Listing ID: 77088
Popular Restaurant in the downtown core was expanded and remodeled in 2014 and features a warm and sophisticated dining room with high ceilings and large windows. Current owners operate as a contemporary bistro and the space is equipped to accommodate most any concept. A separate bar area offers beers on tap, bistro seating and an oyster raw bar. The back of house has two exhibition kitchens: a sauté line with a gas-fired wood grill the other is a hybrid cold line with a convection oven and 6-burner stove. Sale does not include the DBA, recipes or seller’s brand and brand materials.
-Restaurant is approximately 3,308 sq.ft. (approx.) with dining room seating for 40 (approx.) and bar seating for 20 (approx.). Outside, covered patio with seating for 12 (approx.)
-Current rent is $4,917.00 with $1,354.00 NNN (includes monthly alarm payment). Current term expires September 2023 with one, 5-year option. Landlord may negotiate more lease term with a qualified buyer.
-Furniture, fixtures, and equipment include 27’-0” copper bar with ADA drop; two Type-1 exhaust hoods 7’-0” and 3’-9” (approx.); two 6-burner stoves; Salamander; double basket deep fryer; 4’ X 6’ Walk-in refrigerator; ice machine; 3-compartment sink; prep sink; mop sink; handsinks; and much more.
-Established in Oct 2001, the restaurant is currently operating on a modified and reduced schedule due to Covid restrictions and staffing challenges.
-Owner works full-time with 6 p/t and 2 f/t employees
-Premise is licensed with a Type-47 full liquor license
-Alcohol Inventory valued at approximately $10,000 is available for buyer to purchase at wholesale cost.
PRICE INCLUDES: Furniture, fixtures and equipment, and Type-47 liquor license, leasehold interest, leasehold improvements, covenant not to compete. Some personal items are excluded.
Disclaimer: The information provided here is compiled from information obtained by the Seller(s). The broker makes no representation as to its accuracy or reliability. Buyer(s) should rely upon their own verification and that of their financial and/or legal advisers with regard to this information
- Asking Price: $349,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: N/A
- Inventory: N/A
- Inventory Included: N/A
- Established: N/A
The building is leased by the company for $0.00
Why is the Current Owner Selling The Business?
There are all kinds of reasons individuals choose to sell businesses. Nevertheless, the true factor and the one they tell you may be 2 completely different things. As an example, they may state "I have too many other obligations" or "I am retiring". For many sellers, these reasons stand. However, for some, these might just be reasons to attempt to hide the reality of altering demographics, increased competitors, recent decrease in incomes, or an array of other reasons. This is why it is really crucial that you not depend entirely on a seller's word, but rather, make use of the vendor's answer together with your overall due diligence. This will paint a much more realistic picture of the business's current circumstance.
Existing Debts and Future Obligations
If the existing entity is in debt, which numerous companies are, then you will have reason to consider this when valuating/preparing your offer. Numerous businesses borrow money in order to cover things like stock, payroll, accounts payable, etc. Keep in mind that occasionally this can indicate that revenue margins are too small. Many organisations fall under a revolving door of taking loans as a way to pay back other loans. Along with debts, there may likewise be future obligations to think about. There may be an outstanding lease on equipment or the building where the business resides. The business may have existing contracts with suppliers that should be satisfied or may result in charges if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Just how do companies in the area attract new clients? Often times, operating businesses have repeat clients, which create the core of their day-to-day revenues. Specific elements such as new competitors growing up around the area, road construction, and also personnel turnover can affect repeat customers and also adversely affect future earnings. One important point to take into consideration is the area of the business. Is it in an extremely trafficked shopping mall, or is it hidden from the main road? Certainly, the more people that see the business regularly, the greater the possibility to develop a returning client base. A last idea is the basic location demographics. Is the business placed in a densely populated city, or is it situated on the edge of town? How might the local average home income effect future revenue prospects?