Owner Financing is Available!
Business Overview:
This full service gastro pub tavern restaurant and bar is amazing and totally stunning. Location is the anchor of a mixed use retail, restaurant and residential project in a historic downtown in-town district with lots of life and lots happening.
Serious food with awesome bar with 12-tap draft system and in addition to almost 100 wines and beer offerings make this a very popular destination. Eight more beers could be added to draft system. Bar had 2 well stations with coca-cola guns for pouring cocktails and a high temp glass washer. There is a large under-counter reach-in beer cooler that can be removed and replaced with a keg box for 8 additional draft beers.
Over $320,000 was spent on the buildout alone not counting furniture, fixtures, equipment with nothing sparred at all in creating a beautiful and state of the art facility.
Very loyal staff and clientele make for a very easy transition. Absentee Owners have other other business interests and are not able to grow this business. Asset sale at $130,000 with owner financing options available and terms listed below.
For more information regarding this listing please contact us by completing the "Contact the Seller" form to the left. We look forward to hearing from you.
Property Features and Assets:
3,600 sq. ft. with seating for 135, 45-seat outdoors, and a private dining space for 45.
Features include super hi ceilings, big open space, 35-foot granite bar, flat screen TV’s, parking, etc. The open kitchen features a ten foot hood vent. Current kitchen equipment include 6 burners, conventional oven, convection oven, deep fat fryer, grill, flat top, hot wells, sandwhich and salad prep tables and ample refrigeration. The dish area has a Ecolab machine complete with a three phase temperature booster. Long term lease at $6,500 per month includes all extras.
Sale price includes all furniture, fixtures, equipment, logo, website, email contacts, Facebook page and any other collateral material.
Sale price includes everything. Name can of course be changed by new owner.
Terms: Assets can be purchased in full at $130,000. OR, Assets can be purchased with down payment of $65,000. The balance of $65,000 will be financed by owner at 15% interest for 5 years and added to lease payments. The financed payments will equal $1,546.35.
Lease Terms: Base lease $6,900 (triple net). No escalation until year #6 of lease. Escalations will be 2.2%. This puts the year 10 lease at $7,693.14… less than $800 above the year 1. Lease and only $27.15 per square foot.
#2 Lease payments are required at closing of asset purchase. These payments represent first month’s rent and last month’s rent / security deposit. Monthly Lease Rate: Year 1-5 2011-2015 $6,900.00. Year 6 2016 $7,051.80. Year 7 2017$7,206.94. Year 8 2018 $7,365.49. Year 9 2019 $7,527.53. Year 10 2020 $7,693.14.
Market Competition and Expansion:
The community is growing daily with new homeowners and renters constantly arriving. Kirkwood is poised to become as wonderful and as beautiful as all of the incredible east side neighborhoods that surround the restaurant. In addition, the restaurant is able to draw from the surrounding neighborhoods. There are roughly 100,000 people that live within a 2 mile radius of the restaurant. And don’t forget, there are no bars or restaurants in Eastlake. Properly managed and promoted, this restaurant/bar will thrive and prosper. The Kirkwood Public House will be a bar and restaurant for a long, long time.
Reason for Selling:
Please inquire.
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.
Resources: