231 W Front Street, Merrill, OR 97633
Listing ID220164817
Sold For$415,000
StatusClosed
SqFt
710
CountyKlamath
Year Built1948
Property TypeCommercial Sale
The iconic Polar Bear restaurant is for sale. This popular eatery and ice cream spot has been a staple of the Merrill community since 1948. This is a turnkey business opportunity, complete with all equipment, supplies, 7 security cameras, and 9 employees. Second building, formerly the meat market, is included in this sale. Both buildings are cinder block construction, with ductless heat and air. Polar Bear restaurant sits on land leased from the City of Merrill. The current term is 5 years at $200.00 per month. New owner will need to apply and negotiate future lease with City of Merrill. The Polar Bear building, equipment and signage are owned by the sellers. The 2nd building sits across the park from Polar Bear. Sellers own 2nd building and land (.10 acre). Sellers have installed new roof (2022), and begun renovations in the 2nd building, leaving room for new owner to finish to their specifications, and usage. Equipment list included in Docs.
County
Klamath
Property Type
Commercial Sale
Subdivision
Merrill
Year Built
1948
Zoning
C
Basement
None
Cooling
Ductless
Flooring
Concrete
Heating
Ductless
Levels
One
Construction Materials
Block, Frame
Exterior Features
Patio
Flood
Unknown
Foundation Details
Block
Lot Features
Level
New Construction
no
Number of Parking Spaces
8
Parking
Yes
Parking Features
Asphalt, Gravel
Roof
Asphalt, Metal
Sewer
Public Sewer
Water Source
Public
Building Area Source
Assessor
View
Neighborhood
Additional Features
Kitchen
Business Type
Restaurant
Covenants, Conditions & Restrictions
no
Document Count
12
Documents on File
Lead Based Paint Report, Profit and Loss Statement
Dual Listing
no
Foreign Investment in Real Property Tax Act
no
Miscellaneous Information
Land Lease
Power Production
Public Utilities
Preferred Escrow Company & Officer
AmeriTitle
Section
Not Applicable
Cap Rate Percentage
23
Existing Lease Type
Ground Lease
Inclusions
All restaurant equipment and supplies on premises.
Leased Components
Land for Polar Bear building/parking lot leased from City of Merrill. Current Lease $200 per mo. New owner apply w/City
Net Operating Income
107297.15
Owner Pays
Common Area Maintenance, Electricity, Exterior Maintenance, Insurance, Interior Maintenance, Janitorial Service, Repairs, Sewer, Taxes, Water
Special Listing Conditions
Standard
Tax Annual Amount
808.67
Tax Lot
51
Tax Map Number
R-4110-011AA-01000-A01
Tax Year
2022
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Contact - Listing ID 220164817
Coldwell Banker Pro West Real Estate
300 E Main St.
Medford, OR 97501
Phone: 541-773-6868
Data services provided by IDX Broker