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Old Spanish Trail Restaurant 311 Main St

5,800 SF Retail Building Bandera, TX 78003 $3,250,000 ($560/SF) 10.62% Cap Rate

Investment Highlights

  • Oldest (Continuously Operated) Restaurant in the State of Texas
  • Real Estate Included
  • Personal Property Included
  • Consistent Year-over-Year Sales
  • Equipment Included
  • Property & Restaurant to be Sold Together

Property Facts

Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,800 SF
Building Class
C
Year Built
1897
Price
$3,250,000
Price Per SF
$560
Cap Rate
10.62%
NOI
$345,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.33
Land Acres
0.40 AC
Zoning
B-1 (Central Business)
Parking
20 Spaces (3.45 Spaces per 1,000 SF Leased)
Frontage
70 FT on State Highway 173 (Main)

Amenities

  • Restaurant
  • Signalized Intersection
  • Storage Space

About 311 Main St , Bandera, TX 78003

Opened in 1921, the Old Spanish Trail (O.S.T.) Restaurant serves as one of the oldest, continuously operated, restaurant’s in the State of Texas. Under its current Ownership (Gwen Janes) it has served the dining needs of hungry ‘Cowboys’ and ‘Cowgirls’ alike for the past 40-years. Originally the namesake of the restaurant was coined by the former Cattle Drive Trail established in the early 19th Century and the famed restaurant still holds to its historical roots. Positioned along the largely unchanged Main Street in downtown Bandera, Texas, the O.S.T. has expanded to a 5,800s.f. full-service restaurant with more than 30 employees. The building was originally the old Davenport Grocery Store and, where the famed “John Wayne Room” is now, there was once a horse corral. During the 1930’s and 1940’s, the O.S.T. was also a dance hall where many famous singers and bands played. Bandera is affectionately known as the “Cowboy Capital of the World” for its western culture, famed World Champion Cowboys and Cowgirls and various Dude-Ranches that are scattered in the Bandera County Hill Country. Dudes, Cowboys, Cowgirls, Winter Texans, Clubs and locals all express their like of the O.S.T. for its ranch-house, share-the-tables, friendly and at-home atmosphere. Numerous National travel magazines, newspapers, news channels, special interest segments and Tour-books have featured the O.S.T. as one of the best places to eat and visit in Texas. If your appetite calls for down-home cooking, served by friendly and dedicated staff, the O.S.T. is your go-to stop. After serving as only the third Owner/Operator of the restaurants history, Janes has decided that it is time to ‘turn-over-the-reins’ to another Owner/Operator that can carry on the tradition and embrace the history of the restaurant. “It is with a heavy heart that I have decided to step-down, but it is time that I think about retirement and focus on me and my family” Janes stated. She goes on to say “the O.S.T. has served as a conduit for my family to grow and expand and I feel confident that a new set of eyes/ideas will serve to keep this piece of history in Texas and serve the daily meals of folks wanting to experience a Texas Tradition”. Janes wrestled with the idea of selling the restaurant and finally came to the conclusion that the sale of the restaurant and the accompanying real estate was the best way to provide for a smooth transition and offering. In presenting the idea to staff, there were many concerns; however, the employees (some who have worked at O.S.T. for more than 20-years) soon realized their role in the long-term success and continual operation of the business. “All of the employees have been so gracious in my decision to sell the restaurant and I genuinely can’t thank them enough for what they have done to make the business so successful”. Janes felt that the open discussion with staff would serve as a olive-branch and with such excellent staff, the new Owner/Operator of the restaurant will be able to “transition with full support of employees”. According to Janes, the placement of the business and real estate for sale was not a conventional ‘cookie-cutter’ deal and she wanted someone who not only knew the intricacies of the Historical Real Estate Market, but one who was familiar with the region. JVL Real Estate (Jerrett V. Lamb – Broker) was selected as the Exclusive Broker to negotiate on behalf of Janes and sort-through prospective Owner/Operator candidates to procure a ‘Best-Fit’. Although ready for the next steps in her life, Janes is eager to ‘teach-the-ropes’ of the business to a new Owner and give her time to ensure that the patrons of the O.S.T. are provided with the same customer service and quality foods they have come to expect.

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
150793
Land Assessment
$155,650
Improvements Assessment
$2,923,850
Total Assessment
$3,079,500
  • Listing ID: 16918040

  • Date on Market: 8/14/2019

  • Last Updated:

  • Address: 311 Main St, Bandera, TX 78003

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