Restaurant - Breakfast & Lunch
Location:
United States
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Arizona
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Bisbee
Industry: Food and Beverage > Restaurants and Fast Food (Non-Franchise)
Business Summary
This restaurant opened for business on Good Friday in 2005 and has since become the place to eat for breakfast and lunch in Cochise County. The Sellers have done an incredible job renovating the once former Rexall Pharmacy and old glass factory next door restoring the old brick walls, tin pressed ceiling, tiled floor and old soda fountain and bar. The restaurant seats 75 with a dozen or so more at the bar, waiting room with additional space to expand. The new fully equipped kitchen is open for customers to watch as their food is prepared and served by friendly and professional staff. The restaurant is no typical greasy spoon cafe. The Sellers and chefs know what they are doing by offering daily specials, traditional meals and really unusual dishes that draw not only the locals and nearby communities but customers from Nogales and Tucson. It's not unusual to see out of state license plates on vehicles in the parking lot that have come just for the eating experience. Parking in Bisbee can be and usually is a problem for most businesses but the restaurants location provides ample parking.
The restaurant for sale has become a part of the Bisbee culture, a gathering place, which has gone from mining town to hippie enclave to artist colony and is now becoming coveted sunbelt real estate. Sellers will help in the transition and are willing to provide financing for a qualified buyer(s) with restaurant experience. Excellent lease on 3,000 sq. ft. of space for $1650 per month. Three 5 years lease options available in the lease agreement and is assignable. Asking price $250,000 with $100,000 down and $150,000 balance over 60 months at 7% interest.
Gross Receipts from Jan - Aug were $439,275and are expected to exceed $650,000 by year end. Net income for the same 8 month period is $55,047 and is expected to pass $82,000 for 2009. Seller's discretionar cash is estimated at $101,247 for the end of 2009.
Financials
Asking Price Range: $250K - $500K
Gross Revenues:
$541,554
Cash Flow:
$84,541
Cash Flow Type: Sellers Discretionary Cash
Inventory: $69,500
Seller Financing: Yes
About The Business
Year Established: 2005
Number of Employees: 20 - 34
Relocatable: No
Franchise: No
Current Real Estate: Leased
Property: Property For Lease
About The Sale
Management Training and Support: 30 days or as needed.
Reason For Selling: Retiring.
Click on the "I'm Interested" button above for more information on this Food and Beverage > Restaurants and Fast Food (Non-Franchise) business for sale.
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Print Listing Id: 700107643
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