You know for sure that if we are all talking about restaurants & food, that we really need a snow storm.
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"
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"
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.
Maybe the fact that Akes sold for $307 makes it work.
That would do it!
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.
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.
You know things are bad when there is more food talk than ski talk here.
I'm just hoping it really does get better at some point...
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.
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"
If you don't have anything nice to say, don't say anything at all.
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