Spencer House Bed and Breakfast
Stunning B&B on Millionnaires Row in Erie PA
Marketing description
Spencer House Bed & Breakfast is an historic 1876 Victorian mansion located in the heart of Erie, Pa’s historic “Millionaires Row.”
The property has many of the fine features of the original building, including elegant wood paneling and details throughout. The Inn presents a grand first impression, with common rooms on both sides and a wooden staircase leading to the guest rooms on the second and third floors. First floor includes common areas (dining, kitchen, and parlor) as well as space currently used as Owners’ Quarters. Also has a separate 2 story garage with an additional apartment unit upstairs that is currently utilized as a long-term rental and provides an additional revenue stream. Off-street parking is also available on site, so the streetscape is open and well preserved since this was the wealthy section of the city.
Investment highlights
The Inn’s business is strong and growing – latest figures indicated an increase of 13% Y/Y revenue growth (2023 – 2024), with an astonishing 47% increase in net profit during that same time period.
Currently the only Bed and Breakfast in the city, the Spencer House presents a unique business opportunity with significant upside potential.
The surrounding neighborhood consists of larger period homes that have been converted to professional offices or other types of dwelling or business facilities.
The location is close to Presque Isle State Park (which generates an average of about 4 million visitors to the area per year), downtown Erie, Gannon University, Erie Insurance Arena, the Bayfront Convention Center, the historic Warner Theater and Erie’s best local restaurants.
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