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Lakehouse Inn 5653 Lake Rd

12 Room Hotel Geneva, OH 44041 £4,300,317 (£358,360/Room) 7.92% Net Initial Yield

Investment Highlights

  • Luxury Lake Erie Front Property
  • 14 Room Boutique Bed and Breakfast
  • Restaurant and Day Spa Amenities

Executive Summary

The Lakehouse Inn is a full service inn, restaurant, spa and winery located on the shores of
Lake Erie in Geneva, OH. While Geneva-On-The-Lake is primarily a summer destination, The
Lakehouse Inn enjoys a solid and profitable year-round business. The property is located in
a highly desirable lakefront and wine country tourism destination in Ashtabula County, less
than one hour from downtown Cleveland and just over two hours from Pittsburgh, PA.
The property consists of eight buildings on two separate lots situated directly across from each
other on Lake Road. The primary lot houses the main inn, restaurant and all guest rooms,
and the second lot consists of the full-service spa building and storage garage. The main lot is
on 2.3 acres surrounded by meticulously manicured seasonal gardens and tiered patios
along 125 feet of lake frontage. The two-story Main Inn Building houses the guest check-in
area, spacious commercial breakfast kitchen, central guest common area, gift shop, water
view meeting room for up to 10 guests, an office, four first-floor guest rooms, one
second-floor guest room, and three second-floor guest suites. The attached Pilot House
Suite is a second-floor one-bedroom lake view suite accessed by an outside private
entrance. Down a garden pathway only steps from the shore of Lake Erie, lies the private
and spacious one-bedroom Beach House and Boat House rental.. This
area offers guests several tiers of deck and patio space.
Back across from the Main Inn Building is the Restaurant Building that houses Crosswinds
Grille. The full-service on-site restaurant offers locally sourced dining, with an eight seat
L-shaped bar, and seating for 55 guests offering lake views. There is also seasonal patio
seating. This building also houses the restaurant’s full commercial kitchen with walk-in
refrigerator and freezer, two storage rooms and the industrial laundry center for the
property. There is a small building between the Crosswinds Grille and cottage building that
was previously used as a wine production facility but currently in use as a wine and
beverage storage area.
Closer to Lake Road is an adjacent one-story building, The Cottage, which houses three
two-bedroom cottages with kitchens. Across Lake Road, lies a second 1.13 acre parcel of
land that houses The Spa at Lakehouse Inn. The full-service spa offers massages, body
treatments, facials and waxing, to both inn and outside guests. The building offers a lobby
with gift shop, five spa treatment rooms, a full kitchen, two guest bathrooms, and a
multi-purpose space that is rentable for meetings, bridal parties and private functions for
up to 50-70 guests..
The property was originally The Otto Court, and was purchased by the current owners in
2000. Over the next 25 years they have developed the property into a premier Ohio luxury
inn, restaurant, spa and waterfront event venue. The guest experience at the inn includes a
full individually plated breakfast, complimentary snacks and beverages, attentive concierge
services, and an exemplary selection of enhancements and packages.
The guest rooms at The Lakehouse have been consistently upgraded and are a major draw
for couples, small families and single travelers. With an advantageous selection of
ultra-luxurious suites, and family style cottages, The Lakehouse Inn is ideally situated to
appeal to multiple customer segments looking for Lake Erie waterfront accommodations.
The cottages feature multiple bedrooms, common spaces and kitchens, while the luxurious
suites and private houses feature high-end amenities including stunning lake views,
two-person jetted tubs, in-room fireplaces, kitchenettes and private balconies. All rooms
feature high end bed linens, towels, and mattresses.
The property offers gated on-site parking with adequate space for all overnight guests with
overflow restaurant parking at the spa building across the street. The expansive grounds
and facilities are capable of servicing weddings and private events for up to 50 guests with
the option for catering and an outdoor tent set-up. The sale price does not include any
dedicated innkeeper or owner guest quarters.
The Lakehouse Inn is a highly ranked property, earning solid guest ratings on TripAdvisor®
Yelp®, Google®, Facebook®, Booking.com® & Expedia®. The inn is a premier boutique
lodging property in Ohio and has expanded impressively over many years to include several
successful business entities under The Lakehouse Inn brand.
It is unquestionable in real estate and business that the three most crucial factors are
location, location, and location. The importance of this axiom cannot be overstated for
boutique lodging properties. While some believe that "if you build it, they will come," the
reality remains that guest occupancy is driven in large measure by your geographic
location. This includes your physical location and tourism appeal, coupled with the strength
of your local markets. A location is what it is and cannot be changed by one property owner,
though proactive community development and marketing strategies can assist in
improving the quality of a location over time.
The Lakehouse Inn is located in a popular summer tourist destination directly on the shores
of Lake Erie. Geneva-On-The-Lake has a prime waterfront location that draws impressive
crowds every summer. The Lakehouse Inn is perfectly situated within walking distance of
Geneva State Park, one of the most popular recreation areas in the state of Ohio. The park is
brimming with seasonal outdoor and adventure based activities including bicycling, fishing
charters, ziplining, swimming, kayaking, hiking and more. Geneva State Park has witnessed
impressive recent growth along with the rest of the Ohio State Park system with the
highest numbers ever for visitors, overnight stays and boaters in 2020.*
Geneva, OH has also become the epicenter for one of the top growing wine regions in the
United States, more than doubling in their number of wineries in the last 20 years. This
growing tourist draw assists in bringing year round business to the region. This area draws
well from the 5-hour drive market radius and the major cities of Cleveland, Pittsburgh and
Columbus.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price £4,300,317
Price Per Room £358,360
Sale Type Investment
Net Initial Yield 7.92%
Sale Conditions Business Value Included
Property Type Hospitality
Property Subtype
Hotel
Building Class B
Lot Size 3.43 AC
Building Size 16,000 SF
No. Rooms 12
Number of Floors 2
Year Built 1940
Corridor Exterior

