Peabody/Danvers $2M Sales/yr.Restaurant/Functions/Real Estate

Essex County, MA

Real Estate Opportunity
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Asking Price: $2,700,000

Gross Revenue: $2,000,000

Price/Sq. Ft.: N/A

NOI: $300,000

Building SF: 8,810

FF&E: N/A

Year Built: 1968

Peabody/Danvers $2M Sales/yr.Restaurant/Functions/Real Estate

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Property Description

Golden Opportunity:Commercial RealEstate Route1 Peabody/Danvers

TYPE OF BUSINESS: Prominent Full Service Restaurant/Pub/Function Facility
LOCATION: Busy MAJOR HIGHWAY (route 1 ), Traffic Count 41,000 VPD, Parking Lot w 82+ spaces (extra parcel for purchase available approx. 20,000+ sq. ft.)
SALES VOLUME: $35k-$40k a week
SQUARE FOOTAGE: 2 floors-5745 sq. ft. each floor including Dining Room, Lounge, 3 function rooms, fully sprinkled rooms
HOURS of OPERATION: Mon-Sat 8a.m. to 1 a.m., Sunday 11 a.m.-1 a.m.
SEATING: Dining Room: 80 Seats Bar Area: 61 Seats, Large Function Room 150 seats (but rated for 200 seats), 2 smaller between 40-80 seats each, Patio seating
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
• PROPERTY TYPE: Highway/Commercial (HC), Free Standing Building
PROPERTY SUB-TYPE: Commercial Restaurant/Other Businesses
LOT SIZE: .895 acre (38,982 sq. ft.) (adjacent smaller lot also available for sale)
Footprint: approx. 8,810 sq. ft.
YEAR BUILT: 1969 Commercial Tax Rate: $21.19

COMMENTS:Now’s your chance to capture this GREAT PIECE OF PROPERTY and landmark restaurant!

VOTED-BEST ITALIAN RESTAURANT! (many times through the years). Successful for 39 years (opened since 1970) and makes approximately $2,000,000 or more in sales per year.

It is conveniently located approximately 20 miles north of Boston w frontage on major highway. Excellent location with access points to three major highways, and a back entrance.

Property is in a community that has a strong Business Climate and has sustained a strong business base through thoughtful zoning as well as competitive utility and tax rates. The property benefits from strong surrounding demographics and income living within a 3-mile radius.
NDA REQUIRED

Call, text or email Marie if you have serious interest.
978-902-0350 ellesell3@gmail.com

Recent Appraisal (1/2019) Available to View after Showing.

ALL INFORMATION IS FURNISHED BY SELLER; BROKER DOESN’T CERTIFY, WARRANT THIS INFO.

Detailed Information

Location:
Essex County, MA
Type:
Retail
Building SF:
8,810
Building Status:
Established
Facilities:
Updated facility
Location Description:
Highly visible Prime location, plenty of parking, easy access
Current and Prior Use:
full service restaurant, lounge, and functions
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Marie Feudo

Property Listed By:
Marie Feudo

New England Restaurant Brokers

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Sponsoring Broker:
Dennis Serpone

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