Selling Price $ 1,620,000
1412 N MAGNOLIA AVE, OCALA, 34475
Since 1941 the Magnolia Bakery has been the iconic Italian home to the best bread, pastries and personalized Italian meals in the area. Located near Downtown Ocala, in the newest revitalization area known as Midtown and the North Magnolia district, the Magnolia Bakery, while still operating would be an ideal location for a restaurant & bar or a special events and wedding venue. This B5 zoned, 13,000+ SF multi-use and multi-level facility has an air-conditioned bakery and seating area with kitchen and walk in coolers. The 20ft ceilings and ample light make it a great entertainment space. Attached to the bakery is an expansive warehouse with 3 large office spaces on the second floor with new bathroom. While the public records show a build date of 1941, a fire destroyed the the building in 1986. The majority of the building was rebuilt with solid tilt wall construction in 1987. The facility was reroofed in August 2021, all except the small donut shop. New electrical was put in within the last three years. It is also equipped with a new security system with lights and cameras on the entire building with viewing monitor in kitchen. The donut shop can run as a separate second businesses with its own entrance and bathroom. While the asking price valuation is for real estate only, if the buyers would like to take over current operations, the owners will train them. The monthly net return is currently $7,000/month. No financials will be provided, however they are willing to transfer the the long standing name, goodwill of the business and the family recipe book to the new buyers with the transaction if desired. What’s happening in the Magnolia District of Ocala? Ocala has consistently been touted in national ranking categories, including 10th safest, 6th fastest growing metros and 16th best places to retire. The Ocala Metro ranked #2 nationally in new single home construction per capita. But, it’s our downtown area that is really thriving, so much so the community is now focused on Midtown and the Magnolia District. The city of Ocala recently put out for bid (8/3/23) Project Area 2, see conceptual plan for Marion Heights, Imagine North Magnolia. This project area abuts the Magnolia Bakery and totals 1.31 acres (5 parcels). Purchasing both the Magnolia Bakery and Project Area 2 would give a buyer a two acre hard corner. For more information on the bidding process, contact the list agent. And for more information on what is happening in nearby Downtown Ocala, check out OcalaMainStreet.org.
Lot Size – 0.7 Acres
Days On Market : 25 Days