120 N Main St
Telford, PA 18969
Towne Restaurant Building · Retail Property For Sale

The Towne Restaurant is a landmark establishment that until its recent closure has operated continuously since 1966. There have been three to four owners during that time (depending on what local historian you believe) with virtually no downtime in the transitions between owners. The restaurant space has a total seating capacity of 73 including a counter area and two Dining Rooms. This mixed use building consists of approximately 2,492 sq ft of commercial space on first level and two residential apartments on the second level. The total above grade space is estimated at 4,224 sq ft. The basement provides approximately 1,480 sq ft of storage and utility space. The entire rear portion of the property is a macadam parking lot with 11 spaces. Additional unpaved parking spaces are used with the permission of SEPTA. The apartments have an excellent rental history. The one Bedroom apartment known as 124 North Main Street is gorgeous. Built in 2011 this unit includes high ceilings with fans, multiple energy-efficient windows, Living Room (17 x 16), Kitchen (11' x 10'), Bedroom (14 x 12), Bath (11' x 6"), and ample closet space. Rent is $800/mo. plus heat and electric (electric heat pump provides heat and central air; hot water is provided by Landlord). The two Bedroom apartment known as 122 North Main Street includes Living Room (18' x 11'), Kitchen (16' x 10') with Breakfast bar, Main Bedroom (12' x 11'), Bedroom 2 (12' x 10") and Bath. Rent is $750/mo. plus electric and gas for cooking (heat and hot water are included). Both apartments are on month-to-month leases. The rental income for the restaurant space is projected at $25/SF, or $60,000/year. Gross Annual Income for the apartments is $18,000, for total Projected Annual Income of $78,000. Annual Real Estate Taxes are $8,913 and annual Insurance expense for the building is estimated at $5,000. The restaurant space tenant is responsible for fuel oil, water, sewer, trash removal, and pest control. Owners will provide historical Profit and Loss Statements for the Towne Restaurant to qualified prospective purchasers. In addition, Owners will provide a list of restaurant equipment available to purchase.