Dream Restaurant/Tavern Business Opportunity
- Asking Price
If your career dream path includes what you previously thought was unattainable – read on. The absentee owner of a large, downtown restaurant/tavern is retiring from a long and successful career in an unrelated field and is looking to pare down his investments. This means selling his very attractive 4,000 square foot urban restaurant/tavern (with indoor capacity for 140 and covered outdoor seating for an additional 30 during normal weather conditions) to a talented, but undercapitalized buyer.
Located in an attractive Roaring 20’s era building on the main street of an important mid-Michigan city, the building which is both appealing and in great shape is owned by the seller who will lease the restaurant/tavern (which occupies the entire main floor of the building) for a very buyer friendly $3,000 monthly triple net rate.
During a previous partnership between two unrelated owner-operators of the restaurant/tavern, there were issues between the partners causing the current owner to buy-out the restaurant and the lease. The current owner took over the restaurant, replaced the entire staff, made the environment both spotless and inviting, and things took off…and then Covid hit.
Just as the business was realistically looking at reestablishing its former low seven figure revenue level, the business was shuttered for six of the next 11 months. And upon reopening, lunch business was negatively impacted by the large quantity of downtown office employees working remotely from their homes.
So what to do? Well, the lunch trade has increased sharply in 2022 as downtown workers are resuming their former office hours, and the restaurant has established itself as a destination dining spot for those who want to enjoy its urban ambience, easy parking, outdoor seating, great food and stellar service from the restaurant’s 20 person staff.
In 2020 (the first year of Covid) revenues were off 55% from 2019 levels. In 2021 revenues rebounded nicely (doubling from 2020’s heavily Covid impacted levels) to 90% of 2019 levels. In addition, the restaurant’s owner-seller took advantage of both the lengthy Covid shutdowns in 2019-2020 and meaningful forgiven PPP loans plus grants to Covid impacted restaurateurs to make significant upgrades to the kitchen and bar areas. And in the “rather be lucky than smart category,” the city has received funding and construction has started on two major development projects literally two blocks from the restaurant/tavern. The successful buyer of this business can look forward to a major events center and a large apartment complex to bring in a significant amount of brand new (and recurring) restaurant traffic.
To keep the solid momentum going, the owner proposes to sell the restaurant, all of its fixed assets, and the full liquor license for a total of $249,000 – that’s right, $249,000 all in. And it gets even better. The seller will carry a $190,000 5.0% 60 month seller note and enter into a five year lease with the buyer with an option for a second five year term. This means that for only $59,000 (plus the cost of the transferred inventory) of buyer cash the entrepreneurial dream can indeed become a reality. And there is no banking necessary!
To learn more about this exceptional opportunity and to make an appointment to see and tour the facility and meet the seller over a free meal, please contact Mike Greengard ([email protected] or 616-450-0707).
- Reference ID
- Restaurant & Bar