232 Water St
Carbonear, NL, A1Y 1-C3, Canada
Property ID: #253118 // COMMERCIAL
- Address232 Water St
- ZipA1Y 1-C3
- Property TypeCommercial
- Additional TypesBusiness, Commercial, Investment, Office, Retail, Special Purpose, Bar/Lounge, Restaurant
- Half Baths4
- Square Feet10,890
The "Stone Jug" , located in Eastern Canada, has 3 distinct floors, plus the addition of a full basement. Each floor is approximately 3000 sf. ft. The 1st floor seats 75+ guests and has an 85 ft. bar and an open concept kitchen. The 2nd floor easily seats 185-200 guests. The 3rd floor theater and conference room seats 110 guests. All of these facilities make the Stone Jug a perfect venue for weddings, meetings, conferences, functions, theater & musical performance. Whether it’s a private event, a night out with friends, a business dinner or an intimate tête-à-tête, you can move from one floor to the next without going outdoors. There are no other similar facilities in Eastern Canada, making this an instant positive ROI, and cash flow for years to come. The building is built with 1 Meter thick walls made out of hand-carved stone, dating back to the early 18th century. It rivals historical buildings found in New York, Paris or London. The building has undergone a total of $5,000,000 in restoration by the current owner. Clients are mesmerized by the beautiful gleaming hardwood floors & stairs, the tin ceilings & the glittering chandeliers imported from Europe, each its own distinctive charm. All furniture, including the 85 ft. bar is constructed from reclaimed wood imported from China. The property includes a 9000 sq.ft. parking lot, that has the potential to be converted into a hotel or other facilities The Bar & Grill Restaurant: Licensed as a restaurant, liquor and wild game, with no restrictions. This popular establishment is continually selected by the public, as a preferred venue for weddings, meetings, conferences, multi-level functions, theater and musical performances. Stone Jug has also been listed by the tourist industry, as a “must visit” 5 Star Restaurant in the Province. Stone Jug 1860 is extremely profitable since its opening in 2016. The profit level was 12% of sales in 2016, and 22% of sales in 2017/2018. For further information please request the exposé of the property.
- Buyer's Fee: 0%
- Earnest Money: Total earnest money to be negotiated at the time of offer and to be agreed upon in writing in a Purchase Contract by the Buyer and Seller.
- Brokers and Agents are fully protected and encouraged to participate.
- RealtyHive & Micoley.com, LLC are licensed auction firms performing auction and auction marketing services as part of this transaction.
Property Buying Tips
So you’ve decided to buy! Congrats, that’s great!
Here are some great tips to get you on your way to ownership.
1. Determine Your Budget & SaveTake into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?
2. Secure a LoanOnce you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.
3. Be PreparedHave a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.
4. Stay InformedAlways make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.
Other Auction Event Listings
Online Only Event/Auction:
January 22nd 10:00am - 4:00pm CST
This event has ended. Back up bids are welcome up to 72 hours after the event ends. In the event this property does not sell, back up bids will be submitted to the seller for consideration.
Please contact your local lender