Thriving Restaurant w/ Real Estate - 20016 Remodel

Ocean Shores, WA
Grays Harbor County


Asking Price: Annual Revenue:
$675,000 $850,000

Food & Beverage: Restaurants, Fast Food, Deli


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RE: Thriving Restaurant w/ Real Estate - 20016 Remodel Broker: Oliver Kotelnikov
Owner Financing is Available!
The seller will finance $100,000 of the transaction for a qualified buyer.

Quick Facts

Asking Price: $675,000
Annual Revenue: $850,000
Net Profit: Not Disclosed
Cash Flow: $140,000
Total Debt: Not Disclosed
FF&E: Not Disclosed
Real Estate: $450,000
Year Established: Not Disclosed
Employees: Not Disclosed
BBN Listing #: 322935781
Broker Reference #: MS2020

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Business Overview:

Mike’s Seafood is an award winning steak and seafood restaurant in Washington’s premier vacation destination and open air paradise of Ocean Shores. The business is prominently located a stone’s throw from the beach in the heart of a busy coastal town community and is recognized as an iconic, go-to local establishment for the freshest seafood, cocktails, and family dining. Mike’s caters to diversified customer base consisting of a multi-decade, loyal local following, and a robust influx of tourists and visitors. Commuting distance from Seattle and Tacoma, the area is a popular daytrip and weekend getaway destination for Washington residents and is known for a wide variety of outdoor recreational activities including fishing, camping, beachcombing, and whale watching. Sustained revenue and profitability growth is attributable to the restaurant’s stellar reputation for quality seafood and excellent customer service, tremendous goodwill in the local community, and a fantastic location with a growing fanbase.

The business has shown exceptional resiliency through the pandemic, and is operating at and above historical profitability levels. Ocean Shores welcomed a record number of visitors in 2020. The area businesses are buzzing with activity and bookings are looking strong into the autumn. A seasoned staff of 8-12 full and part time employees has been retained and is expected to stay on through the transition. Ownership is presently contributing 1-2 FTE to the labor of the business. Conducive to current conditions, Ocean Shores has welcomed another busy tourist season with a fresh marine breeze, miles of open beaches, all the amenities of a summer on the coast, and of course, delicious seafood!

The lead business broker for this company at IBA is Oliver Kotelnikov. Please contact Mr. Kotelnikov.

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Property Features and Assets:

The business operates out of a free standing, 4,000 square foot building on a prime, coveted double lot of seller owned real estate located on the main arterial. Plentiful dedicated parking is available to customers. The restaurant underwent a full-scale remodel in 2016 and is impeccably fine-tuned for optimal efficiency with an updated operational infrastructure including HVAC, equipment, dry storage, and dedicated office and administrative space. Modern ambiance, high ceilings, and open floorplan create a warm, welcoming feel and offer a seating capacity of approximately 75 guests. A full bar perfectly complements the regionally inspired menu offerings with a curated selection local beer, wine, and scratch cocktails. Significant upside potential for additional revenue exists by expanding bar operations to capitalize on the expressed demand for happy hour service, extended hours of operation, and live entertainment. This is a unique opportunity to own a successful life-style business along with a quickly appreciating commercial real estate asset in a growing, outdoor minded community.

Reason for Selling:

Retirement

Additional Details:

  • The property is owned.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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