Tiogue Tavern fka Nino's Banquet & Take out

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30036159
Property Subtypes: Free-Standing Building, Restaurant, Street Retail, Tavern/Bar/Nightclub
Status: Pending
Building Size (RSF): 8,000 SF
Gross Building Area: See Agent
Gross Land Area: 1.56 Acres
Sale Price: $750,000
Unit Price: $93.75 PSF
Property Use Type: Vacant/Owner-User, Business
Building Name: Tiogue Tavern formerly Nino's on the Lake
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/11/2018

Overview / Comments

Turnkey Restaurant / Tavern remodeled and totally renovated floor to roof in 2015!
Over $1.8 spent on total project, all new just about everything, very attractive and detailed lakefront decor with 296 capacity, great outside deck area with bar, separate function room. Ship-shaped bar, over 100 beer taps, entertainment area, stained glass skylights, several big screen wall mounted TV's, stereo system. Business was re-opened as Tiogue Taven in October and was trending up with , but was top heavy on debt, low on marketing and reserves heading into holidays, closing in mid-January. Great opportunity to continue with at a fraction of cost and debt service. Literally bring in the food and beverage and be operational! Friendly bank/borrower agreement to sell. One of the nicest restaurant offerings I have seen in my 40 years in the business !
Assessment $862,900, Taxes $22,272.

Additional Details

Nearest MSA: Providence-Warwick
County: Kent
Zoning: GEN BUS
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Located Between: on Lake Tiogue
Property Visibility: Excellent
Largest Nearby Street: Pilgrim
Traffic/Vehicle Count: 20,000
Highway Access: Rt 95 exit 7
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 15
Property Condition: Excellent
Year Built: 1940
Year Renovated: 2015
Roof Type: Hip
Construction/Siding: Brick/Vinyl Siding
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: Gen Business
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,308 59,323 111,912
Median Age: 40.37 41.29 42.7
Households: 2,914 24,810 44,933

Contact

Photograph of Listing Agent

Jeff Butler Team

RE/MAX Metro
ECCPN Member
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