
0.33 acres
Bayfield schools
MLS# 6500644
My rating:
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    Property Description

    Own a piece of Iconic Bayfield WI, Lucy's Place is an established bed and breakfast, featuring 4 ensuites for rent, and a separate owner's wing. Each ensuite features a private bath with jetted tub. in Lake superiors views from the garden, or walk a few blocks and be immersed in the shops and water front of this picturesque tourism hot spot. The property includes several additions and updates, including solar panels, upgrades in energy efficiency , and mechanical updates. This property operates at an 11.5% cap rate, making it an excellent investment opportunity. At just under 3800 square feet, it would also make an amazing north shore vacation property, with room to spare for friends and family.

    Listing

    Contingency: None
    City: Bayfield
    County: Bayfield
    State: WI
    Property Style: Business Opportunity
    Zip Code: 54814

    Interior

    Ranges: One
    Refrigerators: Six or More
    Appliances Included:
    • Dishwasher
    • Disposal
    • Dryer
    • Exhaust Fan
    • Freezer
    • Gas Water Heater
    • Microwave
    • Range
    • Refrigerator
    • Washer
    • Water Softener Owned
    Basement Details:
    • Block
    • Concrete
    • Finished
    • Insulating Concrete Forms
    • Owner Access
    • Walkout

    Exterior

    Stories: Two
    Garage Spaces: 2
    Garage Dimensions: 20x20
    Garage Size: 400 ft2
    Garage Door Height: 8
    Garage Door Width: 16
    Other Parking Spaces: 4
    Air Conditioning: Window Unit(s)
    Foundation Size: 1,242 ft2
    Foundation Dimensions: 23x54
    Handicap Accessible: Wheelchair Ramp(s)
    Road Responsibility: Public Maintained Road
    Heating System: Forced Air
    Parking Features:
    • Attached Garage
    • Concrete
    • Gravel
    • Tuckunder Garage
    Shared Amenities: Porch
    Road Frontage:
    • City Street
    • County Road
    Exterior Material: Aluminum Siding
    Roof Details: Asphalt

    Rooms

    Shared Rooms: Community Room

    Lake & Waterfront

    Waterfront Present: N
    Waterfront Name: Lake Superior
    Waterfront View: Harbor, Lake
    DNR Lake ID#: 600092091
    Lake Chain Name: N
    Lake Acres: 20795117
    Lake Depth: 0
    Waterfront: Lake View

    Lot & Land

    Acres: 0.33
    Geolocation: 46.80918252, -90.82189788
    Inclusions: Building, Business Assets, Business, Fixture/Equipment, Inventory, Land, Rental License
    Lot Dimensions: 119 x 120
    Zoning:
    • Business/Commercial
    • Residential-Single Family
    Lot Description:
    • Tree Coverage - Medium
    • Underground Utilities

    Schools

    School District: 315
    District Phone: 715-779-3201

    Expenses

    Annual Electric Expense: $750
    Annual Fuel Expense: $1,541
    Annual Water/Sewer Expense: $2,882
    Tenant Expenses: None

    Financial & Taxes

    Tax Year: 2022
    Annual Taxes: $4,255
    Lender-owned: No
    Assessment Pending: No
    Taxes w/ Assessments: $4,255

    Income

    Annual Gross Income: $75,000

    Units

    Total Units: 4

    Miscellaneous

    Current Use: Bed & Breakfast
    Fuel System:
    • Electric
    • Natural Gas
    • Solar
    Sewer System:
    • City Sewer - In Street
    • City Sewer/Connected
    Available Utilities:
    • Electric Common
    • Heating Common
    • Hot Water Common
    Water System:
    • City Water - In Street
    • City Water/Connected

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    Local Home Mortgage Professionals

    651-253-2144
    Jason & Kim Stone
    Branch Manager & Co-Branch Manager
    Fairway Mortgage    NMLS#1018649
    Jason Stone joined Fairway Independent Mortgage Corporation in October 2017, as a Producing Branch Manager with over 15 years of experience in the mortgage industry. Throughout his career, Jason has originated over $500,000,000 in residential loan volume and has helped several thousand customers with their home financing needs. Jason was named Minneapolis Magazine: Super Mortgage Professional in 2018-2023, Scotsman Guide: Top Mortgage Originator 2019-2022, and Minnesota Housing: Platinum Leander. He is also a retired volunteer firefighter for the city of Mendota Heights, MN which is one of the reasons he’s a Home for Heroes affiliate lender.

    Kim Stone joined Fairway Independent Mortgage Corporation in August 2021, as Co-Branch Manager and Loan Officer. Kim leverages her previous experience as a leader in the non-profit sector to provide care and support throughout each home financing transaction. She has a bachelor’s degree in Communication and Marketing from Minnesota State University, Mankato and a master’s degree in International Business from Nova Southeastern University in Ft Lauderdale, FL.

    Leveraging more than 20 years of combined industry experience, the Stone Mortgage Team of Fairway Independent Mortgage Corporation, considers customer service as a way of life. Not only are we dedicated to finding great rates for our customers, but we also offer some of the fastest turn times in the industry. We pride ourselves on being personable, knowledgeable, accessible and reliable. Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond.
    It would be our pleasure to assist you with your home purchase!

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    Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.