Under $100K Sunday - c.1891 Historic Hotel For Sale in Mayodan NC $58K

303 W. Main Street, Mayodan, NC 27027. $58,000 Sold

NOTES

Historic hotel for sale. Unique 3-story inn in picturesque Mayodan! Situated in a prime downtown location near the scenic Mayo River, the Mayodan Hotel has played a prominent role in town with its origins as a modest two-story home to the Lewis family and gradually evolving into its current 26 rooms. Archival photographs (including main image), extensive history, floor plans, and a hotel feasibility study are available to assist in a rehabilitation project.

This property has been used as a residence for the last 30 years and has only been renovated/maintained on the first floor. The second and third floors will require a complete rehabilitation and upfits to make it an operating inn (or other compatible use). The historic hotel is a key property in the newly designated Downtown Mayodan National Register Historic District. This positions the property for eligibility for state and federal tax credits toward its rehabilitation! The property is also located in an Opportunity Zone and local incentives may also be available (ex. property tax rebate). Here’s a link to information about Opportunity Zones in North Carolina: https://public.nccommerce.com/oz/#section-home

*6,100 sq ft
*26 rooms
*0.48 acres

*Build date 1891
*Google Map
*Property Listing
*Realtor: NC Preservation

REALTOR COMMENTS -Historic Hotel For Sale

Area Information

Mayodan is located in the northern Piedmont area in the Mayo River Valley, just north of its confluence with the Dan River. The former mill town’s roots can be seen in the many historic mill village houses and quaint downtown commercial area. Manufacturing still plays an important role in Mayodan, as it is home to Bridgestone Aircraft Tire, Remington Arms and Sturm, Ruger, & Co. have announced that they will begin production of firearms in Mayodan. The town is convenient to the Triad cities, only about 45 minutes from Winston-Salem and Greensboro and less than an hour to the “Furniture Capital of the World,” High Point. About 30 minutes away is beautiful Hanging Rock State Park, and less than an hour away, you’ll find the Sauratown Mountains, both of which offer miles of trails with waterfalls and beautiful vistas.

Architectural & Historical Information

Since its origins as a modest two-story house, the Mayodan Hotel has been central to the history of this picturesque River town. The house and over 300 acres was sold in 1891 by the Lewis family to the Piedmont Land and Manufacturing Company which would develop the area into a town to support its Mayo Mill operation. During this period, the property would serve as the first post office, a boarding house, and site of services for the Moravian Church until its construction. By 1912, the property was known as the “Mayodan Hotel” and had greatly expanded to include several more guest rooms, dining services, and a double front porch. The third floor was added by 1920. Owned by Washington Mills for many years, the property was sold to the Holt family in 1955 who continued to rent out rooms until the 1990s.

For many years the Mayodan Hotel has served as a hub of community activity and the site to many important local functions and visits by notable North Carolinians. Its historical use as a hotel can once again become a reality as new industry and recreational tourism in the area grows and demand for hotel rooms increases. The potential exists to transform this 3-story Victorian-era inn into a boutique hotel, bed and breakfast inn, and/or special events/catering facility. Built in several stages, the building has over 6,000 square feet and 26 rooms and 4 bathrooms. The main section has three stories with two-story wings. The building is in good structural condition and would benefit from an updated heating and air conditioning system, removal of asbestos shingles and repair of clapboard siding underneath, restoration of the 3-story porch, and re-working some of the existing rooms to accommodate additional bathrooms for overnight lodging purposes. Archival photos and floor plans are available to assist with the development of rehabilitation plans along with a hotel feasibility study demonstrating a need for an increase in local overnight lodging facilities and special events venues.

The Mayodan Hotel is located within a National Register Historic District, and is therefore eligible for both federal and state historic rehabilitation tax credits. There may also be the opportunity to take advantage of local financial incentives.