231 Garibaldi AveGaribaldi, OR 97118

Property Details for 231 Garibaldi Ave

Year built

1990

Lot size

0.15 AC

Property size (Sq ft)

3,395 SF

Zone code

GB-C-1

Property type

Retail properties

Property subtype

Turn key restaurants

APN

1N1021-AD-09900

APU

1N1021AD09900

Description

This exceptional turn-key commercial property, located at 231 Garibaldi Avenue in Garibaldi, Oregon, presents a unique investment opportunity. Situated on 0.15 acres along Highway 101, the Pacific Coast Scenic Byway, this 3,395 square foot freestanding building has served as a long-standing and popular dining destination. The restaurant and lounge offer ample space for breakfast, lunch, and dinner service, including a bar/lounge area and a covered rear patio. The business currently operates with up to six lottery machines, generating an average annual Video Lottery Commission of $100,000. Its prime location benefits from high visibility and significant foot traffic, drawing customers from a diverse range of sources. The property's proximity to Old Mill RV Park & Event Center and the Oregon Coast Scenic Railroad (with four daily runs from Memorial Day to Labor Day) ensures a consistent stream of potential patrons. The restaurant caters to locals, tourists, and visitors alike, leveraging the area's numerous motels, vacation rentals, RV parks, and the bustling activity of the Port of Garibaldi Boat Basin. This property offers the flexibility to continue the existing successful restaurant operation or implement a new culinary concept, capitalizing on the established customer base and advantageous location within "Oregon's Authentic Fishing Village." The asking price for this exceptional property is $1,350,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,135,067

  6.5%

  $1,047,754

  7%

  $972,914

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,689,746

  Geo Method

  $1,647,599

• Alternative Use

  Use

  Valuation

  Residential

  $883,820

  Hospitality

  $809,574

  Educational

  $673,556

  Medical

  $696,721

  Retail

  $1,047,754

Location Insight

City

Garibaldi

County

Tillamook

State

Oregon

Latitude

45.5592

Longitude

-123.91

Property Tax & Assessments

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