East End Long Island Inn & Restaurant with Property
The owner of the property has entered into a lease for the property which includes the Inn and restaurant. The NOI on the lease is $100,000. An experienced hospitality operator should earn considerably more operating both the restaurant and Inn once the lese has expired. The property currently has a tenant and believes options could exist if the buyer wanted in addition to purchasing the property as an investment, also operate the businesses. No expense was spared in renovating this beautiful Inn and restaurant. They have a AAA location in a very busy but quaint highly desirable community on the East End of Long Island. They are exactly where anyone wants to stay to experience the beauty of this region from families, day trippers, wedding parties, bachelorette parties, or corporate events. This Inn should be operating at close to full occupancy as most everyone else does.
All their rooms, suites and cottages have been renovated as well as the restaurant and bar. Their property is grandfathered in and allows for outside drinking as they have 2 large private areas which is perfect for the current environment and is right off the bar & restaurant. They are located right near the beach and there is so much potential to provide additional services to rent Kayaks, Paddle Boards, Beach Chairs & Umbrellas, Bicycles, as well as fun food carts for Ice Cream/Ices, and Pizza.
The property has low overhead as the real estate taxes are approximately $35,000 per year. The purchase price of the property and equipment is $2,000,000 and depending on the qualifications of the buyer and with the necessary equity investment the Seller might even consider holding the mortgage for the buyer. If you have interest, please refer to listing number 14278 when inquiring about this opportunity.