Looking At Properties, Part Five

Mississippi River views from the back of the building.

By the fifth property (also in Savanna), we were all starting to get a little tired. The kids had been very good but were starting to get bored with looking at buildings at this point, and our brains were full of information. But we had two more lined up and we figured we could just look quick and then move on with our business. (Boy were we utterly unprepared for the sixth property!!) 

Property five, just down the street from the previous property, was also a former restaurant with two three-bedroom apartments upstairs. The problem with this one, as we soon discovered, is that it has been empty for a long time. At least two years, according to the men in the hardware store across the street. And it's being sold in "as is" condition. Listed at $115,000 and boasting 5400 square feet, it's a little smaller than we wanted but still a decent size overall. "Business And Living Space. The 2700 Sq.ft. Restaurant area, with seating for around 50, needs some TLC and could be ready for business. Upstairs you'll find two 3 bedroom apartments, with views of the Mississippi River from the rear porch. There is also a 2 car attached garage. All that is necessary to move in and start your business. Property is being sold "AS IS". "

We really liked the layout of the bar / restaurant. The front had nice tall window facing the street, with seating on either side. The bar itself was in the middle of the restaurant, and there were tables and booths on either side. I loved the tall wooden booths and the big upright piano in the back. At first I thought the kitchen was a little small because it seemed like there was just a kitchen 'cubby' at the back of the restaurant, but then we went through a door and found a giant commercial kitchen. Not a lot of equipment but MORE than enough space.

left front window

right front window

bathroom

LOVE those tall wooden booths. LOVE THEM!

center bar

screen hanging over the bar. perfect for movie nights!

the bar

first tiny kitchen space

first tiny kitchen space

first tiny kitchen space

the much larger commercial kitchen

I love an old upright piano

the much larger commercial kitchen

The stairs at the back that led up to the apartments were a little concerning. They were in a sort of enclosed porch area; there was an obvious roof leak (I guess that's ONE benefit of looking at properties in the rain!) and some broken windows. You went up the (somewhat rickety) enclosed stairs only to go back outside briefly and then in another door that lead to the apartment hallway.

leaky, leaky

leaks and broken glass

  

hallway outside the apartments

Both three-bedroom apartments had the same layout. Neither of them were in great shape. The first one had a lovely big porch off the back, overlooking the Mississippi River (great for views from the apartment; bad for flooding concerns for the restaurant!). There was a good amount of disrepair throughout and some clear water damage, especially on the woodwork. The first apartment had the most moisture damage; at first I thought there was a strange, textured veneer on all the wood, only to realize it was entirely covered with weird hardened water-beading. It's a real shame because the woodwork must have been lovely at one time; lots of neat molding, beautiful built-ins, gorgeous windows. With some TLC this entire place could be beautiful.

beautiful, badly water-damaged woodwork

gorgeous glass

weird double-skylight in the kitchen

bedroom

... does this mean no one has lived here since the '80's??

OJ found the picture and glasses in a closet

The second apartment had some water damage but not as much, but otherwise was pretty much in an equal state of disrepair. It was semi-painted throughout, as if someone had WANTED to take care of it and then said 'ah, fuck it' and left. 

stairs to the front of the building

more beautiful woodwork

nice paint job

love the built-ins

Overall, this was a really neat building. I liked it a lot. It wasn't as big as the bar we originally fell in love with but it had the same overall ambiance to it and would provide adequate space if we went with it. I even liked some of the decor better than the original bar (the tall wooden booths, the piano, the woodwork in the apartments, the porch overlooking the river). 

Concerns: flooding from the Mississippi is a big concern. Being right on the river is neat, as long as the river is behaving itself. The amount of work this place would require to be in working condition is also a bit of a concern. It's NOT move-in ready; we would definitely need a good amount of capital above and beyond the purchase price before we could move in and run the place. Finally, it is in Savanna, where there is more competition in terms of restaurants / bars AND is ten minutes away from Raven's Grin. 

Looking At Properties, Part Four

After the three properties in Mount Carroll, we drove over to Savanna IL, one of the neighboring towns. Savanna is about twice the population of Mount Carroll (when you're talking the low thousands, that's not hard to do, heh). They're right on the Mississippi River, and it sounds like they get a decent amount of tourism throughout the year, so we thought we'd check it out. We had three properties in Savanna lined up as well. The first one we saw has been a family-owned Italian restaurant for 25 years. The family is aging and has recently closed down the restaurant; they are selling all of the equipment along with the building. There are two apartments above the restaurant, one 2-bedroom and one 3-bedroom. The asking price is $325,000 and it is listed as having 6,496 square feet. "25 year established family business is what this piece of property held, 2 upstairs living spaces for tenant occupency or owners use for much convenience, newer windows for efficiency and updated kitchen and baths as well. Restaurant sits SMACK DAB in the middle of Downtown Savanna. And held a many busy week end nights with Chicagoland Tourists and Local business as well. Dont miss this opportunity to pick up where this family business left off."

The restaurant had a nice long bar and two good-sized rooms with tables. The decor was a bit dark and outdated for my tastes but with some sprucing up it could be made to work for us.The kitchen was very large and had definitely seen a lot of use in its day. LOTS of equipment included, but I have no idea what sort of shape it's all in. Not much of it seemed new; it's likely that most of it has been there for much of the 25 years the restaurant has been running. The realtor told us the restaurant was very popular with the locals; everyone loved the food and they were always busy. So, possible double-edged sword there: people might come to check out the new place and love us, or they might boycott us for changing the old stuff they loved. (We have the same potential problem for the location we love, although they don't seem as if they were nearly as popular as this place, darn it!)

The building itself is on a main street in Savanna and is right across from the Mississippi River, so potential traffic and views are great. I didn't think too much about parking so I don't know the situation there; the temperature had dropped quite a bit and it was sleeting at us, so I wasn't exactly thinking about the outside all that much!

The apartments upstairs were mostly in good condition. They have been remodeling the two bedroom and most of it is VERY nice. They haven't gotten to the bedrooms yet but the rest of it is clean, bright, new, and nice. Just a little more work and it would make a great rental space. It even had its own laundry units.

There is a shared space between the two apartments that they were working on, so it needed to be finished up. It had a washer and dryer and could either remain shared or could be used solely by the larger apartment. There was also a door going out to a small rooftop patio, where they had a tiny rooftop garden.

The three bedroom apartment was VERY large, and in nice condition, but the decor was definitely outdated. Fluffy rugs and wood paneling, oh my. The size was great and it WOULD be possible to move in and live there, but it definitely needs some updating. 

Overall: Savanna is a little bigger and busier than Mount Carroll, but there are also more restaurants and thus more competition in the town. We would also be ten minutes away from Raven's Grin, and if we're hoping to start a complementary business we don't know that that makes a lot of sense. Finally, in regards to THIS specific property, the asking price is considerably higher than any other place we looked at. Yes it's practically move-in ready and you get ALL the trappings of a longtime restaurant, but it just seems too steep for the area. And there would be absolutely NO room for any renovations, even cosmetic ones. So while we got some ideas from looking at this place, the high price pretty much makes it a no-go for us.