Old Town Opportunities
Bandon's commercial district is a growing opportunity for real estate consumers. While residential real estate begins to sell in the under-$150,000 range, commercial real estate is really starting to hit the market. The prices that commercial properties are being listed for should be encourging for those who wish to increase income property holdings or to operate their own businesses.
Bandon's Old Town district is a section of loosely six or eight square blocks, comprising the Coquille River front and Hwy 101 frontage. The area sits just west of US Highway 101, and consists of restaurants, gift shops, galleries and service companies.
Five properties are now for sale in Old Town Bandon, several of those having thriving restaurants inside.
375 Second Street ($399,000) - Alloro Restaurant ($175,000)
Built in 1940, this building is leased to Alloro Restaurant, which is also for sale. With a restaurant downstiars and a 1 bedroom, 1 bathroom apartment upstairs, it makes for a solid owner/operator business opportunity.
490 S Hwy 101, Brewed Awakenings ($399,000)
This coffee house and deli, built in 1958, is 2000 square feet. The restaurant is an open floorplan with an outdoor seating area. 14 parking spaces. The price includes land, building, business and equipment.
120 2nd Street ($415,000)
This property, if it included all three tax lots, would be a good deal. Unfortunately, the listing looks as though only the smallest tax lot and building (40x101) is for sale. This makes it overpriced at best. Quite easily the best Old Town location for a service-oriented buisiness, this is a property to watch.
480 1st Street ($1,500,000)
This is a very large riverfront restaurant building, with three levels, each useful as a bar, restaurant or cafe. The building is approximately 5,000 square feet, and sits on just under 1/4 acre of riverfront land. At the end of 1st Street, this property is directly between the part of Old Town that caters to pedestrians, and the South Jetty Park. Restaurant equipments is included in the sale of this property.
Arcade Tavern
Now this is the gem of Old Town Bandon. Located on the corner of Alabama and 1st Street, the old Arcade Tavern (now bank-owned - see blog entry entitled, Arcade Tavern Goes To Auction) was auctioned in December with a minimum bid amount of $398,058.94, but no one bothered to qualify as a bidder. Yep...not one party even registered to be eligible for the auction. Since the failed auction, the bank has received several offers, and continue to pursue price negotiations with at least one party. When people ask, "Why hasn't anyone bought this yet?" I don't have an answer for them. The fact is, it's in the right location, and at the right price. With a river view, and just steps off the crabbing docks, this property is one that doesn't come around very often. It's not so much the price of this property that makes it valuable, but the fact that it's rare. And in Bandon.
Written By: Rushel Reed, Broker
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