860 41st Ave - Restaurant FOR SALE


Capitola, CA 95010
$1,100,000 USD
831-818-0181
860 41st Ave, Capitola, CA for Sale
$1,100,000 USD
Restaurant - FOR SALE
1/15
null | 3.83% Cap Rate

NEW


860 41st Ave
Capitola, CA 95010


OVERVIEW

The former Chill Out Cafe is a standalone legacy building in a prime 'Restaurant Row' location on Lower 41st Ave, Walking distance to the world-class surf of The Hook and Pleasure Point. Immediate neighbors include Verve, Penny Ice Creamery, East Side Eatery, and Zameen, with Mad Yolks coming soon next door. Includes shovel-ready plans, engineering, and entitlements to convert the current facility to a modern takeout cafe, adding 80 SF of refrigerated expansion into the rear patio area. Current owners have recently put over $82K into the property, including $18K Plans, $9K Permits, $14K Engineering, $20K Sewer Lateral, plus $21K Structural and Renovation. Possibilities abound to either build out the proposed expansion using the current plans and permits, or keep it simple and re-open the existing facility with basic upgrades and retrofits. Or go big and pursue a multi-story development with a mixed-use second level, subject to finalizing the proposed terms of a reciprocal parking agreement with one of the neighboring property owners. Stated rents are based on a pro forma rate of $4.50 per SF/NNN on the existing footprint. This is an incredible opportunity for the forward-minded operator seeking to control their own destiny on a piece of some of the most prime real estate in the County.

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$1,410 USD /SF

CAP RATE

3.83%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1947

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,873 SF

ZONING

C-2

APN/PARCEL ID

033-141-23-000

ASK ABOUT THIS PROPERTY

Datta KhalsaMain Street RealtorsMore Info
831-818-0181

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Datta KhalsaMain Street RealtorsMore Info
831-818-0181

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.