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Thread: Food intel

  1. #31
    gostan's Avatar
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    Quote Originally Posted by southvillager View Post
    Watching the Den and the Phantom locations being renovated was confounding. Egans is in pretty good shape, and has most of the required furniture and equipment in place. It would be a far smaller effort to get Egans up and running than either of those other places. In fact, I think the bar could open tomorrow if a simple food menu was offered. Mad River Distillers sells tastings now, I don't think permits will present a problem, but you never know.

    The false rumor about the water bill has been a consistent issue. The property had some other issues that have also been resolved (leaky roof, etc). The landlord is very open minded regarding pricing, whether renting or selling. He has spoken to some well regarded bar/restaurant folks in the valley about renting the restaurant and getting something going, to no avail. The opportunity is there for someone with a good reputation to start something up.

    I can guarantee the price is right. It is offered for sale for around $589K. The apartment generates rent, and the retail/tasting room generates rent. After collecting rent, the monthly nut would be quite small, especially considering the size and location for a restaurant. As far as the price for leasing, I don't know the number, but he is flexible and creative with tenants in other properties that he owns.

    If I was a local brewer, I would jump on that place. I'd sell my own craft brews, offer a simple limited menu, etc. Be a stop on beer bus tours. Sell growlers. And so on.
    We owned a former Bertucci's Restaurant (long involved story) that contained all original fixtures, furniturr, brick pizza ovens, etc., on a main well travelled street west of Boston. Our goal was to resell it for not much more than the asking price of the former Egans. No takers due to the number of cheaper older restaurants on the market that all required major rennovations. We ended up leasing (with an option to buy) the restaurant to a Mexican Restaurant that was expanding its' biz to a larger location. Shortly, we should be able to finance the property based upon the income stream. Again, restaurants are a tough business; even more so in ski area towns.

    Stan

    "There's No Cure For Life"

  2. #32
    gostan's Avatar
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    You know for sure that if we are all talking about restaurants & food, that we really need a snow storm.
    Stan

    "There's No Cure For Life"

  3. #33

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    Quote Originally Posted by gostan View Post
    We owned a former Bertucci's Restaurant (long involved story) that contained all original fixtures, furniturr, brick pizza ovens, etc., on a main well travelled street west of Boston. Our goal was to resell it for not much more than the asking price of the former Egans. No takers due to the number of cheaper older restaurants on the market that all required major rennovations. We ended up leasing (with an option to buy) the restaurant to a Mexican Restaurant that was expanding its' biz to a larger location. Shortly, we should be able to finance the property based upon the income stream. Again, restaurants are a tough business; even more so in ski area towns.
    You get the idea. Egans is available for sale or lease.

    The Akes building was listed for a $650K. They did significant investment to Akes on top of that. Like Egans, Akes had an apartment upstairs, but no lower retail space generating rent. Egans is larger, and IMO, a far nicer building, larger dining space, the bar is 2 or 3 times the size, larger apartment, etc. Watching Blue Stone go with Akes was a puzzle to me.

  4. #34
    Maybe the fact that Akes sold for $307 makes it work.

  5. #35

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    That would do it!

  6. #36
    Quote Originally Posted by southvillager View Post
    You get the idea. Egans is available for sale or lease.

    The Akes building was listed for a $650K. They did significant investment to Akes on top of that. Like Egans, Akes had an apartment upstairs, but no lower retail space generating rent. Egans is larger, and IMO, a far nicer building, larger dining space, the bar is 2 or 3 times the size, larger apartment, etc. Watching Blue Stone go with Akes was a puzzle to me.

    Akes was originally listed for $485K, reduced a few times, eventually to $395K, and as Go Figure posted, sold for $307K. I wonder what they have into it after renovations and the new septic?

  7. #37

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    I had seen this at $650K: http://yellowsigncommercial.com/wp-c...02/pdfakes.pdf

    $307 makes sense considering the 3000 sq/ft size and condition. Egans is 5200 sq ft, is listed for $569. Both offer an apartment, Egans has retail space (Mad River Dist) to generate rent. Who knows? But I would have gone with Egans over Akes at $307 since the rents at Egans would massively subsidize the monthly cost, plus I think it is a way nicer property, and a way nicer restaurant space. In my opinion.

  8. #38
    I see The Garrison listed at $395,000. I haven't been there in about 20 years. That place must be in sad shape to be listed that cheap.

    Would be a nice setup for a ski club to pick up, or a few friends to go in on to use as a communal ski home.

  9. #39

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    You know things are bad when there is more food talk than ski talk here.

  10. #40
    Quote Originally Posted by Spartan82 View Post
    You know things are bad when there is more food talk than ski talk here.
    It seems it's gonna get worse before it gets better

  11. #41
    I'm just hoping it really does get better at some point...

  12. #42
    Really sad that the last time there was a post "ski related" was last Thursday and we are in the meat of the season. Just plain old sucks! I just hope we never have another season like this.

  13. #43
    gostan's Avatar
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    Quote Originally Posted by southvillager View Post
    I had seen this at $650K: http://yellowsigncommercial.com/wp-c...02/pdfakes.pdf

    $307 makes sense considering the 3000 sq/ft size and condition. Egans is 5200 sq ft, is listed for $569. Both offer an apartment, Egans has retail space (Mad River Dist) to generate rent. Who knows? But I would have gone with Egans over Akes at $307 since the rents at Egans would massively subsidize the monthly cost, plus I think it is a way nicer property, and a way nicer restaurant space. In my opinion.
    You are entitled to your opinion of course but with all other things aside, $569k without adequate parking is a nonstarter as a restaurant investment. Yes I know the seller and/or buyer might be able to obtain a parking license from Valero, but licenses are revocable.. Best of luck to the current owner in peddling this property.
    Stan

    "There's No Cure For Life"

  14. #44
    If you don't have anything nice to say, don't say anything at all.

  15. #45
    Quote Originally Posted by gostan View Post
    You are entitled to your opinion of course but with all other things aside, $569k without adequate parking is a nonstarter as a restaurant investment. Yes I know the seller and/or buyer might be able to obtain a parking license from Valero, but licenses are revocable.. Best of luck to the current owner in peddling this property.
    Good seeing you Saturday. Hope you enjoyed. Saturday, I thought, was great. Really had a fun conditions all over.

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