The John H Wallace House

This is an excerpt from our original business plan published in 2022.  Much of it has not changed since the initial issue.

The John H Wallace House (Wallace House) is located at 120 E Harford Street in Milford PA.  The original house was built in 1855 and subsequent additions have increased the size to its current footprint of approximately 3500 sq ft.  The house is on one of the main streets in Milford and is within easy walking distance of shopping, dining, service, religious and entertainment establishments in the town.   Until recently, the building was the home for a popular retail establishment. This retail establishment closed in October 2021 and the property has been vacant since.

The plan is to convert the existing building and grounds into an owner-occupied bed and breakfast establishment.  The facility will feature four spacious guest rooms, each equipped with Queen or King size beds, private bathroom, individual climate controls, coffee/tea station and premium guest amenities.  Due to the unique nature of the building, each of the rooms will be different.  Two of the guest rooms located in the original construction have large brick fireplaces.  These fireplaces will be repointed, the hearths will be upgraded, and electric inserts will be installed.  Two guest rooms have side “sun porches” that can be isolated for privacy.  The 2nd floor rear guest suite is a luxurious three-room suite suitable for executive, bridal or family functions. .  Each of the two first-floor rooms will be designed for handicap accessibility and all rooms will be provided with premium entertainment systems.  WIFI will be provided throughout the entire facility.

In addition to the private guest rooms, common space is provided for reception, dining, meeting, and fitness.  A first-floor unisex powder room is provided for convenience. Outdoor space includes a covered side porch, covered rear porch, an open-air seating space on the 4th street side and a landscaped garden with outdoor seating in the side yard.  A fully equipped kitchen is in the rear of the building.  This kitchen supports the “breakfast” service as well as food service for events.  The kitchen will not be accessible for guest use.    Anticipated improvements in the outdoor space include a fire pit, water features, hot tub, native plantings and garden decoration and seating.

A small owner apartment will be located on the 2nd floor facing the garden.  Doors and partitions are provided to allow the owner portion to expand to include the 2nd floor Living Room and the 1st floor Dining Room when these rooms are not required for guest use.  The owner apartment will include a small kitchenette and a large master bath with a walk-in closet.  The entire 3rd floor attic area will be reserved for owner use as both an office and additional storage.  Two basements will be reserved for owner use and storage for the B&B.

Support utilities will include duplex heat-pump hot water heaters, 200-amp electric supply, a backup generator designed for all critical and guest comfort systems, a new septic system, dual multi-zone “mini-split” heat pumps designed for heating and cooling, high-speed internet and a laundry area suitable for owner and guest use.   All guest and owner bathrooms will be provided with radiant heat (heated floors).  A security system will be included.

Milford has a long history as a destination and weekend retreat for visitors from New York City, Philadelphia and surrounding area.  It is at the northern entrance to the Delaware Water Gap National Recreation Area (DWGNRA) and is the home to Grey Towers, the home of Gifford Pinchot, the father of the American conservation movement.  The proximity to multiple major urban areas, the Delaware river, the DWGNRA and a major interstate (84) make Milford a very desirable and accessible location for tourists and businesses. 

Milford is a 4-season destination.  The high season is mid-spring through late autumn when Milford is ideally located to support the many outdoor activities including hiking, water activities, fishing, etc.  We understand that Milford is also very active during the holiday season.  The “off-season” stretches from January through early spring. 

The Wallace House is ideally situated to be a destination for both tourists wishing to enjoy Milford and the surrounding environment and businesses or groups desiring a venue for small experiences.

Our research suggests that during the peak season, particularly from Memorial Day through Labor Day, accommodations in the Milford area are in short supply.  This translates to projected high occupancy rates at high nightly rates.  This is particularly evident during weekends.  A review of local accommodations including the two in-town full service hotels (Hotel Fauchere and Tom Quick Inn), several outside-of-town accommodations (Myer, Scottish Inn & Fairbridge Inn) as well as multiple Airbnb suggest that a minimum weekday rate of $150 per night and a weekend rate of $250 per night should be competitive.  An occupancy rate of 70% during weekdays and 90% during weekends is anticipated. 

Assuming a 26 week “high” season.  The weekly revenue is projected to be $4875.  Cost per room including booking fees, cleaning, breakfasts, utilities, supplies and maintenance are anticipated to be $40 per room per night (industry average for hotels) or $1060 / week.  Net would be $3815/ week.

Our research suggests that during the off-peak season, particularly from Labor Day through Memorial Day, accommodations in the Milford area are less in demand.  This translates to projected lower occupancy rates and lower nightly rates.  Weekday occupancy rates may be as low as 20% with Weekend occupancy rates perhaps 40%.

The venue proposition is an exciting opportunity to provide businesses and groups with a fully-curated experience in Milford.  This scenario will be priced assuming that the entire facility is booked for a group and will include a variety of services including meeting room, tours, transportation, concierge services, catering and group-specific services.  The venue proposition will be priced to attain a net revenue of $1000 per day.  Revenues will be generated by adjusting the room price to reflect the all-inclusive experience.

One key aspect of this proposition is that the events will be open only to registered guests of the Wallace House and that these events will not be open to the public. 

Venue opportunities are plentiful and could include the following:

• Family Reunions
• Small weddings
• Guest chef
• Romantic weekends
• Retreats
• Focused seminars
• Special Interest group meetings
• Corporate board meetings, team building and training events
• A night with (day with) … special guest
• Special event weekends (Graduations, anniversaries, retirements...)
• Outdoors weekend with tie-in to DWGNRA
• Private exclusive access events

Some of the events will be initiated and promoted by the Wallace House with the intention of attracting guests to Milford.  Others may be suggested by private enterprises who desire to use the Wallace house for their event.  It is anticipated that many of the experiences may be held by private groups.   Most of these events will be scheduled for “off peak” periods where occupancy by tourists is low.  Events scheduled during “peak” periods will be valued appropriately.

We would love to have you as our guests. Check our availability calendar and make reservations.