Very Profitable Fine Dining with Bar - Low Rent

Cuyahoga County, OH

Very Profitable Fine Dining with Bar - Low Rent
Contact Seller

Asking Price: Get Financing: $1,344,000

Cash Flow: $477,088

Gross Revenue: $1,475,000

EBITDA: N/A

FF&E: N/A

Inventory: N/A

Lease Rate: $5,000 /Month

Established: 2013

Very Profitable Fine Dining with Bar - Low Rent

Get Financing Save Print Share Valuation Report

Business Description

THE BUSINESS

This 4.5 and 5 star rated fine dining restaurant is located in one of the most affluent neighborhoods in Cleveland, and was voted one of the top 20 bars in area. The bar boasts of not only one of the best ambiences in Cleveland, catering to the most affluent in the city, and; not only does it possess one of the best wine lists in the city; but it's menu out-does-itself with a great and exciting delectable treats each designed by an executive chef who is on the cutting edge of making artful and delicious entrées. The owners are not the chef

The restaurant gets several turns a night on the weekends, with the bar keeping it busy until late night hours.

You must visit this business to enjoy its uniqueness and discover why it is so profitable.

THE PERFORMANCE

Speaking of profit, the annual sales growth shows the restaurant’s success. In 2017 revenue were $1,475,000, up from 2016 of $ 1,315,000 with 2017 estimated Seller’s Discretionary Cash Flow (SDCF) being $477,000. The annual revenue per Sq. Ft. is $819 with a rent factor of only 3.3% in 2017! And get this, 2017 labor costs are 19%! And 2017 Food and pour costs only 27.4%. This makes prime costs including rent less than 50%! WOW!!!

And what's more exciting is the owner just started a cost reduction program this year adding another $10,000+ a month to profit. That's not included in our SDCF!

THE OPERATION

The owners are easily replaced by an experienced operator. The staff is fully trained and experienced serving high-end clientele frequenting this restaurant, including local and national stars.

This restaurant and bar has operated since 2013 and has a full liquor license (D5 and D6). There are no other places to build restaurants in this neighborhood, so there won’t be any competition coming to draw business away.

And if you want to do parties, that's covered too! There is a sexy lounge area that’s used not only for dining, but can quickly be converted to a banquet room occupying parties of 40-50 customers.

When weather permits, there is a great outside garden style patio seating 30 that’s fenced in to serve liquor.

There are 6 full-time employees, 22 part-time employees with the operating hours being Tuesday through Sunday and closed Monday.

DEMOGRAPHICS

There is a population of 117,000 within a 3 mile radius with more than 48,000 households. Annual Income per household is approximately $61,000 with the one mile radius average house hold income of about $74,000.

SBA LOAN AVAILABLE

This business has solid tax returns and will easily qualify for an SBA loan. At today's rates (Jan 2017) the annual payment with 20% down will be about $138,000 for 10 years at 6.5% leaving a hefty $339,000 for your pocket! Let me state this another way. You put $248,000 down, pay yourself $90,000 a year and you've made your down payment back in a year! Tell me where else can you find such a return?

REASON FOR SELLING

The owners are moving to California to be close to their daughter who recently moved there.

Detailed Information

Real Estate:
Leased
Building SF:
1,800
Lease Expiration:
1/31/2028
Employees:
28
Reason for Selling:
Moving to California to be near daughter who recently moved there too.
Business Website:
http://sellingrestaurants.com/restaurant-for-sale/restaurant-for-sale-in-clevel
Contact Seller

Contact the Seller

Contact Seller Loading

Mel Jones

Business Listed By:
Mel Jones

Paramount Restaurant Brokers, Inc.

Show Phone Number

View My Listings

Listing Statistics

Saved This Listing:
Unlock
Days Active On Site:
Unlock
Appeared in Search:
Unlock
Listing Detail Views:
Unlock


Ad#:1461048 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.


Similar Listings