300 W Third St - Restaurant FOR SALE


Lake City, CO 81235
$1,300,000 USD
970-944-4444
300 W Third St, Lake City, CO for Sale
$1,300,000 USD
Restaurant - FOR SALE
1/24
null | Request Cap Rate

300 W Third St
Lake City, CO 81235


HIGHLIGHTS

  • Vintage Corinthian triple-arch, 25-foot-long bar from Chicago (circa 1901)
  • Great Business in Lake City Colorado

OVERVIEW

Step Back in Time with New, Modern Amenities. The Wrangler Restaurant and Bar in Lake City, Colorado has a long and storied history. The locally quarried stone building was erected in 1881 and was first opened as the A. H. Avery & Company stationery and bookstore, but soon expanded its offering to candles, confections and exotics such as fruits and nuts. The firm further expanded to include jewelry, watch and clock repair, and engraving reflecting the increasing prosperity of the community as a mining town and destination city on the Denver and Rio Grande railway. In 1892 it was occupied as a meat market by W. S. Whinnery & Company and then gradually expanded to become a full-fledged general store. After 1895, the building served as a grocery store, a shoe store, a law office, and a newspaper office until 1912. The early 20th century brought the beginnings of its long bar and restaurant history, starting as the Log Cabin Inn, owned by the Wright family, and was one of the two storied downtown bars which provided food and late-night entertainment. In 1946 the building was sold to Jack Milner, who expanded the back of the building to create an even livelier bar and restaurant. The building was purchased by the Walker family in 1960 and became the Pinecone Saloon. Booey Bolger became the owner in the 1980s and 90s until the Hardilek's purchased it in 1997 and renamed it as the Highbridge Saloon. In the 2000s, the building was purchased by Drew Paschall and was renamed Restless Spirits. Finally, in 2022 the building was purchased by Loren Hill, an interior designer who had the vision to return it to its original Victorian glory, circa 1881, while maintaining it's rich 100-year bar and restaurant history. Restoration work started immediately, with the installation of a new heated roof, followed by replacement of the plumbing and electrical necessary to bring the building up to current building code. Then came the painstaking restoration and or replacement of flooring, walls, and ceilings with period-correct materials, including imported Italian marble tile and antique fixtures. Next, the basement coal chute and storage area were converted to an intimate dining area and wine cellar The next steps involved construction of extensions to the historic kitchen - including a pizza prep area, a wait station in the dining room, and a large upstairs prep kitchen; installation of a new heating and air conditioning unit (making it the only bar and restaurant in Lake City with air conditioning for those frequently hot summer months); installation of modern security and fire monitoring systems. The doors officially opened in July of 2023, with a new name and logo. The name - The Wrangler - reflects Lake City's ranching history; and the logo - a capital W capped by antlers - reflects Lake City’s world-class hunting legacy. The property is being sold Unfurnished and limited appliances. The Bar is not included with the property.

FOR SALE DETAILS

PRICE

$1,300,000 USD

PRICE/SF

$472 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Historic Lake City Building

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Bar

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1880

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

Business

APN/PARCEL ID

R001210

ASK ABOUT THIS PROPERTY

Dan MurphyM4 Ranch Group, LLCMore Info
970-944-4444

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Dan MurphyM4 Ranch Group, LLCMore Info
970-944-4444

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.