Neighborhood Restaurant In Somerville For Sale

Description

Fully built-out restaurant and bar available in Somerville, Massachusetts. The offering is structured as an asset sale and includes the existing restaurant infrastructure, furniture, fixtures and equipment.

Space

• Main level: approximately 1,900 sq. ft.
• Basement: approximately 1,900 sq. ft.
• Outdoor patio with approximately 40 seats
• Stated seating capacity: approximately 100
• Full commercial kitchen
• Built-out bar
• Indoor dining areas

The restaurant occupies a visible corner location with pedestrian traffic, nearby public transit, metered street parking and a municipal parking lot in the area.

Equipment and buildout

The sale includes the existing furniture, fixtures and restaurant equipment. The seller reports that the equipment has been maintained and is currently in good operating condition.

The current buildout may allow a buyer to introduce a new restaurant concept without completing a ground-up construction project.

Lease

• Lease term: five years
• One additional five-year option
• Base rent: approximately $8,000 per month
• Taxes and insurance: approximately $2,000 per month
• No stated CAM charge

Based on the figures provided, stated occupancy cost is approximately $10,000 per month before utilities and other operating expenses.

Hours

The current restaurant operates five days per week and is closed on Mondays and Tuesdays. A buyer could evaluate additional operating days as part of a new concept or operating plan.

Licenses

• Full liquor license
• Entertainment license
• 1 AM closing time

The licenses are represented as included with the transaction, but any transfer or continued use will remain subject to Somerville and Massachusetts approval requirements.

Sale terms

The asking price is $250,000 for the business assets. Buyers should confirm whether any trade name, intellectual property, inventory, deposits or other non-FF&E assets are included in that price.

Due diligence

Buyers should verify the lease and renewal terms, equipment ownership and condition, liquor and entertainment license status, licensed occupancy, patio approval, kitchen and hood compliance, landlord approval requirements and the complete asset list before closing.