116 Union StOlean, NY 14760

  • Retail properties
  • 10,138 SF
For Sale
$995,000 View listing

Property Details for 116 Union St

Year built
1909
Lot size
0.26 AC
Property size (Sq ft)
10,138 SF
Property type
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
116 Union St, Olean, New York

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
0
-
$16,500
$344,800
$361,300
-
$21,154
$442,051
$463,205

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