120 N Main Street

    TELFORD, PA 18969
    • $600,000
    • STATUS: Active
    • ON SITE: 11 days
    • ID#: PAMC103888
    UPDATED: 77 min ago
    $600,000
    • 0
      BEDS
    • 0.31
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,224
      SQFT
    • $142
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1885
    County:

    School Ratings & Info

    School District:

    Description

    The Towne Restaurant is a landmark establishment that until its recent closure has operated continuously since 1966. There have been three to four owners during that time (depending on what local historian you believe) with virtually no downtime in the transitions between owners. The restaurant space has a total seating capacity of 73 including a counter area and two Dining Rooms. Extensive restaurant renovations (new LED lighting, ceiling tiles, Karadeen vinyl plank flooring, carpeting, paint, etc.) and exterior painting completed in 2014. This mixed use building consists of approximately 2,492 sq ft of commercial space on 1st level and 2 residential apartments on the second level. Total above grade space is estimated at 4,224 sq ft. The basement provides approximately 1,480 sq ft of storage & utility space. The entire rear portion of the property is a macadam parking lot with 9 spaces. Additional unpaved parking spaces are used with unwritten permission of the railroad company that owns approximately 8' of the gravel area. This arrangement has been in place for decades. The apartments have an excellent rental history. The 1 Bedroom apartment known as 124 North Main Street is gorgeous. Built in 2011 this unit includes high ceilings with fans, multiple energy-efficient windows, Living Room (17 x 16), Kitchen (11' x 10'), Bedroom (14 x 12), Bath (11' x 6"), and ample closet space. Rent is $800/mo. plus heat and electric (electric heat pump provides heat and central air; hot water is provided by Landlord). The 2 Bedroom apartment known as 122 North Main Street includes Living Room (18' x 11'), Kitchen (16' x 10') with Breakfast bar, Main Bedroom (12' x 11'), Bedroom 2 (12' x 10") and Bath. Rent is $750/mo. plus electric and gas for cooking (heat and hot water are included). Both apartments are on month-to-month leases. The income for the restaurant space is projected at $25/SF, or $60,000/year. Gross Annual Income for the apartments is $18,000, for total Projected Annual Income of $78,000. Annual Real Estate Taxes are $8,913 and annual Insurance expense for the building is estimated at $5,000. The restaurant space tenant is responsible for fuel oil, water, sewer, trash removal, and pest control. Owners will provide historical Profit and Loss Statements for the Towne Restaurant to qualified prospective purchasers. Restaurant equipment is included for an additional $28,000. List of equipment is available.

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    ©2018 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2018-11-20T10:57:46.063.
    www.paulacashion.com/homes/89249449

    120 N Main Street TELFORD, PA 18969

    • Price: $600,000
    • Status: Active
    • Updated: 77 min ago
    • ID#: PAMC103888
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.31
    Acres
    4,224
    SQFT
    $142
    $/SQFT
    1885
    Built
    Neighborhood:
    None Available
    County:
    Montgomery
    Area:
    Telford Boro (10622)
    School District:
    Souderton Area
    Property Description
    The Towne Restaurant is a landmark establishment that until its recent closure has operated continuously since 1966. There have been three to four owners during that time (depending on what local historian you believe) with virtually no downtime in the transitions between owners. The restaurant space has a total seating capacity of 73 including a counter area and two Dining Rooms. Extensive restaurant renovations (new LED lighting, ceiling tiles, Karadeen vinyl plank flooring, carpeting, paint, etc.) and exterior painting completed in 2014. This mixed use building consists of approximately 2,492 sq ft of commercial space on 1st level and 2 residential apartments on the second level. Total above grade space is estimated at 4,224 sq ft. The basement provides approximately 1,480 sq ft of storage & utility space. The entire rear portion of the property is a macadam parking lot with 9 spaces. Additional unpaved parking spaces are used with unwritten permission of the railroad company that owns approximately 8' of the gravel area. This arrangement has been in place for decades. The apartments have an excellent rental history. The 1 Bedroom apartment known as 124 North Main Street is gorgeous. Built in 2011 this unit includes high ceilings with fans, multiple energy-efficient windows, Living Room (17 x 16), Kitchen (11' x 10'), Bedroom (14 x 12), Bath (11' x 6"), and ample closet space. Rent is $800/mo. plus heat and electric (electric heat pump provides heat and central air; hot water is provided by Landlord). The 2 Bedroom apartment known as 122 North Main Street includes Living Room (18' x 11'), Kitchen (16' x 10') with Breakfast bar, Main Bedroom (12' x 11'), Bedroom 2 (12' x 10") and Bath. Rent is $750/mo. plus electric and gas for cooking (heat and hot water are included). Both apartments are on month-to-month leases. The income for the restaurant space is projected at $25/SF, or $60,000/year. Gross Annual Income for the apartments is $18,000, for total Projected Annual Income of $78,000. Annual Real Estate Taxes are $8,913 and annual Insurance expense for the building is estimated at $5,000. The restaurant space tenant is responsible for fuel oil, water, sewer, trash removal, and pest control. Owners will provide historical Profit and Loss Statements for the Towne Restaurant to qualified prospective purchasers. Restaurant equipment is included for an additional $28,000. List of equipment is available.
    Exterior Features

    Architectural Style Other Construction Materials Vinyl SidingBrick Garage YN No Location Type Suburban Other Structures Above Grade Parking Features Lot Parking Types Parking Lot Riparian Rights YN No Road Responsibility Boro/TownshipState Sign On Property YN Y Topography List Level Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Fireplace YN No Flooring CarpetVinylLaminated Net Square Feet 4224.00 Room List Master Bedroom

    Property Features

    Association YN No Business Type CommercialApartment BuildingRestaurant Central Air YN No Condo YN No Cross Street Broad Exterior Amenities Transport Public Transport NearbySign Heating Fuel Natural GasElectricOil Hot Water Oil Navigable Water YN N New Construction YN No Original MLSNumber 300988857776:TREND Ownership Interest Fee Simple Possession Immediate Sale Includes Land And BuildingLand Only Sewer Public Sewer Tax Annual Amount 8913.0 Tax Assessment Amount 228190.0 Tax Lot 030 Utilities Water AvailableSewer AvailableNatural Gas AvailableElectric AvailablePhoneCable Tv AvailableAbove Ground Vacation Rental YN No Water Source Public Zoning C

    Listing courtesy of Keller Williams Real Estate-Montgomeryville.
    ©2018 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2018-11-20T10:57:46.063.
     
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