Business for Sale Overview:
This business was established in 1985 as an upper end Italian Restaurant. The current owner has had it since 2001. He has added the party room to the business. They have a very nice menu and they also do pizza. If they would have delivery for the pizza they could substantially increase the business. They own the building that has 4,500 sq. ft. it has seating for 180. They pay themselves $3,300.00 per month rent per the tax returns. The 4,500 sq. ft. is broken up into two sections, the dining area and a party room that has 2,000 sq. ft. They do a lot of private parties such as showers, birthdays, and other smaller gatherings. It is used for groups and organizations that have lunch meetings. The liquor license is a D-5, and D-6. This is full beer, wine and liquor including Sunday. They have a small bar in the party room and they serve liquor in the restaurant as well. Hours of operation are seven days a week from 11:00 AM to 10:00 PM. They have 4 full time employees and 12 part time employees. The gross sales for the restaurant that includes the private parties for 2006 was $556,734.00. Total cash flow to the owner is $120,000.00. The selling price for the Business and the Real Estate is $530,000.00. A down payment of 20% would allow a buyer to get a standard bank financing package. A 15 year amortization would have payments of $3,536 Per month. That is just $200.00 a month more than they are paying themselves for rent. The Seller will consider selling just the business for $$180,000.00 cash. Bank financing will be available to a person that has a good history in the business as well as strong credit and the 20% down.
For more information regarding this listing please contact us by completing the "Contact the Seller" form below. We look forward to hearing from you.
Property Features and Assets:
4,500 sq. ft. Since they have a full liquor license, they could convert the party room into a nice bar-lounge that serves food. This area could accommodate Hight Tops and could seat 80. This would use that section daily not just for private parties. The ideal look would be like the lounge are at Applebees. The kitchen is right off this area and could do a very nice job in promoting both food and liquor.
Market Competition and Expansion:
Price per square foot: $78;
Income Property Gross Income: $556,000;
Income Property Net Operating Income: $120,000.
Additional Details:
- The property is owned.
- The owner is not willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.
- This is not a distressed business or bankruptcy situation.
Contact the Seller:
To contact the seller of this business for sale, please complete and submit the following email form. The seller or broker will be in touch with you typically within 1-3 business days. Fields with an asterisk (*) are required.