Sea Isle City’s Oar House Pub, known for giant decorative lobster, hits market for $7 million

The owner of Sea Isle City's Oar House Pub, the bayside restaurant and music venue adorned with a jumbo lobster, has put the business on the market for $7 million.

A listing at 314 42nd St., just around the corner from the shore town's Fish Alley arch, says the property offers a "unique opportunity" to take over a business that's been around since 1970. The back bay neighborhood has been a hub for commercial fishing and seafood markets since the city was founded in the late 19th century.

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Originally called the Lobster Loft, the Oar House Pub occupies a two-story property that served as a warehouse for much of the 20th century. Current owner Jimmy Bennett purchased the business in 2006 and changed the name in more recent years.

The main floor of the waterfront pub has three bars, two dining areas and a stage for live music. It holds about 200 people. The second floor space, used for private events, holds another 100 people and an outdoor area has room for 40. The property also has seven boat slips.

The listing from Long & Foster notes that the purchase price for the business includes all of the restaurant's furniture, equipment and liquor license.

An employee at the pub said Wednesday the lobster attached to the side of the property has been there for years, at least since around the time Bennett took over the business. Bennett could not immediately be reached for comment.

In an interview with the Philadelphia Business Journal, Bennett said he intends to keep the Oar House Pub open until he finds the right buyer. He bought the property and liquor license for $3.2 million in 2006.

In addition to the option of maintaining the whole site as a restaurant and entertainment space, the listing says the property is zoned for both commercial and residential use and buyers would be able to develop homes alongside a business.