Durango Landmark For Sale

Durango, CO (La Plata County)

Durango Landmark For Sale
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Asking Price: $795,000

Cash Flow: N/A

Gross Revenue: $1,750,000

EBITDA: N/A

FF&E: $200,000

Inventory: $25,000

Rent: $5,500 /Month

Established: 1997

Durango Landmark For Sale

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Business Description

The Palace Restaurant has operated as a restaurant for over 50 years, and under the current ownership for the last 21 years. It is a long-standing local favorite, featuring classic continental and American cuisine. The Palace is located in the heart of historic, downtown Durango, Colorado, overlooking the famous Durango & Silverton Narrow Gauge Railroad Station. This location is the Southern anchor for Durango’s Main Street, situated within a 5-minute walk of 4 theaters, seven hotels and easy public parking.
Situated in the old Palace Hotel, dating back to the 1880’s, the restaurant is an integral part of Durango’s colorful and rich history as well as being a mainstay in the community today.

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
3,800
Lease Expiration:
1/31/2031
Employees:
25
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The restaurant features one of the largest outdoor dining spaces in town as well as a tavern and 2 interior dining rooms. It is one of the largest restaurants in Durango, capable of hosting weddings, holiday parties and community events. The restaurant has been very well maintained throughout the last 20 years, but significant improvements have been made in just the last several years. The restaurant received a complete cosmetic “refresh” in 2016. Since 2014, $50,000 worth of new kitchen equipment has been purchased and installed.
Support & Training:
30 Days training from current owner included.
Reason for Selling:
Retiring
Business Website:
http://palacedurango.com
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Business Listed By:
carolyn lamb

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