January 05, 2018

Two Historic Inns on the Market - circa 1838 & 1840

A deal is in the works for a team to purchase and renovate the Colonial Inn, built in 1838 at 153 W. King St. in Hillsborough, North Carolina. The 10,000-square-foot Inn was once a hotel for travelers, later became a popular restaurant, and then fell into disrepair. The prospective owners plan to utilize historic preservation tax credits for this project.

State and federal tax credits are available for the renovation and repair of historic properties, although the federal historic tax credit, established in the 1970s, is at risk under the federal tax reform plan. That credit allows developers to deduct up to 20 percent of their eligible expenses for historic property projects.

The Colonial Inn is listed with Seagle and Associates for $875,000. (Read more here: http://www.heraldsun.com/news/local/counties/orange-county/article190234939.html)

If 10,000 square feet of circa 1838 inn, needing serious rehabilitation, with a price tag of $875K is a little rich for your blood, but you have already fallen in love with the double expanse of verandas spanning the front....do not despair.

Just up down the road from Hillsborough, and up the road from Salisbury NC...is the circa 1840 Tyro Tavern

This beautiful former stop along the Great Wagon Road was also once an inn, and the current owners could tell you many a story about its history before, through, and after the Civil War.

But, unlike the Colonial Inn, Tyro Tavern is completely restored, and is turn-key ready for you to move in! At 3416 square feet (really...do you need 10,000 square feet?), this all-brick 2.5 story former tavern and inn is a much more manageable historic gem, and its price tag is more manageable too! Now an impeccably finished 5-bedroom/2-bath home, the Tyro Tavern can be yours for just $250,000!

Call historic property expert Greg Rapp with Wallace Realty at 704.213.6846 for a tour of the Tyro Tavern at 4564 S. NC-Hwy 150 in Lexington, North Carolina. We know we are fortunate in North Carolina to still have these spectacular pieces of historic architecture still intact. Why not make one of them your? Those beautiful expanses of double verandas, an 1840s Inn, a Tavern, a home. What story will the next chapter in history tell? Yours?

4564 Hwy 150 S.

Lexington, NC 27295-5201

Greg Rapp 
Wallace Realty Co. 
704 213 6846 Mobile 
704 636 2021 Office 

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