Seller's Contact Information
- RE: Portugese Restaurant And Multi-Use Property
- Contact: Buddy Carp
Quick Facts
| Asking Price: | $2,450,000 | |
| Annual Revenue: | $2,644,489 | |
| Net Profit: | Not Disclosed | |
| Cash Flow: | $550,000 | |
| Total Debt: | Not Disclosed | |
| FF&E: | Not Disclosed | |
| Real Estate: | $1 | |
| Year Established: | 1989 | |
| Employees: | Not Disclosed | |
| BBN Listing #: | 15575383 | |
| Broker Reference #: | 417 |
Business Overview:
Great opportunity to own an established restaurant and investment property. For over 32 years this popular restaurant has been serving authentic Portuguese food in a friendly and comfortable family atmosphere. The restaurant has a loyal clientele that enjoys dining on their Old-World Portuguese recipes and unique local dishes in a fun and casual environment.
Historical restaurant sales from 2017 -2022 have consistently been in the $2.6 to $2.8 million range except for “2020” which dipped to $2.3 million due to pandemic related issues. The restaurant has a main dining area and a bar area with table and bar stool seating. Seating capacity is 104. The business is very profitable. Seller’s discretionary earnings are over $500,000!
The restaurant and the property are for sale. The property includes the restaurant on the first floor and three 3-bedroom apartments plus an office on the second and third floor. Seller's Discretionary Earnings of $500,000 does not include income from the apartments. Property owner has recently renovated all three apartments and they are ready for occupants. Rental income from the apartments would be incremental income to the buyer.
Please Note: All information furnished is provided by seller or based on representations of the seller or other sources. Squizzero, Carp & Associates has made no investigation of it and makes no representation or warranty as to the accuracy of the Information. All recipients are encouraged to perform due diligence and consult with independent tax, financial and legal professionals.
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Property Features and Assets:
Property included in the sale price. The main building, has three floors totaling 8,382 /- square feet, plus a 1,958 /- squaire feet attic and basement of equal size. The restaurant occupies the first floor. The second floor includes office space utilized by the restaurant as well as a 3-Bedroom Apartment. The third floor consists of two additional 3-Bedroom apartments.
Reason for Selling:
Retiring
Additional Details:
- The property is owned.
- The owner is willing to train/assist the new owner.
- This is not homebased business opportunity.
- This is not a franchise resale opportunity
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