Property profile

56 Bay Ave Eastport, NY 11941

OFF-MARKET
Turn key restaurants
Property ID
US63-2362434
4,892 SF 0.52 ac lot Built 2010
Entity Owned 25-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional offering presents two adjacent waterfront properties in Eastport, NY, totaling 7,500 net rentable square feet on approximately 1.5 acres. 56 S Bay Ave houses a renowned restaurant with 90 legal seats, 15 boat slips, and 2,500 square feet of indoor space plus 500 square feet of waterfront decking. Its prime location on Moriches Bay, ample parking, and fine American-Continental cuisine have established a loyal following. Directly adjacent, 58 S Bay Ave features a stunning 4,900 square foot event hall with 120 legal seats, vaulted ceilings, panoramic waterfront views, and 800 square feet of decking. This versatile space, complete with private rooms, an elevator, and a full commercial kitchen, is ideal for weddings, private parties, and other large-scale events. Both properties boast high-end mechanical systems, ample storage, and are fully turnkey, ready for immediate operation. The combined annual town taxes are $59,166.14. The properties are zoned for Resort Business use and are available for occupancy on January 16, 2024. The asking price for this unique opportunity is $6,875,000. Tax ID numbers are 473689 365.000-0001-013.000 and 473689 365.000-0001-020.001. Nearby establishments include Remsenburg Marina, Eastport Music Scene, and several local businesses.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 2010
Total area 4,892 SF
Lot 0.52 ac (22,651 SF)
Zoning code RWB
APN 0900-365.00-01.00-013.000
UPID US63-2362434

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Wedding Service

Location

56 Bay Ave Eastport, NY 11941-1337
Eastport metro Census 190503 NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$720k

Owner & transaction history

since 2001
1 recorded transaction
2001
$250,000

Zoning & alternative use

RWB · Eastport, NY

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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