Established Restaurant & Real Estate

Undisclosed Address, Ann Arbor, MI 48104
Retail-Commercial for Sale
Catylist Listing ID: 30810806
Property Subtypes: Restaurant, Street Retail
Building Size (RSF): 7,709 SF
Gross Land Area: 1.34 Acres
Sale Price: $4,400,000
Unit Price: $570.76 PSF
Property Use Type: Vacant/Owner-User
Building Name: Paesano' s Restaurant & Wine Bar
Usable Size (USF): 7,709 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/26/2022

Overview / Comments

Do not miss this rare opportunity to own an established restaurant on high-traffic Washtenaw Avenue in Ann Arbor. Listing is for the real estate and business combined. The business may be purchased separately for $900,000 and lease terms are to be negotiated.

Ideally located on Washtenaw Avenue, a busy thoroughfare just minutes to US 23, and surrounded by established neighborhoods, businesses, and retail, including Arborland Mall, Chalmers Place Shopping Mall, and Arbor Hill Shopping Center, and within minutes to downtown Ann Arbor, Michigan Medical, the University of Michigan, Eastern Michigan University, and surrounding communities.

Paesano Restaurant & Wine Bar, a seasonal Italian restaurant, was established in 1984 and is the receiver of numerous national and international awards. Locally owned and managed, this property has been continuously updated and maintained since its conception. It boasts a smart open floor plan with flexible seating options, a terrific bar, a private wine room, an inviting main dining room, and a cozy banquet room with additional space available on the Italian-inspired patio for another 20 guests.

The property offers tons of frontage on Washtenaw Ave, prominent signage, loads of outdoor seating, plenty of on-site parking (on 2 parcels), and access off Washtenaw Ave. and Chalmers Drive.

Current Tenants

Tenant Business Name Paesano's Italian Restaurant & Wine Bar
Website URL https://www.paesanoannarbor.com/
Industry Type Other Services
Year Founded 1984
SF of Space Occupied 7,709 SF

Additional Details

Taxing Authority: City of Ann Arbor
Tax ID/APN: 09-12-02-201-016
Zoning: C-3, FRINGE COMMERCIAL DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Convention
Property Located Between: Chalmers Drive & US 23
Property Visibility: Excellent
Largest Nearby Street: Washtenaw Ave
Feet of Frontage: 133
Traffic/Vehicle Count: 31,712
Highway Access: US 23 & I-94
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 7,709 SF
Property Condition: Excellent
Year Built: 1985
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Concrete
Total Parking Spaces: 100
Parking Ratio: 9.1 (per 1000 SF)
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Lot Frontage: 165
Lot Depth: 210
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: provided with title commitment
Land Ownership: Owned
Legal Description: ALL LOT 16 AND LOT 17 EXC E 25 FT WASHTENAW HILLS ESTATES AND LOT 15 WASHTNEAW HILLS ESTATES

Contact

Photograph of Listing Agent

James H. Chaconas

Colliers International
CPIX Member
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