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16 S Walnut St, Colorado Springs, CO 80905

Commercial property for sale

  • Description
  • BUSINESS AND REAL ESTATE - NEWLY MOTIVATED OWNER CAN CARRY MUCH OF THE PURCHASE. This high volume breakfast-lunch restaurant has been a west side/downtown favorite for 40+ years. Formerly Wade's, Western Omelette has been operated by the same family for over 15 years and it is time for the Owner to move on to other things. This property is in top shape in all respects and the kitchen, batrooms, etc. are modern and up to code in all respects. This place seats 220 people as currently configured and has 53 marked parking spaces and another 40 in satellite lots adjacent. There is also a rental home and some of the extra parking for the restaurant that may be acquired simultaneously with, but separately, if desired for an additional $150,000 - see 513 W. Pikes Peak, parcel# 74131-25-006 for details. The restaurant comes complete 100% and is grossing $1,300,000 plus, even in this recessionary environment. Owner will stay 60 days for transition and to help new owner familiarize. Real estate alone was appraised most recently for $675,000 and this place is sold with all equipment, furniture and fixtures in place. Some owner financing can be made available for up at competitive rates. Even a trade for up to 50% of the value would be considered. Don't overlook this real estate/business opportunity as this is one of the most popular near west side locations with a strong business from police, fire, city workers, military, motorcyclists, educators etc. and the existing "contracts" with many of these groups will come with the business. Great upside exists for a new Owner. In addition to current good volume, the place has a brand new outdoor walled patio with seating for an additional 40-50 seats. It is suitable for cocktails/beer garden and the restaurant could easily open for the dinner and evening hours as a bar/restaurant. The location was approved by the City as acceptable for a liquor licens but the owner never obtained one as he just hasn't the stamina to be open that many more hours. A new owner could do that if he wishes and push volume substantially upward. Financials can be made available with a confidentiality agreement. Building price details: $975,000.
  • Property Details
  • Building Name: Western Omelette Restaurant
    Property Type: Retail
    Use Types: Free-Standing Building, Restaurant
    Status: Available
    Price: $ 271 +/SF
    Number of Stories: 1
    Year Built: 1969
    MSA: Colorado Springs
    Zoning: C6 COMMERCIAL
    Buildings: 1
    Tenancy: Single Tenant
    Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing
    Added: 01/06/2012
    Last Update: 01/24/2013
  • Exterior Features
  • Parking: Yes
    Parking Spaces: 53
    Parking Type: Surface
  • Contact info
  • Chuck Armstrong: 719-634-0500 [Office]
    Weichert REALTORS PikesPeakGrp

  • Note

  • Details Info about this row that located on 16 S Walnut St, Colorado Springs, CO 80905 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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