Business Overview:
This truly sexy Hollywood bar, restaurant and lounge boasts six distinctly different dining or entertainment areas, all of which may be sectioned off. There is three bars, an oversize kitchen that includes two large hoods and a 30 foot walk-in cooler, a managers office, storage and liquor room and employee bathroom, and what is likely one of the finest outdoor patios (with its own bar and VIP area) in Hollywood. The facility offers patrons full liquor and is permitted for DJ or live entertainment as well as dancing until 2 am.
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Property Features and Assets:
This 9,000 square foot facility leases for nearly $17,000 with an additional $3,000 per month in NNN expenses on a new lease until 2015 with 2 five year options. The venue also has a parking lot that accommodates 45 autos and leases for $1,500 per month. The oversize kitchen is a chef’s dream, and comes equipped with a multi-entry 30 foot walk-in cooler, a grill, several griddles and stoves, and a convection oven, at least two ice machines and an Ecolab dishwashing system. All of the business’s furniture, fixtures, equipment, goodwill, lease rights, and permits, etc. are fully owned and will transfer in the sale.
Market Competition and Expansion:
As Hollywood remains the epicenter of Los Angeles entertainment options, there is naturally a good deal of competition. This venue differentiates itself via its location, which is easier to access than competing venues, its overly spacious rooms and its truly sexy patio, and its unique concept that allows it to act as both a fine dining venue and special events / banquet facility, as well as an affordable drinking, dancing and entertainment location. This business’s 45 available parking spaces further solidifies its distinct competitive advantage. As this business is still in its infancy, new owners may choose to capitalize on the best and most lucrative attributes of the current concept, and remedy any short falls. As the concept is somewhat general, it can be only slightly modified and taking into many different directions relatively easily – with little cost. Of course, as the venue is already generating between $140,000 and $300,000 per month in revenues, a new owner may seek to simply allow the business to continue to organically grow.
Reason for Selling:
Personal
Additional Details:
- The property is leased.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.