659 E State StreetOlean, NY 14760

Description

The Parkwood: A Name Olean Already Knows You can build a bar. You can't build a reputation. This one came with the building. The Parkwood has been a fixture on East State Street for years, and it's still going strong with wings and pizza out of the kitchen, live bands on the weekends, and a room that fills up for Bills Sundays as a home base for the Bills Backers of Olean. The regulars, the name, the rhythm of a good Friday night: all of it is already here and already working. That's the piece no amount of renovation money can buy. What sets this property apart is everything around the bar. A huge side deck opens the place up all summer. A large private parking lot plus street parking on top of it means a sold-out show, a fundraiser, or a packed watch party doesn't run into the wall that stops most downtown taverns cold. There's room here for the big night, and room for the crowd to park. Then the investment side. Five residential units convey with the sale: three apartments directly above the bar, plus a separate duplex included in the package. That's six income streams under one closing, with the flexibility to pour the drinks yourself or keep the bar leased and simply collect. The capital worries are handled where it counts. A new roof is going on the bar, and the duplex roof is fairly new, too. Investment highlights 6 income streams: the Parkwood on the main floor plus 5 residential units Established tavern with a real local following — wings, pizza, live music, Bills watch parties Huge side deck built for warm-weather crowds Large private parking lot plus street parking — rare for a bar of this type New roof on the bar this fall; duplex roof fairly new Owner-operate the bar or lease it out and hold a stabilized six-unit property Come see the Parkwood and make it your own.

Property Information

Property type

Commercial Sale

Sub-type

Business

Year built

1931

Stories

2

Living area

6,040 Sq Ft

Lot size

0.10 acres

Lot dimensions

36X125

Parking spaces

20

Zoning

COM 1

Days on market

19

MLS^® Listing#

R1713624

Property Features

Heating

Forced Air · Natural Gas

Basement

Full

Parking

Driveway · On Site

Lot features

Rectangular Lot

Roof

Membrane · Rubber

Utilities

Sewer Connected

Sewer

Public Sewer

Schools

Elementary

East View Elementary

Middle

Olean Middle

High

Olean Senior High

Financial Details

Annual taxes

$7,175

Assessed value

$121,500

Parcel number

041200-094-066-0004-061-000-0000

Directions

on Route 417