659 East State Street Olean NY 14760 | MLS #R1713624

The Parkwood: A Name Olean Already Knows

You can build a bar. You can’t build a reputation. This one came with the building.

The Parkwood has been a fixture on East State Street for years, and it’s still going strong with wings and pizza out of the kitchen, live bands on the weekends, and a room that fills up for Bills Sundays as a home base for the Bills Backers of Olean. The regulars, the name, the rhythm of a good Friday night: all of it is already here and already working. That’s the piece no amount of renovation money can buy.

What sets this property apart is everything around the bar. A huge side deck opens the place up all summer. A large private parking lot plus street parking on top of it means a sold-out show, a fundraiser, or a packed watch party doesn’t run into the wall that stops most downtown taverns cold. There’s room here for the big night, and room for the crowd to park.

Then the investment side. Five residential units convey with the sale: three apartments directly above the bar, plus a separate duplex included in the package. That’s six income streams under one closing, with the flexibility to pour the drinks yourself or keep the bar leased and simply collect.

The capital worries are handled where it counts. A new roof is going on the bar, and the duplex roof is fairly new, too.

Investment highlights

6 income streams: the Parkwood on the main floor plus 5 residential units
Established tavern with a real local following — wings, pizza, live music, Bills watch parties
Huge side deck built for warm-weather crowds
Large private parking lot plus street parking — rare for a bar of this type
New roof on the bar this fall; duplex roof fairly new
Owner-operate the bar or lease it out and hold a stabilized six-unit property

Come see the Parkwood and make it your own.