Restaurant, Banquet, and Bar/Lounge Facility

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30713311
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Tavern/Bar/Nightclub
Status: Pending
Building Size (RSF): 15,891 SF
Gross Land Area: 1.39 Acres
Sale Price: $319,000
Unit Price: $20.07 PSF
Property Use Type: Vacant/Owner-User
Building Name: Former John Martin's Manor
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/6/2021

Overview / Comments

Significant price reduction on the former John Martin's Manor. The property has had numerous capital improvements made to it by the current owners and now awaits an entrepreneur or existing business who can put this grand dame back into service. Offering includes the parking lot off Maple St so the property has parking for over 100 cars.

The facility features 3 main components which are a commercial kitchen with large seating area for a restaurant use, a large banquet/function room, & a nice bar/lounge in the finished basement that has plenty of seating & an area for a dj and dancing.

Other features include some 2nd floor rooms that can accommodate smaller functions. Subject to confirmation by permitting entities, the last known capacity limits were approximately 225 for the dining area, 325 for the banquet/function room, and 150 +/- in the lower level lounge and bar. Come view this Waterville landmark and be a part of the resurgence happening in Waterville right now!

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $4,036 (Annual)

Additional Details

Nearest MSA: Augusta-Waterville
County: Kennebec
Taxing Authority: City of Waterville
Tax ID/APN: Map 52, Lots 348 & 349
Zoning: CC
Retail Clientele: General, Family, Business, Traveler
Property Visibility: Excellent
Largest Nearby Street: College Avenue
Traffic/Vehicle Count: 12,000
Highway Access: I-95 is within a mile of the subject property
Airports: Waterville's Lafleur Airport a short drive away
Site Description: The offering includes two different lots that are completely paved other than the area the improvements sit on
Area Description: College Ave (a/k/a Rte. 201) is a major 4 lane artery that has a mixture of retail and service type businesses located thereon
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 13,000 SF
Property Condition: Average
Year Built: 1900
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Block, Stucco, Vinyl Siding
Total Parking Spaces: 109
Parking Type: Surface
Parking Description: There are approximately 109 Spaces which could be a little more or less depending on how laid out
Sprinklers: Wet
Heat Type: Natural Gas, Hot Water
Heat Source: Baseboard
Air Conditioning: Package Unit
Zoning Description: Commercial C zoning allows multiple and almost any type of commercial use other than industrial type uses
Lot Frontage: 270
Lot Depth: 195
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: Utility easement to City of Waterville

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,229 23,224 32,273
Median Age: 39.68 39.58 40.74
Households: 4,104 9,624 13,347

Contact

Photograph of Listing Agent

Gregg S. Perkins

Affiliated Realty
NECPE Member
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