500 Main Street

About This Property

An exceptional investment and business opportunity in the heart of the growing community of Powassan. This prominent 9,000 sq. ft. (including basement) mixed-use commercial building is ideally situated on a high-visibility corner at one of the town's main intersections, just minutes from Highway 11 and a short drive south of North Bay, making it a prime destination for both local residents and passing highway traffic. The approximately 3,000 sq. ft. main floor restaurant is fully equipped with a 13-foot commercial exhaust hood, a secondary hood dedicated to the pizza ovens, and seating licensed for 98 patrons. Currently operating just four days per week, the business offers tremendous opportunity for increased revenue through expanded hours, menu offerings, catering, or additional services. The second level features two self-contained 2-bedroom, 1-bathroom residential apartments, providing valuable supplemental rental income. One unit has been beautifully renovated, while the second offers the opportunity to complete renovations and further enhance the property's earning potential. The property also offers a full-height basement with two entrances, private on-site parking, a large storage and a patio area with the potential to expand the liquor licence and create an inviting outdoor dining experience. The building has benefited from significant recent capital improvements, including a new roof, extensive renovations, all-new leaseholds, updated systems, equipment throughout, and 200-amp electrical service, providing a truly turnkey opportunity for the next owner. Whether you're an owner-operator looking to build on an established and respected business or an investor seeking a quality mixed-use property with multiple income streams and future upside, this is a rare opportunity in one of Northeastern Ontario's growing communities.