212 Water Street - Sale & Leaseback - Block Island

Business Overview:

Turnkey acquisition of three fully built-out restaurant concepts located at 212 Water Street, a renovated approximately 12,000-square-foot, three-story property positioned immediately adjacent to the Block Island ferry landing. The real estate is not being sold. The purchaser acquires the restaurant operating assets and enters into a new lease with the property owner.

RESTAURANT CONCEPTS

• OneBI Steak & Oyster House: 162-seat higher-end restaurant and bar with approximately 80 indoor seats and 82 outdoor/deck seats. Kitchen is 100% new with new plumbing and new floor. All wired for KDS

• Block Island Clam Cake Co.: Fast-casual, grab-and-go concept designed for ferry traffic and day visitors, featuring clam cakes, chowder, doughboys, lobster rolls and related offerings.

• Italian Prepared Foods & Deli: Deli and prepared-food concept serving island residents, seasonal residents, workers, boaters and weekly renters.

ASSET SALE
Purchase Price: $550,000. The transaction includes substantially all furniture, fixtures, equipment and operating assets associated with the three restaurant concepts, together with the applicable concept names and intangible operating assets, except the “Pasta Patch” name.

Trade Fixture Exclusion. Trade fixtures and building components that are permanently affixed, bolted, installed or otherwise attached to the building or structure are excluded from the asset sale and remain the property of the landlord. This includes, without limitation, the walk-in cooler, exhaust hoods, installed booths and other permanently affixed building fixtures. A detailed asset schedule should govern the final conveyance.

Details:
PARKING: 7 spots, plus public
EQUIPMENT: All FF&E is included in the Asset Sale. Equipment is NEW.
LEASE TERM: 5 years plus a 5-year option
BASE RENT: $10,000 plus NNN
CONCEPT: Three Restaurant Concepts
SEATING: 162 seats at OneBI (80 indoor / 82 outdoor-deck)
SIZE: 12,000 SF
HOURS: Business is currently closed. Inquire for previous hours.
LICENSES: Full liquor license and CV license
SALES: Please call for details
CASH FLOW: Asset sale with leaseback
ASKING PRICE $550,000 (Asset Sale)

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