Red Liner Diner

Retail-Commercial for Sale
Catylist Listing ID: 30569561
Property Subtypes: Free-Standing Building, Restaurant, Street Retail, Other
Building Size (RSF): 1,893 SF
Gross Building Area: See Agent
Gross Land Area: 18.71 Acres
Sale Price: $225,000
Unit Price: $118.86 PSF
Property Use Type: Net Leased Investment (NNN), Business
Building Name: Portsmouth Green Plaza
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: Undisclosed
Last Updated: 9/21/2020

Overview / Comments

This 1950's fully restored diner sitting with a ground lease, as well as over 1,180 sqft. of new commercial kitchen space, fully kitchen-ready and with some equipment, is for sale. Within the Portsmouth Green Neighborhood Mall, this site is anchored by a McKinnon's Supermarket a and Cinemagic Theatre. With Petco, Starbucks, 99 Restaurant, Bangor Savings Bank, and a 92-unit apartment building, the activity level is very high. With tremendous traffic at a lighted intersection and plenty of parking, this end-unit is a fixture highlighting the entire property. The center is managed by Waterstone Properties and the business has a long-term lease through options, which is very attractive to any restaurant owner.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Rockingham
Tax ID/APN: 0273-0003-0009
Zoning: G1
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: Water Country and Walmart Supercenter
Property Visibility: Excellent
Largest Nearby Street: Lafayette Road
Feet of Frontage: 267
Traffic/Vehicle Count: 22,604
Highway Access: Less than 5 miles from Interstate 95
Airports: Pease Internatinoal
Site Description: Large, nearly developed site with substantial retail square footage that is level and mostly paved.
Area Description: Located on the West End of Portsmouth on Lafayette Road which is in fact Route 1. This is the main coastal artery connecting the seacoast towns to Portsmouth. The west end is seeing substantial development of both Residential and commercial properties, which are adding to the already very dense development of the area in Commercial, Residential and Industrial/office
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 1,893 SF
Property Condition: Excellent
Year Built: 1950
Year Renovated: 2013
Roof Type: Flat
Construction/Siding: Aluminum Siding, Metal/Glass, Other
Exterior Description: Classic glass and metal exterior on the Diner portion of the property. The rear portion of the property appears to be wood.
Parking Type: Surface
Parking Description: The parking lot covers a lot of ground for all of the tenants, but there is at least 70 paved spots within walking distance of the subject.
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Classic Diner, stools and booth seating with floors that are large tile, walls and the counter are stainless and mirrors.
Zoning Description: Commercial
Lot Frontage: 267
Lot Depth: varied
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: The Diner will come with a bill of sale, the balance of the space is subject to a lease.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,748 22,439 40,312
Median Age: 39.42 42.59 43.13
Households: 2,188 10,263 18,366
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