South Bend Indiana Well Established Family Restaurant For Sale

Business description

This full-service family restaurant has been a tradition in the greater South Bend, Indiana area for over 50 years. It is located conveniently close to the University of Notre Dame and has won numerous restaurant awards during its existence. The restaurant is open daily for breakfast and lunch with a wide array of delectable items to sooth even the most discerning customer's palate.

Property information

Real Estate:

Lease

Lease terms:

The current owner of the restaurant also owns the building which the restaurant occupies. The owner is willing to provide a long-term renewable lease to the buyer to suit the buyer's specific needs. However, if the buyer of the restaurant wishes to also purchase the building, then the owner is willing to sell the building at the current appraised value.

Leasehold rent:

$42,000.00 per annum

Location:

The restaurant is located on a very busy street in South Bend, Indiana with a prime location near the University of Notre Dame.

Premises details:

The building which the restaurant has occupied since it's opening in January of 1961 is in excellent condition with many upgrades having been made over the years including, but not limited to a new furnace, new air conditioning system, new tile and exterior and interior painting. The building has a cozy colonial charm with a fireplace and period authentic decor throughout. The building is not included in the asking price for the restaurant. The current owner of the restaurant also owns the building and is willing to offer a long-term renewable lease to the buyer of the restaurant. Therefore, the buyer of the restaurant can be assured of being able to lease the building for as long as desired. However, if the buyer of the restaurant wishes to also purchase the building, then any separate reasonable offer for the purchase of the building will be considered.

Business Operation

Expansion potential:

The restaurant is currently owned by an owner/operator who is there on a day-to-day basis. There is also a full-time manager on staff. A new owner can continue to operate the restaurant in the same manner with or without a full-time manager, or as an absentee owner with a full-time manager reporting to him/her. Since this is an established and well-managed restaurant, quite honestly either scenario would work very well. Obviously, without the expense of a full-time manager cash flow would be increased even more. At the present time the restaurant is not opened for dinner as that is what the present owner prefers, however, the addition of a dinner menu, if the new owner would so choose, would provide even more cash flow to an already outstanding cash flow. Being so close to the University of Notre Dame offers a wide variety of benefits with all of the many functions going on at the university, not to mention the regular daily customers from the university and many surrounding businesses.

Competition / Market:

The restaurant has been established since January of 1961, and is on a busy street near the University of Notre Dame. The restaurant has a great staff in place and enjoys serving a loyal and regular customer base, so strong competition has never been a concern. In fact, the restaurant has been in existence so long that multiple generations of families have been dining there which is quite remarkable.

Reasons for selling:

The present owner is retiring.

Trading hours:

Open daily 6:30 a.m. - 2:00 p.m.

Employees:

22

Years established:

50

Franchise terms

Franchise opportunity:

Yes

Simple franchise agreement in which the operator of the restaurant pays a franchise royalty fee of 2% (two percent) on gross sales on a monthly basis.

Other information

Support & training:

The current owner will provide 160 hours of training over a 4-week period at no charge.

Furniture / Fixtures value:

$200,000 (included in the asking price)

Inventory / Stock value:

$6,000 (included in the asking price)

Relocatable:

This business can be relocated.