Waterfront Restaurant Opportunity, Salem, MA

Retail-Commercial for Sale
Catylist Listing ID: 30651624
Property Subtypes: Restaurant
Building Size (RSF): 3,774 SF
Gross Land Area: 0.44 Acres
Sale Price: $1,000,000
Unit Price: $264.97 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/25/2021

Overview / Comments

REDUCED! Rare opportunity to acquire a waterfront restaurant property mid-renovation. The design work is completed to transform this local landmark into a trophy waterfront restaurant. For many years, this restaurant has been a single level, and plans are now complete to move the prep kitchen, restrooms, office, storage, employee space, and a large service window for the patio downstairs, leaving the upstairs as dining, open kitchen, private dining/ small functions and bar, with extensive outdoor seating on wraparound decks to enjoy the views. There is a tidal dock on the water that facilitates dockside pickup and adds additional ambiance. The design is fully compliant, no variances are required!

This sale includes a coveted full liquor license, there are currently no more available in Salem. Designs for the rooftop include an eco-friendly green roof with a vegetable & herb garden, it has the possibility to be a rooftop deck for patrons with additional ADA compliance. Design work has also been done to transform the large patio into an outdoor experience.

This property is located directly on the Danvers River, as the Essex Bridge enters Salem. The prior use was as a restaurant and the DEP indicates that the existing building and continued restaurant use is exempt from state licensing. The building is currently vacant and the interior finish has been removed in anticipation of a full renovation.

All information has been obtained from public information, owner, and other sources deemed to be reliable, prospective buyers contemplating this acquisition are urged to conduct appropriate due diligence as to facts related to their specific use. The business will transfer as an asset sale.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Essex
Taxing Authority: City of Salem, MA
Tax ID/APN: 37-0058-0
Zoning: B2
Retail Clientele: General, Family, Traveler, Tourist
Property Visibility: Excellent
Traffic/Vehicle Count: 17,600
Airports: Boston Logan
Tenancy: Single Tenant
Property Condition: Good
Year Built: 1930
Roof Type: Flat
Construction/Siding: Wood Frame
Total Parking Spaces: 17
Parking Type: Surface
Sprinklers: Wet
Heat Type: Natural Gas
Air Conditioning: Package Unit
Internet Access: Cable
Lot Frontage: 250
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,732 112,251 251,203
Median Age: 39.38 40.35 39.97
Households: 7,678 48,246 99,437
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