Picturesque Restaurant In Essex County For Sale

Business description

Picturesque Restaurant in the downtown area of a very desirable town in Essex County MA. This full service restaurant has a high profile site with strong foot traffic and excellent visibility. The business is cash flowing $115,000 plus a year in profit and the owners recently spent $100,000 in new leasehold improvements. This is a great fit for a Chef-Owner/Operator.
SALES: Average sales are approximately $363,910 annually
CASH FLOW: Cash flow is approximately $117,599
PRICE: The asking price for the business is $195,000

Property information

Real Estate:

Lease

Lease terms:

LEASE TERM: Three (3) years remaining on the current lease with one (1) option of five (5) years.
BASE RENT: Currently $2,300 monthly plus NNN

Leasehold rent:

$27,600 per annum

Location:

Very Strong location

Premises details:

The space is approximately 2,000 square feet with a 60 person seating capacity. The space consists of an open dinning room, kitchen, small Bar & lounge, and bathrooms. Very functional layout and design.

CONDITION: The restaurant is in good condition; the leasehold improvements and equipment have been well maintained and are in good working order. The current owner recently spent $100,000 in new lease hold improvements.
PARKING: There is street parking along with side parking facilities in the neighborhood.
EQUIPMENT: The equipment is in good condition and has been well maintained and is of good quality.
LEASE TERM: Three (3) years remaining on the current lease with one (1) option of five (5) years.
BASE RENT: Currently $2,300 monthly plus NNN
CONCEPT: Italian Restaurant
SEATING: 60 patrons inside.
HOURS: Open from 4:00 PM – 10:00PM Tues - Sunday
LICENSES: Beer & Wine and Common Victullars

Size in square feet:

2,000

Other information

Expansion potential:

Could and should be open for longer hours

Support & training:

Training will be provided

Reasons for selling:

Relocating

Trading hours:

4:00 PM - 10:00 PM Tuesday - Saturday

Owner financing:

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

Financing available:

Some Financing available to qualifed Buyers

Furniture / Fixtures value:

$60,000 (included in the asking price)

Inventory / Stock value:

$5,000