Listing ID: 71478
Top-notch Restaurant located in a very desirable neighborhood. The state-of-the-art design and layout is unparalleled. A “chef’s dream kitchen” handles any culinary challenge including wood fired grills and ovens. All furniture, fixtures, and equipment are virtually brand new.
The rectangular bar area boasts chic atmosphere for a sophisticated customer. The dining room seats 150, plus an intimate private dining room that seats 60, outdoor patio seating. This one is a must see!!
FACILITY: Well-maintained facility with an excellent tenant mix
PARKING: Parking for 100 cars
EQUIPMENT: The equipment is in excellent condition and has been well maintained.
LEASE TERM: 8 years remaining with options
BASE RENT: $40.25/sq.ft includes NNN
CONCEPT: Italian Restaurant
SIZE: 6,700 sq.ft.on 1st floor & 800 sq.ft. mezzanine for office/storage space
SEATS: 200-person capacity
HOURS: Temporarily Closed
LICENSES: Full Liquor License (12am)
SALES: $60,000 per week and growing
- Asking Price: $579,000
- Cash Flow: N/A
- Gross Revenue: $3,120,000
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: N/A
- Established: N/A
Why is the Current Owner Selling The Business?
There are all types of reasons why people choose to sell businesses. Nonetheless, the genuine reason and the one they say to you may be 2 absolutely different things. As an example, they might state "I have a lot of other commitments" or "I am retiring". For many sellers, these reasons are valid. But, for some, these may just be excuses to try to hide the reality of changing demographics, increased competitors, recent reduction in incomes, or a range of various other factors. This is why it is extremely essential that you not count completely on a vendor's word, however rather, make use of the vendor's answer along with your overall due diligence. This will paint a more realistic picture of the business's existing scenario.
Existing Debts and Future Obligations
If the existing entity is in debt, which lots of businesses are, then you will have reason to consider this when valuating/preparing your offer. Lots of businesses borrow money so as to cover things like supplies, payroll, accounts payable, and so on. Bear in mind that occasionally this can indicate that earnings margins are too tight. Lots of organisations fall into a revolving door of taking on debt as a way to pay back various other loans. In addition to debts, there may additionally be future obligations to think about. There might be an outstanding lease on equipment or the building where the business resides. The business might have existing agreements with vendors that should be met or may lead to penalties if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Just how do businesses in the location bring in new customers? Many times, operating businesses have repeat consumers, which develop the core of their daily profits. Specific factors such as brand-new competitors growing up around the location, road building, and also employee turnover can impact repeat consumers and adversely affect future profits. One crucial point to take into consideration is the area of the business. Is it in an extremely trafficked shopping mall, or is it concealed from the main road? Obviously, the more people that see the business regularly, the greater the opportunity to construct a returning consumer base. A last thought is the general area demographics. Is the business placed in a largely inhabited city, or is it situated on the outskirts of town? Exactly how might the local average household earnings influence future income potential?