30-Year-Old Iconic Family Restaurant With Property For Sale

Description

Restaurant and mixed-use property for sale in Oxford County, Maine. The offering includes a long-running restaurant together with the underlying real estate, three apartments and commercial office space.

Financials

• Asking price: $2,500,000
• Restaurant Seller's Discretionary Earnings: approximately $390,000
• Apartment rental income: approximately $54,000 annually
• Additional office rent projected at approximately $34,000 annually once currently vacant offices are leased
• Restaurant business portion valued by the seller at approximately $900,000

The $34,000 office figure should be treated as potential future rent rather than current income. Buyers should review existing tenant leases, vacancy, operating expenses and real estate taxes separately from restaurant cash flow.

Property

• Restaurant
• Three apartment units
• Commercial office area
• Six individual office rentals
• Underlying real estate included in the sale

The property provides several income sources through restaurant operations, residential rentals and commercial tenants.

Restaurant

The restaurant has operated for more than 30 years and generates approximately $390,000 in reported SDE.

Buyers should confirm current revenue, food and labor costs, owner adjustments and the restaurant's contribution to total property expenses.

Rental income

The three apartments currently generate approximately $54,000 per year, according to the seller.

The commercial office component contains six individual rental spaces. Some are currently vacant, with the seller estimating approximately $34,000 in additional annual income if those spaces are fully leased.

Transition

The seller is willing to remain involved for up to one year or potentially longer under mutually agreed terms. This could include transferring vendor relationships, operating knowledge and customer relationships.

Financing

The listing states that SBA financing may be available through a pre-approved lender program with as little as 10% down for qualified buyers. Final eligibility and terms remain subject to lender underwriting and SBA approval.

Confidentiality

The exact location is available after execution of a confidentiality agreement.

Due diligence

Buyers should verify restaurant financials, SDE adjustments, apartment and office leases, rent rolls, vacancies, security deposits, property condition, taxes, insurance, zoning, title, equipment ownership and any deferred maintenance before closing.

The allocation of the $2.5 million purchase price between the operating business, real estate, equipment and other assets should also be clearly documented in the transaction.