Profitable Restaurant & Bar With Great Upside For Sale

Description

Full-service restaurant and bar for sale in a densely populated city just outside Boston. The approximately 4,300 sq. ft. ground-floor space has been recently renovated and can continue under the existing operation or potentially be converted to another restaurant concept.

Financials

• Annual sales: approximately $2,380,330
• Reported annual cash flow: approximately $230,000
• Asking price: $500,000
• Buyer is also expected to assume a $250,000 note owed to the landlord

The landlord note represents a material additional obligation beyond the stated asking price. Buyers should review its balance, interest rate, payment schedule, maturity date and treatment upon lease assignment before closing.

Space and seating

• Ground floor: approximately 4,300 sq. ft.
• Additional basement space
• Basement prep area
• Coolers and additional kitchen support space
• Bathrooms
• Approximately 140 interior seats
• Approximately 45 outdoor patio seats

The seller reports that the restaurant equipment is well maintained and currently in good operating condition.

Lease

• Approximately eight years remaining
• One additional 10-year option
• Base rent: approximately $21,250 per month
• NNN charges: approximately $3,000 per month
• Stated monthly occupancy cost: approximately $24,250 before utilities and other expenses

Buyers should review rent increases, option terms, assignment requirements and how the existing landlord note interacts with the lease.

Concept

The current operation is a full-service restaurant and bar. The existing buildout may also support another food and beverage concept, subject to landlord approval, lease restrictions and applicable permits.

Licenses

A full liquor license is represented as part of the transaction. Any transfer or continued use will remain subject to applicable Massachusetts and local licensing approvals.

Location

The restaurant is located in a densely populated Greater Boston market. Customer parking is available through nearby street spaces and municipal lots.

Due diligence

Buyers should verify historical sales and cash flow, current-year performance, food and beverage margins, labor costs, landlord note terms, lease obligations, NNN expenses, equipment ownership, liquor-license status, patio approvals, customer deposits and the exact assets included in the $500,000 asking price before closing.