Adams Morgan Profitable Liquor License Long Lease Restaurant Bar Club For Sale

Business description

This business is located in Adams Morgan neighborhood of Washington, DC, is a favorite gathering spot for young professionals. There is often a large crowd, particularly on Thursday, Friday and Saturday nights.

In addition to facilities on three floors inside the building, it also features a large outside fenced patio that is open in the warmer months, and heaters are available outside in cooler months. It has a reputation for a congenial clientele, very moderately priced drinks, multiple TV’s for various sports events, and some appealing food selections. Most of the bartenders have been there for a long time, and they are friendly and at ease with the patrons. Many younger patrons have commented that this place brings back memories of their favorite college bars.

Property information

Location:

Well-educated, young, mostly single professionals with considerable discretionary income heavily populate the Adams Morgan neighborhood of Washington, DC. It is a multicultural urban neighborhood that is vibrant in the daytime, with a variety of independently owned shops, art studios, sidewalk cafes and restaurants; and in the evening with some of the most lively night spots in the city, many featuring live music. Over the past decade, prior to the current economic downturn, there had been widespread renovation of older apartment buildings and single-family residences in the neighborhood, which further attracted these young professionals. The condo market in this area had also been very active.

Premises details:

The owners of this business also own the three-story building in which it operates. The building consists of a full basement of 3,200 square feet (but with low ceiling height), which is presently used only for storage. The space on the three aboveground floors which is used for the bar & grill totals 5,750 square feet, including the kitchen on the first floor. In addition, there is an office area on the second floor and an apartment on the third floor; each of about 1,000 square feet and each with an entrance separate from the bar.

In addition to street parking, a small parking lot on the side offers free parking after 6 PM

Owners also own this building and are willing to offer a very attractive lease rate of approximately $12,000 per month plus a long-term lease.

Other information

Expansion potential:

As mentioned earlier, the prices for drinks are extremely reasonable: domestic beers cost about $3.00 each, and imported beers about $3.50. It is likely that these prices could be raised modestly with no loss in volume of drinks sold.

Currently, approximately 80% of income is generated from sale of liquor/beers.

There is considerable potential for expanding the food offerings. Menu specials are often sold out whenever they are offered. Presently, most revenue is generated from liquor sales.
Owners sponsor a spring and fall kickball league. They pay $8.00 per person (typically about 400 people) for sponsorship each season. In addition to the publicity derived from the sponsorship, it hosts after-game parties that draw large crowds.

In addition, the owners have on occasion assisted community groups to throw fund-raising events, using their second and third floor party facilities.

Competition / Market:

This is located at the edge of the Adams Morgan neighborhood, where it does not have the same amount of nearby competition as the other bars that are clustered in the main area of Adams Morgan. There are only two other bars in the immediate area that are open for lunch Beyond that, the overall concentration of lively night spots in Adams Morgan draws crowds from elsewhere in the city, to the benefit of all of the establishments there.

Support & training:

They will provide on-site training to the buyer for a reasonable period of time.

Reasons for selling:

The owners have decided to sell because they want to turn their attention to other business opportunities, in addition to their personal reasons.

Trading hours:

This is open from 11:00 a.m. to 1:30 a.m. Sundays through Thursdays, and 11:00 a.m. to 2:30 a.m. on Fridays and Saturdays.

Owner financing:

Owner financing is available. Please contact the seller for more information.

Financing available:

Seller will consider financing for qualified buyers.

Furniture / Fixtures value:

$200,000 (included in the asking price)

Inventory / Stock value:

$50,000