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119K Convenience Store/Corner Lot Hwy 68

High Point, NC (Guilford County)

Parking Lot And Front Of Building

Asking Price:$119,000

Cash Flow:$57,200

Gross Revenue:$453,300

EBITDA:N/A

FF&E:$60,000

Inventory:$35,000*

Lease Rate:$2,500 /SF/Month

Established:1989

*not included in asking price.

119K Convenience Store/Corner Lot Hwy 68

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Business Description

This convenience store is well established in the community. $1400.00 average revenue per day with hired help. The owner says a "Hands-On" owner-operator can easily raise sales to $2000.00/day. The owner paid $8000.00 for current state inspections on the 4 underground gas tanks. Anyone who buys the business will own the gas tanks and pumps. The current owner does not sell gasoline. It is not essential to sell gas to increase revenue. The convenience store is inviting, clean, well lit with a coffee station and ample space for merchandise. Average utilities are $1000.00/mo. The asking price does not include inventory which is approximately $35,000.00. It is located on Highway 68 in High Point, NC.

The P&L from January 2017 to June 30, 2017 states revenue sales $453,313.34
Cost of goods sold was $385,772.43
Grosss Profit $67,540.91
Operating Expenses $43,916.56
Administrative Expenses $5,995.08
Total Operating Expenses $49,911.64
Income From Operations $17,629.27
Other Income: Rebates buy Downs(Lottery/Cigarettes) $10,993.34
NET INCOME $28,622.62

Detailed Information

Inventory:
Not included in asking price
Real Estate:
Leased
Building SF:
2,500
Lease Expiration:
3/31/2031
Employees:
2
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
A nice fully-equipped convenience store with 2500 square feet and ample parking space on a corner lot location with 3 easy access entrances on busy Hwy. 68. It has a canopied gas island with two pumps. The interior of the store is attractive, well-maintained, clean, and well-lit; and the large parking lot is in solid condition. The owner chose not to sell gasoline yet the gas pumps are operational and have been recently inspected by the state. There is a 40 ft. walk-in cooler, and other refrigerated units for cold drinks, beer, food, etc., and lots of shelf space for merchandise. 13 3/4 years remain on the 15-year lease which consists of two 5-year options. The lease is transferrable and is $2500.00 per month. The property (Real Estate) is also available for sale for $350,000.00.
Competition:
This store serves as a hub for the surrounding neighborhood and has a good steady business, but can be increased significantly with a hands-on owner operator.
Growth & Expansion:
Plenty of room inside and out, so no need to consider expansion.
Support & Training:
One week of training included in the sale price.
Reason for Selling:
New Capital Venture

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Business Listed By:
Ben Haines

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