Amenities

  • Balcony
  • Restaurant
  • Spa
  • On-Site Retail
  • High Speed Internet Access
  • Patio
  • On-Site Bar
  • Beach (direct access)
  • Destination Resort
  • Boutique/Lifestyle Hotel
  • Bed & Breakfast
  • Meeting Event Space
  • Smoke-Free
  • Fully-Equipped Kitchen
  • Multi-Room Suites

About 5653 Lake Rd , Geneva, OH 44041

The Lakehouse Inn is a full service inn with traditional rooms and Suites, restaurant, spa and winery located on the shores of Lake Erie in Geneva on the Lake, OH. While Geneva-On-The-Lake is primarily a summer destination, The Lakehouse Inn enjoys a solid and profitable year-round business. The property is located in a highly desirable lakefront and wine country tourism destination in Ashtabula County, less than one hour from downtown Cleveland and just over two hours from Pittsburgh, PA. The property consists of 7 buildings on two separate lots situated directly across from each other on Lake Road. The primary lot houses the main inn, restaurant and all guest rooms, and the second lot consists of the full-service spa building and storage garage. The main lot is on 2.3 acres surrounded by meticulously manicured seasonal gardens and tiered patios along 125 feet of lake frontage. The two-story Main Inn Building houses the guest check-in area, spacious commercial breakfast kitchen, central guest common area, gift shop, water view meeting room for up to 10 guests, an office, four first-floor guest rooms, one second-floor guest room, and three second-floor guest suites. The attached Pilot House Suite is a second-floor one-bedroom lake view suite accessed by an outside private entrance. Down a garden pathway only steps from the shore of Lake Erie, lies the private and spacious one-bedroom Beach House and Boat House rental each have spectacular Lake Erie views, fireplace, private patio area, soaker tubs and glass enclosed showers.. This area offers guests several tiers of deck and patio space. Back across from the Main Inn Building is the Restaurant Building that houses Crosswinds Grille. The full-service on-site restaurant offers locally sourced dining, with an eight seat L-shaped bar, and seating for 55 guests offering lake views. There is also seasonal patio seating. This building also houses the restaurant’s full commercial kitchen, wood fired pizza oven, walk-in refrigerator and freezer, two storage rooms and the industrial laundry center for the property. There is a small building between the Crosswinds Grille and cottage building that was previously used as a wine production facility but currently in use as a wine and beverage storage area. Closer to Lake Road is an adjacent one-story building, The Cottage, which houses three two-bedroom cottages with kitchens and a common welcome area with private patio. Across Lake Road, lies a second 1.13 acre parcel of land that houses The Spa at Lakehouse Inn. The full-service spa offers massages, body treatments, facials and waxing, to both inn and outside guests. The building offers a lobby with a boutique and gift shop, five spa treatment rooms, a full kitchen, two guest bathrooms, a sauna and private patio space The property was originally The Otto Court, and was purchased by the current owners in 2000. Over the next 25 years they have developed the property into a premier Ohio luxury inn, restaurant, spa and waterfront event venue. The guest experience at the inn includes a full individually plated breakfast, complimentary snacks and beverages, attentive concierge services, and an exemplary selection of enhancements and packages. The guest rooms at The Lakehouse have been consistently upgraded and are a major draw for couples, small families and single