Listing ID: 80770
Established for over six years, this restaurant has a dedicated following of customers and has received numerous accolades and awards since inception. The old world upscale vibe offers a delectable menu with ingredients sourced locally whenever possible and a focus on exceptional food offerings paired with excellent service and libations. There is a full bar with creative specialty cocktails and a world-class wine inventory. Customers frequent the restaurant for business lunches, to celebrate any special event, or to sample the vast wine selection. The elegant space has an historic turn-of-the-century appeal and also offers a unique private party room along with a large patio for patrons seeking an outdoor dining experience.
- Asking Price: $1,320,000
- Cash Flow: $155,154
- Gross Revenue: $1,082,551
- EBITDA: N/A
- FF&E: $212,000
- Inventory: $180,000
- Inventory Included: Yes
- Established: N/A
- Property Owned or Leased:Own
- Property Included:Yes
- Building Square Footage:2,256
- Lot Size:N/A
- Total Number of Employees:N/A
- Furniture, Fixtures and Equipment:N/A
The prime downtown location is close to many new residential and commercial developments. The space is approximately 2,256 square feet and well laid out for an intimate dining experience. Inside, the current capacity is 60 in the main dining area plus the additional private party room that seats 24. The patio area can accommodate up to 62 guests.
The owners have enjoyed starting and growing the business but are now ready to r
The multiple strengths of this opportunity include an iconic location in the downtown area. The immaculate build out and old world charm creates the ultimate upscale ambience providing a memorable experience for customers seeking a quality business lunch or a special place to celebrate any occasion.
The ideal buyer is any restaurateur interested in the vibrant downtown restaurant and bar scene as well as owning a unique piece of history that will endure over the ages. COMMENTS This is a rare opportunity to own a business and real estate in the downtown area. A new Owner may want to continue on with the successful format in place or bring in their own concept to this storied one-of-a-kind space.
The sale will include inventory valued at $180,000, which is included in the suggested price.
Why is the Current Owner Selling The Business?
There are all types of reasons people resolve to sell businesses. Nevertheless, the genuine reason vs the one they say to you may be 2 totally different things. As an example, they might claim "I have way too many other responsibilities" or "I am retiring". For many sellers, these reasons stand. But, for some, these may just be justifications to try to conceal the reality of transforming demographics, increased competitors, current reduction in profits, or an array of various other factors. This is why it is really vital that you not depend entirely on a vendor's word, however rather, utilize the seller's answer in conjunction with your overall due diligence. This will paint an extra practical image of the business's current circumstance.
Existing Debts and Future Obligations
If the current entity is in debt, which numerous companies are, then you will certainly have reason to consider this when valuating/preparing your deal. Lots of companies take out loans so as to cover items like supplies, payroll, accounts payable, etc. Keep in mind that sometimes this can mean that revenue margins are too tight. Lots of businesses fall under a revolving door of taking on debt as a way to pay back other loans. In addition to debts, there may also be future commitments to consider. There might be an outstanding lease on equipment or the building where the business resides. The business might have existing agreements with suppliers that have to be satisfied or may result in charges if terminated early.
Understanding the Customer Base, Competition and Area Demographics
Exactly how do companies in the area bring in new consumers? Often times, operating businesses have repeat clients, which form the core of their day-to-day earnings. Specific factors such as new competitors sprouting up around the location, road construction, as well as employee turnover can affect repeat customers and also negatively influence future earnings. One important point to take into consideration is the area of the business. Is it in an extremely trafficked shopping center, or is it concealed from the main road? Certainly, the more people that see the business often, the higher the chance to build a returning consumer base. A final idea is the general area demographics. Is the business located in a largely populated city, or is it located on the outskirts of town? Exactly how might the regional average family earnings effect future earnings prospects?