Profitable Iconic Local Restaurant with Loyal Following

Ada County, ID

Seller Financing Available
Profitable Iconic Local Restaurant with Loyal Following

Asking Price:$398,000

Cash Flow:$128,940

Gross Revenue:$580,219

EBITDA:N/A

FF&E:$175,000

Inventory:$9,800

Rate/Sq. Ft.:N/A

Established:1961

Profitable Iconic Local Restaurant with Loyal Following

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Business Description

This 56 year old local iconic family-friendly restaurant has a long-standing reputation for tasty burgers, sandwiches, salads and excellent ice cream. During the last year, the company has experienced strong growth with the addition of a "party venue" on site. The restaurant's unique atmosphere combined with the simple but yummy menu provides a fun place for birthday, anniversary, holiday and family reunion parties.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building Sq. Ft.:
N/A
Lease Expiration:
N/A
Employees:
6 FT / 8 PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The real estate and buildings are owned by the seller. The facility will be leased to a new owner at a market rent of $3,500 per month. The tenant is responsible for paying the water, electricity and building maintenance. The landlord/seller will pay the real estate taxes and property/casualty insurance. The restaurant is located on the corner of a well-traveled east-west corridor that connects Ada and Canyon counties. Restaurant layout consists of four buildings on a single parcel. The buildings include a 990 square foot dining area, newly remodeled 2,185 square foot additional restaurant space, a 1,200 square foot detached "party barn" and a 540 square foot cold storage and production building. Additionally, there is a covered patio with a "band stage" for outdoor parties and events. There is paved off-street parking with 30 spaces and overflow parking space in rear of buildings.The buildings were recently remodeled including upgraded wiring, plumbing, and new paint. The roof was replaced in 2004.
Competition:
While there are other restaurants that sell burgers, sandwiches and ice cream, none do it with the panache of this local favorite. The company has an emotional connection with its customers due to its longevity, good service, food quality, location and past memories of fun events. Relationships with suppliers are strong. The company has higher than industry gross margin due to good expense control and on-site manufacturing of the restaurant's signature product.
Growth & Expansion:
Beginning in January 2016, the company has experienced strong growth due to the expanded "party venue" facility. The unique atmosphere combined with the menu provides a fun venue for birthday, anniversary, holiday and family reunion parties. Plus the party venue does not interrupt the everyday food service activities for regular customers.The potential for continued growth is strong.
Financing:
$79,600 down/$390,040 for 60 mos. @ 7%
Support & Training:
Will train for 4 weeks @ no cost. An ideal buyer is someone with a passion for serving customers who desire the "old-time" ice cream and burger joint experience. Also, having a flair for customer interaction and event planning is a plus. The buyer should have restaurant management experience and at least 10% of the purchase price in available cash as a down payment. Seller is willing to finance some of the purchase price. Lunch and dinner are offered every day with breakfast on Saturdays and Sundays. The menu includes: hamburgers, sandwiches, salads, soups and locally made ice cream.
Reason for Selling:
Seller owns another popular local restaurant and is unable to devote the time.

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Sheila Spangler

Business Listed By:
Sheila Spangler

Murphy Business & Financial Corporation

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