Landmark Steak House with Real Estate

Phoenixville, PA (Chester County)

Seller Financing Available
Landmark Steak House with Real Estate

Asking Price:$1,495,000

Cash Flow:$150,000

Gross Revenue:$200,000

EBITDA:$150,000

FF&E:$500,000

Inventory:$15,000*

Real Estate:$1,600,000

Established:1980

*not included in asking price.

Landmark Steak House with Real Estate

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Business Description

Have you ever wanted to own a well known landmark restaurant? Are you looking to own your real estate as well. This well known landmark with real estate, three rental units and a full liquor license is now available. The location is only open for dinner 5-6 nights per week. The current owner is semi retired and the location has not had a full time manager for the past 2 years. Many of the staff have worked here for over 20 years. The location is doing approximately $2 mil per year with limited hours and no catering or marketing plan. The location seats over 300 people. The average cover is over $60.00. This is an easy to run location that is on cruise control. Buy it now and add some marketing, expand the hours and update some menu items and you could add over $500k to the bottom line.

Detailed Information

Inventory:
Not included in asking price
Real Estate:
Owned
Included in asking price
Building Sq. Ft.:
200,000
Employees:
35
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Restaurant is over 10,000 sq. ft. There is seating for 300 people in multiple rooms. There is a large bar with seating for 30. Kitchen is very large with great equipment package. Building dates to 1700. The property is over 5 acres. There are also three rental units on the property as well as another large building. All equipment is in good condition. There is a 3 year old POS system in place. There was an appraisal done in 2015 that lists the value of the real estate at over $1.6 mil
Competition:
Location is a well known icon in the area. It is a landmark and also has a great rating my local and national media. The current owner has done no marketing or advertising in the past few years. They have a database of over 6000 people.
Growth & Expansion:
There is plenty of upside as the location is currently only open 5-6 nights per week. They recently opened for Sunday Brunch and did over 300 covers on a Sunday in July at an average of over $30pp. The current owner does not open for lunch or private functions or funerals.
Financing:
seller may provide limited financing
Support & Training:
Seller will stay to assure a smooth transition. Many of the staff have worked at the location for over 20 years. The executive chef has been at the location over 30 years and is interested in staying with a new owner.
Reason for Selling:
Retirement

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Jack Benoff

Business Listed By:
Jack Benoff

Solara Restaurant Ventures

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