116 Union St Olean, NY 14760
- Turn key restaurants
- 10,138 SF
- 0.26 lot acres
Current Use by Public Records
- Old Library Events / Bed & Breakfast
- The Old Library Restaurant / Catering Food And Drink Supplier / Caterer
Property Details for 116 Union St
- Year built
- 1909
- Lot size
- 0.26 lot acres
- Property size
- 10,138 SF
- Property type
- Turn key restaurants
- APN
- 041200 94.065-8-29
- APU
- 4120094065829
Description
This exceptional opportunity presents a thriving restaurant and bar for sale in the heart of downtown Olean, NY. Located in the beautifully preserved, historic Olean Public Library building (listed on the National and State Registers of Historic Places since 1985), this 14,618 square foot venue boasts Old-World charm and Art Deco flair, creating a unique and upscale-casual dining experience. The property sits on a 0.26-acre lot and is capable of hosting large gatherings of over 200 people. The turnkey operation includes an established customer base and experienced team, ensuring immediate profitability and stability for the new owner. Features include a hand-carved mahogany bar (from the historic Chicago Cattleman's Steakhouse) and original architectural details such as bookcases, a grand staircase, and two fireplaces. This presents a rare chance to own a piece of Olean's history while operating a successful business with significant growth potential. Expansion opportunities include extended hours, new menu offerings, and catering services. The property is also available for sale as a package with an adjacent bed and breakfast (MLS #R1583828) for a total price of $1.25 million. Priced at $995,000, this is a truly unique investment opportunity.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $305,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $380,000
- 6.5%
- $360,000
- 7%
- $415,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $410,000
- Geo Method
- $420,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $475,000
- Retail
- $395,000
- Mixed-Use
- $430,000
- Hospitality
- $400,000
- Educational
- $505,000
- Residential Income
- $495,000
- Energy
- $490,000
- Income-Based Land
- $465,000
- Food Service
- $450,000
Location Insight
- Map
- Local Demand
- City
- Olean
- County
- Cattaraugus
- State
- New York
- Longitude
- -78.4304
- Latitude
- 42.0769
- CBSA code
- 36460
- CBSA name
- OLEAN, NY MICROPOLITAN STATISTICAL AREA
