High Gross Restaurant & Catering - RE Included

Business Overview:

High Grossing Restaurant & Banquet facilities along with outside catering. Restaurant and Real Estate will sell together. Appropriate for experienced restaurateur and/or event planner. For sale is a full-service restaurant with a type 47 liquor license and banquet facilities. Large prep kitchen with walk in freezer and cooler, along with three separate cook lines and pantry. One cook line was completely remodeled with new hood and equipment in 2022. Building is over 14,000 square feet with a seating capacity in excess of 300, and an additional covered patio with seating for 75. Standalone building boasts high ceilings, with lots of glass and skylights. An attached brewery with craft brewing equipment is adjacent to the sports bar. Plenty of parking. Local business community provides strong lunch business and catering Monday through Friday, and the local residents give strength to dinner along with banquets on the weekends. Located in LA County near Whittier, it is easily accessible from the 5 and the 605 freeways. There is very little competition in the area. There are interesting mixed use re-development plans being discussed to enhance the destination of the location. Highly experienced team delivers a friendly experience for guests. 

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Property Features and Assets:

Tenured staff of 35 part time and 17 full time employees. Restaurant sales exceeded pre-COVID levels in 2022 and showing YOY growth in 2023. Profitable. Seller does not work in the business but pays himself $150,000.

Retain the popular American Cuisine concept or make it your own.

Revenue:
2019 $4,583,722
2020 $2,434,974
2021 $3,624,923
2022 $4,588,612
2023 $5,000,000 proforma
SDE:
2023 $500,000 proforma
FFE Estimate $1,300,000 including 3 Nissan and a Ford that will transfer. Restaurant pays building $17,500 per month rent. Estimated inventory $34,000.
Property Appraised Feb 2023 for $7,140,000
Asking $8,000,000. $7,000,000 for the property and $1,000,000 for the restaurant and banquet business.

Reason for Selling:

Health, Retirement.

Additional Details:

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