travelers. With an advantageous selection of ultra-luxurious suites, and family style cottages, The Lakehouse Inn is ideally situated to appeal to multiple customer segments looking for Lake Erie waterfront accommodations. The cottages feature multiple bedrooms, common spaces and kitchens, while the luxurious suites and private houses feature high-end amenities including stunning lake views, two-person jetted tubs, in-room fireplaces, kitchenettes and private balconies. All rooms feature high end bed linens, towels, and mattresses. The property offers gated on-site parking with up to 50 adequate space for all overnight guests with overflow restaurant parking at the spa building across the street. The expansive grounds and facilities are capable of servicing weddings and private events for up to 50 guests with the option for catering and an outdoor tent set-up. The sale price does not include any dedicated innkeeper or owner guest quarters. The Lakehouse Inn is a highly ranked property, earning solid guest ratings on TripAdvisor® Yelp®, Google®, Facebook®, Booking.com® & Expedia®. The inn is a premier boutique lodging property in Ohio and has expanded impressively over many years to include several successful business entities under The Lakehouse Inn brand. It is unquestionable in real estate and business that the three most crucial factors are location, location, and location. The importance of this axiom cannot be overstated for boutique lodging properties. While some believe that "if you build it, they will come," the reality remains that guest occupancy is driven in large measure by your geographic location. This includes your physical location and tourism appeal, coupled with the strength of your local markets. A location is what it is and cannot be changed by one property owner though proactive community development and marketing strategies can assist in improving the quality of a location over time. The Lakehouse Inn is located in a popular summer tourist destination directly on the shores of Lake Erie. Geneva-On-The-Lake has a prime waterfront location that draws impressive crowds every summer. The Lakehouse Inn is perfectly situated within walking distance of Geneva State Park, one of the most popular recreation areas in the state of Ohio. The park is brimming with seasonal outdoor and adventure based activities including bicycling, fishing charters, ziplining, swimming, kayaking, hiking and more. Geneva State Park has witnessed impressive recent growth along with the rest of the Ohio State Park system with the highest numbers ever for visitors, overnight stays and boaters in 2020.* Geneva, OH has also become the epicenter for one of the top growing wine regions in the United States, more than doubling in their number of wineries in the last 20 years. This growing tourist draw assists in bringing year round business to the region. This area draws well from the 5-hour drive market radius and the major cities of Cleveland, Pittsburgh and Columbus.

Room Mix Information

Description No. Rooms Daily Rate SF
Suite 7 £218.54 -
Guest Room 5 £155.88 -

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 210300009301
  • 210300009000
Land Assessment
£85,842
Improvements Assessment
£191,666
Total Assessment
£277,508
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023

zoning

Zoning Code Commercial (Commercial zoning with subject properties on North and South side of Lake Rd)
Commercial (Commercial zoning with subject properties on North and South side of Lake Rd)
  • Listing ID: 32473044

  • Date on Market: 16/07/2024

  • Last Updated:

  • Address: 5653 Lake Rd, Geneva, OH 44041

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