RESTAURANT · 2021. 7. 22. · Restaurant & Bar: 3,106 SF Café: 252 SF Cottage: 454 SF Total: 9,112 SF Land Area 0.19 Acres (8,587 SF) Rooms 15 Rooms Including Inn Keeper Unit (2

An opportunity to acquire

a 15 room inn and a 145 seat

restaurant located in one of

Cape Cod's most desirable

leisure markets.

& R E S T A U R A N T

Provincetown, Massachusetts

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The Offering

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, is

pleased to offer, on an exclusive basis, the fee simple interest in the Waterford

Inn & Spindler’s Restaurant (individually the "Inn" or "Restaurant" and together

the "Property") situated in Provincetown, Massachusetts.

The Property benefits from an ideal location on Commercial Street (only a short

walk to the center of town), significant recent capital improvements and

boundless historic charm. Provincetown is an ideal investment market given its

high-barriers to entry and its reputation as a premier Cape Cod leisure getaway

destination.

Investors may consider several value-add opportunities in the future including

the potential to add rooms, reposition the food & beverage offering, or convert to

alternate uses such as residential.

R E S T A U R A N T

&

Address386 Commercial Street

Provincetown, MA 02657

Year Built / Renovated 1800 / 2016 - 2018

Square Footage

Hotel: 5,310 SF

Restaurant & Bar: 3,106 SF

Café: 252 SF

Cottage: 454 SF

Total: 9,112 SF

Land Area 0.19 Acres (8,587 SF)

Rooms 15 Rooms Including Inn Keeper Unit (2 Beds)

Other Employee Housing On-Site Cottage (1 Bed/1 Bath + Kitchen)

Food & BeverageSpindler's Restaurant & Bar: 145 Seats

(50 Interior, 95 Exterior)

AmenitiesComplimentary Breakfast, Kohi Coffee, Wi-Fi,

Fiji Waters, Sparkling/Still Water Filtration

Off-Site ParkingPrivate Lot Across Street ($40 per Day in

Season), Public Lot Two Blocks Away

Capex $2.5 M / $166,667 Per Room / $274 PSF

Season Year-Round

Property Summary

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Property Layout

15 Room Inn5,130 SF

454 SF Cottage

Restaurant Space3,106 SF

Café252 SF

R E S T A U R A N T

&

East End Waterfront Public Park

Provincetown Harbor

R E S T A U R A N T

145 Seats

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The Waterford InnR E S T A U R A N T

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Set in an 1850's Sea Captain's mansion, The Waterford Inn offers guests

15 spacious rooms, many with harbor views and three with private

balconies. The rooms have been recently updated. Guests enjoy an

ideal East End / Gallery District location, within walking distance of the

Boston to Provincetown ferry and the area's renowned attractions.

Guestroom amenities include new 43” flatscreen HDTV, individually-

controlled air conditioning & heating, a writing desk, an iron and

ironing board, private bath amenities, a hairdryer, complimentary

wireless internet, chilled sparkling/still water filtration, and new

Dometic in-room refrigerators.

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Spindler’s RestaurantR E S T A U R A N T

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Opened in 2016 in consultation with James Beard award-winning chef Barbara Lynch, Spindler's Restaurant offers an inspired menu of classic, French-style

cuisine with Italian soul and the freshest of Cape Cod and New England ingredients. The 145-seat restaurant includes several distinct spaces including a bar &

lounge (20 seats), a main dining room (30 seats), a second floor deck overlooking Commercial Street (50 seats), two outdoor terraces (45 seats) and a cafe. The

Restaurant features a professionally designed and built open kitchen concept with state-of-the-art equipment for a modern chef.

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✓ Pent Up Leisure Demand: In the midst of a record-breaking season with long term tailwinds for drive-to leisure markets

✓ Provincetown: One the most desirable leisure destinations in the Northeast, thriving housing market and relocation trends, high barriers to entry

✓ A+ Location: Best location in Provincetown, within walking distance to everything – fast ferry pier, shops, restaurants, galleries, museums, festivals and pristine beaches

✓ High-Quality Real Estate: Significant recent capital expenditures, high density with multiple indoor/outdoor uses

✓ In-Place Cash Flow with Upside: Inn and restaurant operations with existing cash flow, opportunity to increase top- and bottom-line performance

✓ Value-Add Opportunities: Potential to add rooms, reconfigure F&B space, expand staff housing, convert to alternate uses such as residential and/or mixed-use, brand/management potential

✓ Opportunity Zone: Potential tax benefits

Investment HighlightsR E S T A U R A N T

&

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Location Map

& R E S T A U R A N T

1.5 hour

DISTANCE TO:

Boston: 116 milesProvidence: 122 miles

New York: 293 miles

R E S T A U R A N T

&

Matthew EnrightDirector

[email protected]

Zeina FawazAssociate

617.848.1589

[email protected]

Alan SuzukiManaging Director

[email protected]

JLL Boston Office: 1 Post Office Square Suite 2800, Boston, MA 02109 Phone: (617) 338-0990

Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or

estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained

herein is subject to change. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021 Jones Lang LaSalle IP, Inc. All rights reserved.