Grocery Store/ Real Estate /Rental Income

Port Orchard, WA (Kitsap County)

Grocery Store/ Real Estate /Rental Income

Asking Price:$150,000

Cash Flow:N/A

Gross Revenue:$427,617

EBITDA:N/A

FF&E:$45,000

Inventory:$55,000*

Real Estate:$590,000*

Established:1932

*not included in asking price.

Grocery Store/ Real Estate /Rental Income

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Business Description

This is a unique and a once in a lifetime opportunity. This property and business has never been offered for sale. This is a prime location – it is one block from the Washington State Ferry and the first business that the ferry passengers see getting off the ferry and the last one they see when leaving to Seattle on the ferry. Imagine where the people who are waiting for the ferry, sometimes for over 1 hour, are going to go while they are waiting? There are no other businesses around and this business has no competition. This opportunity includes the grocery store and the building and land it sits on (1/3 acre), the rental income from the US Post Office ($1,176 per month) and the lot next door (1/3 acre) with a 1,788 square foot rental home that is rented for $1,200 per month. The grocery store has been open since 1932 and the current Seller has owned it since 1982, when he inherited it from his parents. The store sits on a 1/3 acre lot and the building has both the grocery store and the US Post Office (5 years left on their lease) – the store has about 2100 square feet, there is an apartment attached that is used as an office that is about 1,000 square feet, and the post office is about 625 square feet. The lot has plenty of parking. The grocery store offers beer/wine, cigarettes, espresso, sandwiches, produce, gifts, cards, and accessories. It has an ATM and has Lotto. The new owner could easily take the area in back, that is now an office (1,000 square feet), and make it a deli- serving hot food and take on items for the ferry. They could put in a small café and have sit down and take out eating, with a sweeping view of the Sound. The lot next door is 1/3 acre and has a 1,788 square foot 3 bedroom home. This lot possibly could be re-zoned rural commercial which would make this site 2/3 of an acre prime for redevelopment. The seller is retiring and wishes to sell this as a total package for $740,000.

Detailed Information

Inventory:
Not included in asking price
Real Estate:
Owned
Not included in asking price
Building Sq. Ft.:
N/A
Employees:
4 PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The store sits on a 1/3 acre lot and the building has both the grocery store and the US Post Office (5 years left on their lease) – the store has about 2100 square feet, there is an apartment attached that is used as an office that is about 1,000 square feet, and the post office is about 625 square feet. The lot next door is 1/3 acre and has a 1,788 square foot 3 bedroom home. This lot possibly could be re-zoned rural commercial which would make this site 2/3 of an acre prime for redevelopment.
Competition:
This is a prime location – it is one block from the Washington State Ferry and the first business that the ferry passengers see getting off the ferry and the last one they see when leaving to Seattle on the ferry. There are no other businesses around and this business has no competition.
Growth & Expansion:
There are many options a new owner could have for this multipurpose package. They could buy it and keep it the same; they could remodel the grocery store and add a deli or café, they could redevelop both pieces of property. This is a prime location – it is one block from the Washington State Ferry and the first business that the ferry passengers see getting off the ferry and the last one they see when leaving to Seattle on the ferry. This is a unique and a once in a lifetime opportunity
Support & Training:
Seller will provide 2 weeks of onsite training, if needed by the buyer, on the day to day operation of the grocery store.
Reason for Selling:
The Seller is retiring

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Kirk L. Edwards, CBB, CBIS

Business Listed By:
Kirk L. Edwards, CBB, CBIS

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