116 Union StOlean, NY 14760

Property Details for 116 Union St

Year built

1909

Lot size

0.26 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,703,515

  6.5%

  $2,495,552

  7%

  $2,317,299

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,444,191

  Geo Method

  $1,607,210

• Alternative Use

  Use

  Valuation

  Residential

  $2,105,092

  Hospitality

  $1,928,253

  Educational

  $1,604,284

  Medical

  $1,659,458

  Retail

  $2,495,552

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0769

Longitude

-78.4304

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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