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A Restaurateurs Dream! Well-established premier seafood rest/bar

Dorchester County, MD

A Restaurateurs Dream! Well-established premier seafood rest/bar
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Asking Price: $849,900

Cash Flow: N/A

Gross Revenue: $1,553,188

EBITDA: N/A

FF&E: $60,000

Inventory: $12,000

Established: 2009

A Restaurateurs Dream! Well-established premier seafood rest/bar

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Business Description

This is a successful full-service restaurant and bar (including an additional storefront used for an additional income stream) located in the historic downtown of a waterfront community on the Eastern Shore of Maryland. It is centrally located about an hour and a half east of Baltimore and Washington DC, the same distance west of Ocean City and the Maryland and Delaware beaches and just a few miles from the Hyatt Regency Chesapeake Bay Resort. The restaurant opened for business in January of 2009 in a leased space of about 3,000 sq. ft. and achieved significant growth year over year enabling us to move and expand the operations after only two and a half years.
The restaurant is now housed in a 10,000 square foot building which was transformed from an abandoned bookstore to a destination restaurant for tourists, travelers, and locals. In 2011 the building was completely renovated and brought up to code including state of the art, high-efficiency HVAC and Hood systems, complete change out of all electric panels, wiring, outlets and fixtures including cost-saving LED bulbs. Also installed in 2011 was, all new plumbing including lines, fixtures and grease trap, complete sprinkler system with four levels of coverage, fire alarm and security systems including 18 cameras and monitor, four bathrooms with six women stalls and four men stalls and all new surfaces including walls, flooring and ceilings along with numerous other renovations and additions including a 1000 sq. ft. outdoor patio complete with landscaping and a pond with a waterfall.
Currently the 5,000 sq. ft. first-floor seats 120 in the dining room, 54 at and around the bar and the outdoor patio seats 30 with ample room to add more seats in all three locations. All the equipment in the kitchen, prep room, and dish room were purchased in 2011. The 5,000 sq. ft. second floor has a room for catering and large parties able to accommodate up to 200 guests, a 10x12 walk-in refrigerator used to store beer, wine and kegs for the 14 tap glycol system, an employee bathroom, a large office with a full bathroom and ample storage areas. There is also a third floor which is currently being used as storage space.
This restaurant maintains the highest sales of any restaurant and/or bar in the downtown area. While many of the restaurants in the area are seasonal and even closed during parts of the year, attracting the largest share of travelers and visitors from the Hyatt and other tourist destinations, the restaurant maintains a steady revenue stream throughout the year.
Our staff is an invaluable asset composed of highly trained, professional, responsible and reliable individuals whom all work together creating a real sense of team and regularly exceed guests’ expectations. We have a well-rounded, extremely competent, highly knowledgeable management staff in place and generally employ 30 to 50 individuals based on the level of business.
The average adjusted net income since opening is around $300,000 with numerous opportunities for growth especially in catering and large parties as well as adding steamed crabs to the menu, breakfast and bar promotions. This is truly a turn-key opportunity in every facet of the business including not only all the assets required but also the operational resources essential in running a successful restaurant.

Detailed Information

Location:
Dorchester County, MD
Inventory:
Included in asking price
Employees:
30
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
Established 2009 and completely remodeled and expanded in 2011.
Competition:
This restaurant is THE premier restaurant in town and is the anchor establishment in the downtown area. There are others in town but none provide the upscale food offerings in a casual setting like it.
Growth & Expansion:
There are numerous opportunities for growth especially in catering and large parties as well as adding steamed crabs to the menu, breakfast and bar promotions.
Support & Training:
2 weeks
Reason for Selling:
other interests
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Mike LeCates MBA

Business Listed By:
Mike LeCates

Transworld Business Advisors of Delmarva

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Memberships & Certifications:
Indicates membership in the International Business Brokers Association (IBBA). The IBBA is the only certifying organization for Business Brokers and Intermediaries who assists people in buying or selling a business.

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