Entrepreneur's Dream Restaurant/Tavern Opportunity
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 including seating for 110 and covered outdoor seating for an additional 30 during normal weather conditions) to a talented, but undercapitalized buyer.
Located in a cool Roaring 20’s era building on the main street of an important Michigan city, the building which is both appealing and in great shape is owned by the seller who will lease it at a very buyer friendly $3,000 monthly triple net rental rate.
With a previous partnership there were issues between the partners causing the current owner to buy-out his now former partner. The seller 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 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 is picking up 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.
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 $245,000 – that’s right, $245,000 all in. And it gets even better. The seller will carry a $200,000 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 $45,000 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)