Asking Price:

$499,000

Gross Income:

$1,212,701

Cash Flow:

N/A

FF&E:

N/A

Inventory:

N/A

Real Estate:

N/A

Year Established:

1970

Employees:

5 f/t; 12 p/t

Business Types:

Restaurants
Other Eating & Drinking Places

Business Description

Restaurant is priced to sell and Very motivated and ambitious Seller!! Very profitable!! Well-known, very established restaurant with take-out service and delivery; entertainment most nights, serves lunch, dinner, and late night. Extremely desirable when you patronize this restaurant you just don't have a drink, there is always a special that you will enjoy. Food sales far exceed alcohol sales - room to improve "happy hour" and other specials. Location and financials not provided without the return of Broker's Confidentiality Agreement and Buyer's available cash to purchase the business. The real estate (which is income producing other than the business) can be purchased for $699,000. Total package $1,198,000. If lease is first option, it can include an option to purchase.

Detailed Information

Facilities:

Desirable business in a historic building in an upscale community; 5,741 sf +/- (transfer two parking lot leases); landlord with negotiate a lease agreeable for the first floor, outside patio, and the office - $6,000 monthly plus NNN, 3% increase each renewal period. Business established in 1970 and continuously operated by same family.

Competition:

Only restaurant business in this area; however, within walking distance there are a number of other restaurants, bars, and eateries. The restaurant is located in one of the prime areas of the city.

Growth/Expansion:

Presently, there is a take-out and delivery service, which equates 30% of the business; market restaurant for private parties, wine dinners, tastings, many opportunities.

Financing:

Seller is open to negotiate partial financing.

Support/Training:

Seller's representatives will train for at least a two-week period.

Reason Selling:

Seller wishes to retire after 40 years in the business.