Description
The Towne Restaurant is a landmark establishment that until its recent closure has operated continuously since 1966. There have been three to four owners during that time (depending on what local historian you believe) with virtually no downtime in the transitions between owners. The restaurant space has a total seating capacity of 73 including a counter area and two Dining Rooms. Extensive restaurant renovations (new LED lighting, ceiling tiles, Karadeen vinyl plank flooring, carpeting, paint, etc.) and exterior painting completed in 2014. This mixed use building consists of approximately 2,492 sq ft of commercial space on 1st level and 2 residential apartments on the second level. Total above grade space is estimated at 4,224 sq ft. The basement provides approximately 1,480 sq ft of storage & utility space. The entire rear portion of the property is a macadam parking lot with 9 spaces. Additional unpaved parking spaces are used with unwritten permission of the railroad company that owns approximately 8' of the gravel area. This arrangement has been in place for decades. The apartments have an excellent rental history. The 1 Bedroom apartment known as 124 North Main Street is gorgeous. Built in 2011 this unit includes high ceilings with fans, multiple energy-efficient windows, Living Room (17 x 16), Kitchen (11' x 10'), Bedroom (14 x 12), Bath (11' x 6"), and ample closet space. Rent is $800/mo. plus heat and electric (electric heat pump provides heat and central air; hot water is provided by Landlord). The 2 Bedroom apartment known as 122 North Main Street includes Living Room (18' x 11'), Kitchen (16' x 10') with Breakfast bar, Main Bedroom (12' x 11'), Bedroom 2 (12' x 10") and Bath. Rent is $750/mo. plus electric and gas for cooking (heat and hot water are included). Both apartments are on month-to-month leases. The income for the restaurant space is projected at $25/SF, or $60,000/year. Gross Annual Income for the apartments is $18,000, for total Projected Annual Income of $78,000. Annual Real Estate Taxes are $8,913 and annual Insurance expense for the building is estimated at $5,000. The restaurant space tenant is responsible for fuel oil, water, sewer, trash removal, and pest control. Owners will provide historical Profit and Loss Statements for the Towne Restaurant to qualified prospective purchasers. Restaurant equipment is included for an additional $28,000. List of equipment is available.
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Courtesy of: Keller Williams Real Estate-Montgomeryville Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 28th June, 2022 4:55 AM (UTC)
