Spring Special! Restaurant w/RE for Sale below Appraisal!

Suffolk County, NY

Seller Financing Available
Spring Special! Restaurant w/RE for Sale below Appraisal!

Asking Price:$1,350,000

Cash Flow:N/A

Gross Revenue:$990,000

EBITDA:N/A

FF&E:$125,000

Inventory:$25,000

Real Estate:$1,500,000

Established:2000

Spring Special! Restaurant w/RE for Sale below Appraisal!

Get Financing Save Print Share Valuation Report

Business Description

This is an excellent opportunity to acquire a well decorated, fine dining restaurant with RE located on a busily trafficked artery, on the east end of Long Island in Hampton Bays. While the Hamptons are well known as a destination during the summer months of the year, the restaurant has enjoyed a relatively brisk business throughout the year in the past. Although the RE was recently appraised for $1.5MM, ownership has other interests and is anxious to close a deal. He has authorized us to reduce the asking price to $1.35MM to promote a quick sale. This is a deal at this price!

A recent appraisal indicated that part of the property included may be developed and sold, lowering the buyer's true cost for the restaurant. A review of local building codes indicates that the minimum building plot in the local area is 40,000 square feet and that the subject property may be further improved or possibly sub-divided. In the rear of the building is a large paved parking lot, providing parking for about 80 cars. Behind the parking lot is undeveloped land that may be sold, or developed. The neighboring property owner had a similar opportunity and has developed a similar piece of property.

As the owners have other business interests, the restaurant is presently closed. Previously, the restaurant featured a fine dining menu conducive both to business meetings and romantic evenings. The business has been owned and operated by the present ownership for nearly 15 years and the owners are selling to focus on other business interests. The facility legally seats 196 patrons (in total) and has a separate party room accommodating 50 people for private parties.

The décor features brick arches, beautiful paintings, soft lighting and comfortable seating. Ownership makes every effort to assure that its clientele experiences a pleasurable dining experience and is constantly maintaining the décor, replacing carpeting, ceiling tiles, etc., on a regular basis.

Attached Documents


Detailed Information

Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
N/A
Employees:
10
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The restaurant is approximately 5,592 square feet, and is located on 2.3 acres, with more than adequate on-site parking. The fully equipped kitchen is completely up to date and large enough to satisfy the most discerning chef who wants room to work in and yet can handle additional staff. A recent appraisal of the property indicates that the minimum building plot in the local area is 40,000 square feet and that the subject property may be further improved or possibly sub-divided. In the rear of the building is a large paved parking lot, providing parking for about 80 cars. Behind the parking lot is undeveloped land that may be utilized for further development as the neighboring property owner has done.
Competition:
Business is located on a prime location, on a heavily trafficked major artery.
Growth & Expansion:
Present ownership has other business interests and was essentially operating business absentee. It's believed that a dedicated owner/operator will be able to increase business and lower costs.Re
Financing:
Seller will consider financing to qualified buyer.
Support & Training:
Seller will assist in orderly transition of business.
Reason for Selling:
Other business interests.

Listing Statistics for Premium Members

Ad#:1079600 Report an issue with this listing

The information in this listing has been provided by the business seller or representative stated above. BizBuySell has no stake in the sale of this business, has not independently verified any of the information about the business, and assumes no responsibility for its accuracy or completeness.
Read BizBuySell's Terms of Use before responding to any ad.

Contact the Seller

(from currently available funds)
 
Sign up for the BuyerNewsletter.
Learn to use your IRA/401K to buy a business: Guidant Financial (min. $50K needed in IRA/401K)
Contact Seller Loading

Angelo A. Ferrara

Business Listed By:
Angelo Ferrara

Rapt Enterprises Inc.

Show Phone Number

View My Listings

Find out more...

Get more details about this business.


Similar Listings


Extreme Pizza

Franchise Opportunity
Capital Required: $214,200