Turnkey Cafe In A Spectacular Location
AUGUST 01, 2023
In the heart of one of Lake Michigan's premiere resort towns you will find this must have opportunity that will feed your entrepreneurial soul. This turnkey cafe has all the ingredients needed to start a restaurant of your own. Over the past 7 years the owners have used this spectacular location to serve up delicious food and foster plenty of memories for the locals and visitors to this highly desirable destination town. The sellers who have put heart and soul into this space are eager to see someone cook up a new idea of their own; allowing them to pursue other creative endeavors.
Conveniently located on main street with proximity to public parking, this leased restaurant space offers plenty of visibility as people peruse the shops of the downtown district. Two distinct seating areas share a commercial kitchen with well maintained equipment and multiple prep areas allowing for approximately 60 patrons to grab a bite to eat, socialize with friends, or host a private event. Outdoor seating allows for even more occupants to enjoy the beautiful weather and a delicious bite to eat.
A buyer is set up for success with everything needed to bring their vision to life. Toast POS systems, Mantiwoc commercial ice maker, and an oven/griddle by Vulvan are just the beginning. There are prep stations on the main level as well as in the basement, which is health department certified for food prep and storage. A large walk in cooler and freezer along with separate reach-ins will keep your cold foods at the ideal temperature. Tables, chairs, smallwares, and cookware of course come bundled in with the price.
Care and maintenance have been top of mind for these sellers creating long term value above and beyond the tangible items previously mentioned. Adding passthroughs so that there are ADA accessible restrooms and installing a firedoor put health and safety in top priority. Upgrading plumbing systems and paving around the exterior of the space have increased the usability inside and out. On top of that a buyer will benefit from recently commissioned architectural drawings of the restaurant space and these are to simply mention a few.
Over the past four years the company has had average annual revenues exceeding $450,000 and boast a comfortable average annual SDE (SDE=Seller's Discretionary Earnings – the normalized cash flow available to pay an owner/operator and service debt) of over $135,000 for the same four year period.
The sellers envision an asset sale attractively priced at $150,000. The buyer will receive “the whole shooting match” for this turnkey cafe. Buyers can assume the existing lease (currently at $4137, finishing 2024 at $4344). The lease has an option for a 5 year extension at $4667/month.
For more information on this value priced, must see listing opportunity please contact Ryan Johnson
Ryan Johnson (269-338-9809 or rjohnson@praxisbusinessbrokers.com)
Asking: $150,000
Cash flow: $135,000
Gross: $450,000
Reference ID RJ080123
Location(s): West Michigan, West Michigan - Lakeshore
Categories: Coffee Shops, Restaurant & Bar, Restaurants, Retail - food
Contact information
Ryan Johnson
rjohnson@praxisbusinessbrokers.com
269-338-9809