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Businesses For Sale > Business For Sale in Filmore County, Minnesota (MN)
Iron Horse Oufitters and Inn in Beautiful Lanesboro! for sale in Filmore County, MN
Filmore County, Minnesota (MN)
| Asking Price: |
Gross: |
Cash Flow: |
| $ 433,000 |
$ 128,032 |
$ 64,364 |
Furniture and Fixtures Value:
$ 21,875 (included in the asking price)
Inventory Value:
$ 21,500 (included in the asking price)
Real Estate:
$ 390,000 (included in the asking price)
Business Summary:
Located in picturesque Lanesboro Minnesota, the Iron Horse Outfitters and Inn combines prime bluff country real estate with turn key hotel (4 rooms) and retail (motorcycle accessories) operations. This business sale includes the real estate, business goodwill, equipment, and a normal amount of operating inventory. A signed NDA is required to learn more about this opportunity.Operated as a motorcycle accessories store and hotel since 2015, the building was originally built in the 1880's. A renovation in 2014 conserved much of the buildings architectural nuance while updating the finish to a more modern palette. Today the Iron Horse Outfitters and Inn stands as a favorite place for picture taking in downtown Lanesboro, and draws motorcycles riders from across the country through its dual allure of world-class motorcycle roads and small town, personal touch sales.Currently, the owner manages the operations directly. There is an online booking system that is used to collect bookings for the hotel operation and there is a point-of-sale system that handles the retail sales. In the past there have been other employees in the business, but there are none currently.
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| Year
Business was Established: 2015 |
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| Facilities / Terms of Lease:
Current facilities are adequate for current operations. The real estate is currently configured as a retail sales space (motorcycle accessories) and hotel (4 rooms with a common room). The current finish for the interior was completed in 2014.
The building is 3 floors and approximately 5,200 sq ft. Approximately 1,750 sq ft is directly related to the hotel operations, approximately 3,750 sq ft is used to conduct the retail operations.
This is a corner site with Coffee Street E on the south with 25’ frontage, and Parkway Avenue N on the west with 70’ depth. Gross area is 1,750 square feet. There is no access on the north or east with abutting buildings.
The site is fully improved with curb and gutters, concrete sidewalks and bituminous streets.
The site has municipal electricity, water, sanitary sewer, and storm sewers available. Natural gas, telephone, and TV services are also available to the site. |
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| Potential
Growth/Expansion:
There are an abundance of growth opportunities for this operation, including: 1) having the retail store open more days and hours, 2) adjusting room pricing to bring in more revenue, 3) investing in marketing efforts, 4) organizing more motorcycle rides to Lanesboro/the store, 5) attend motorcycle events to find more potential customers. |
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| Competition:
The need for hotels and motels depends heavily on domestic and international tourism levels, making these businesses susceptible to the overall economic environment. The COVID-19 pandemic's travel restrictions mostly paused travel activity for an extended period of time, causing hotels and motels to be one of the industries hit the hardest in 2020. The lifting of those travel restrictions resulted in skyrocketing hotel revenue in subsequent years but rising inflation pushed some consumers to reduce spending on leisure activities, causing revenue growth to slow down. Hotel revenue is estimated to have fallen at a CAGR of 0.4% to $239.0 billion over the past five years, including 3.4% growth in 2024.
The growth of alternative accommodations, including Airbnb and VRBO, threatens hotels and motels by increasing price competition. The highly competitive market leads hotels to include new services to maintain their revenue streams, although not all hotels have been able to do so. Specialty hotels – including extended-stay hotels, boutique hotels, spas, health retreats and resorts – are expected to experience higher growth as they offer unique features that differentiate them from others in the market.
The Small Specialty Retail Stores industry is driven by broad macroeconomic variables rather than product specific trends. Still, individual segments do respond to specific shifts in consumer preferences. Over the past five years, rising per capita disposable income has sustained demand throughout the retail sector. A recovery from the pandemic boosted consumer spending and encouraged consumers to return to brick-and-mortar stores. Specialty retailers were relatively unaffected by coronavirus declines as high-income consumers and tobacco users, two significant markets for the industry, continued to spend. Competition from online and big-box retailers has risen, putting downward pressure on industry profit. Overall, industry revenue has expanded at a CAGR of 3.5% over the past five years, reaching an estimated $65.7 billion in 2023, when profit will comprise an estimated 5.2% of revenue.
Despite intensifying competition from discount department stores and online retailers, specialty retail store sales will rise an estimated 2.8% in 2023. Big-box stores offer a one-stop shopping experience with lower prices for similar products. External competition has driven underperforming retailers to exit the industry, leaving non-employers and small retail stores with low barriers to entry. Still, rising demand has prompted the emergence of many new specialty retailers seeking to capitalize on the post pandemic trend of shopping locally and broader sustainability trends. Small retailers have maintained a strong customer base by offering a unique in-store experience and high-quality products. – IBIS World |
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| Owner
willing to train:
Will train for 1 week @ $0 cost. |
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| Reason for selling:
Divorce. |
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| This business is Home Based.
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Seller Reference Number: 5106-18359
BusinessMart.com Listing Number: 309021 |
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To request more information
on this business
please fill out the form shown right 
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For
more info contact:
Evelyn Correa
Murphy Business & Financial Services
727-725-7090
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