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Water Front High Volume Restaurant and Bar For Sale
Down Pmt: $125,000
To Visit This Restaurant Please Sign the NDA By Selecting the Link To Left "Sign NDA."
This fine dining restaurant serving California and Italian cuisine sits directly on the water overlooking the bay and is one of the best locations in the area. In addition to the dining room, the restaurant has a huge bar area as well as two large outdoor patios. There is also a Starbuck's style coffee house with street visibility and easy access.
2018 was another great year, making it the fourth year in a row where revenues exceeded $4 million! 2018 revenues will be close to $4.4 million. 2017 showed adjusted net of about $286,000.
As the owner only works one to two days a week at the restaurant, labor can certainly use a full-time owner operator to get the labor issue under control. Case in point, 2017 labor cost was nearly 46%. My observations suggest there is overstaffing in the kitchen, dining room as well as the coffee outlet and I believe a "hands-on" owner operator could substantially increase profit with proper labor management as well as menu design.
Another observation is that menu price points "seem" as though they could be raised as the highest priced item on the menu is an aged Rib-Eye steak at $42 per plate and the same meal at Mastros is $56 without any sides or the views this restaurant offers. In addition, in the kitchen, most everything is made from scratch and I believe a more streamlined menu could eliminate some labor in the kitchen without compromising quality.
SBA Loan is available with 20% down.
There is a type 47 liquor license - hard liquor, but it is shared with the landlord. You'll be placed on the license. So not part of the assets you're buying.
PRICE EXCLUDES $50,000 +or- of Consumable Inventory.
Some of the assets are landlord owned while others are Seller owned.
It is a 6% lease with a banquet agreement helping drive the overall rent factor to about 5.5%.
SELLER IS FIRM ON PRICE, DON'T EVEN THINK ABOUT NEGOTIATING!
This is a very exclusive and private listing for SERIOUS EXPERIENCED HIGH NET WORTH BUYERS ONLY.
You must qualify before any detailed information is released.
HOW DOES ONE QUALIFY? As a qualified buyer you'll need to have deep and successful restaurant and bar experience in a high volume environment for several years. In addition, you'll need a FICO score in the 700's and an established net worth greater than $1.5 mil. This opportunity will qualify for SBA financing with 20% down and relevant industry experience.
This is a Paramount Restaurant Brokers, Inc. listing.
Restaurant Broker Chaz Gaddie DRE License #02057673
DISCLAIMER: The User (that's you reading this) of this Website understands that Paramount Restaurant Brokers, Inc. ("Broker") or its agent(s) do not audit or verify any above information given to or gathered by Broker or its agent(s) from Seller, our Client, or make any warranties or representations as to its accuracy or completeness of the information provided, nor in any way guarantee future business performance. The User should perform a complete and detailed due diligence on the business and or real estate before buying it in addition to seeking professional advice from an attorney as well as a CPA. In some cases, forward looking statements may have been made but these statements are absolutely no guarantees of future performance of the business as each User has differing skills sets to either grow the business or kill the business. Owning a business is a risky venture, but can also be a rewarding one. The User of this website is solely responsible to examine and investigate the Business and or real estate (if included in the sale), its assets, liabilities, financial statements, tax returns, and any other facts which might influence the User's purchase decision or the price the User is willing to pay. In most cases, the Broker represents the Seller who is our principal, but the Broker owes the User a duty of fair and honest dealings. Any decision by User to purchase the Business shall be based solely on User's own investigation and the User's legal, tax, and other advisors and not that of Broker or its agent(s). Any listing information may change at any time without any notice to User and User should often review the listing on the website to keep up to date.
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