Windemere Real Estate broker Bryan Petro has the “hottest property” listed in Port Orchard.

The old Myrhe’s building, located at the corner of Sidney Avenue and Bay Street, is among one of Petro’s properties that he is attempting to sell.

“All the legal stuff has been taken care of and the building is for sale,” said Petro. “It’s the hottest property I’ve had for a long time. I’m honored to have the listing.”

Petro said during a two-week period, he has shown the building 27 times. The property is listed for $475,000.

He said some people are looking at the building to place offices upstairs and a lot of people want to put apartments upstairs.

“But I’ve had several restaurant people look at it and one person who would want to turn it into three retail locations,” Petro said. “It’s a key property for downtown.”

Petro said the building has a new roof and all the newest high-tech infrastructure for earthquakes was installed.

“It’s ready for someone to go in and fix the inside,” Petro said.

The restaurant has been closed since July 2011 when a fire gutted the building.

Petro said the restaurant was started in the 1930s and the original wood structure was destroyed during a 1963 fire. Dick Rylander then took over his family business and replaced the building with a brick structure.

“It was the center of town,” said Petro. “The upstairs Terrace Room was a high-end restaurant and had the best prime rib in Kitsap County. People drove from all over to eat there and it had a great view.”

The Rylander family (Myhre’s Inc.) repossessed the building on Jan. 3 during a trustees’ sale at the Kitsap County Administration Building. The property reverted back to the Rylanders after no bidder showed up for the sale.

“Dick said if he was younger he would reopen the restaurant himself,” Petro said.

John Lora and Melinda Oliver purchased the 15,000-square-foot building for $700,000 in 2005. They planned to rebuild the restaurant after the July 2011 fire and a new roof was installed on September 2012.

There has been no work on the building since.

In 2013, several contractors that worked on the building filed a joint lawsuit in Kitsap County Superior Court against Lora and Oliver. The contractors said they should have been paid from an insurance claim and the couple owns them about $250,000.

“The couple wasn’t paying the contractors and Mr. Rylander, they had to foreclose,” said Petro. “As soon as the foreclosure sale came, the man filed for bankruptcy. That postponed the foreclosure sale until he got the bankruptcy court to let him continue it. When that happened, the woman filed for bankruptcy.”

Petro said Rylander will allow whoever buys the building to keep the Myhre’s name with one stipulation — a plaque on each end of the building calling it the Rylander Building 1964.”

“Someone’s going to make an offer and we’re going to settle on it,” Petro said.