Profitable Downtown Auburn Restaurant Bar For Sale

Business description

This landmark restaurant and bar has been operating for close to 100 years in downtown Auburn. The current owners are absentee and have decided to sell to pursue other interests. While the economy did reduce sales some last year, business seems to be back on track and grossed over $1,000,000 in 2007. The business location is excellent, near Hwy 18 and the train station. It is surrounded by other successful businesses and near the construction of a new medical facility. The building consists of approximately 7200 sq. ft. which includes a full service restaurant seating 80, a banquet room seating 40, and a full bar with pool table, pull tabs, darts, video games, flat screen TV’s, and seats 75. Additional outdoor seating is available in the summer. The large kitchen has two hoods, walk-in cooler and freezer and could easily accommodate adding some off premise catering. Public parking is abundant and surrounds the business. The property and building are owned by the seller and are also available for purchase. Seller is in process of replacing the four HVAC units on the roof and has been diligent in the maintenance of the building. Included with the property is a 1200 sq. ft. two bedroom apartment located above the restaurant that is currently sublet month to month. It could be occupied by the owner/operator or continued to be sublet to reduce the rent. This centrally located establishment is where people in Auburn can enjoy three meals a day, relax with friends after work or on the weekends, and have a business or church breakfast, lunch, or dinner. It is a very profitable business that is the foundation of downtown.

Property information

Real Estate:

Lease

Lease terms:

Seller will write new lease for buyer. $7000/month with $1000/NNN. 5 years with two 5 year options.

Leasehold rent:

$84,000 per annum

Living accommodation:

A two bedroom, 1200 sq. ft apartment is included with the lease. It is currently sublet for 800/month but could be used by the owner operator.

Location:

This landmark restaurant and bar has been operating for close to 100 years in downtown Auburn. The current owners are absentee and have decided to sell to pursue other interests. While the economy did reduce sales some last year, business seems to be back on track and grossed over $1,000,000 in 2007. The business location is excellent, near Hwy 18 and the train station. It is surrounded by other successful businesses and near the construction of a new medical facility.

Premises details:

The building consists of approximately 7200 sq. ft. which includes a full service restaurant seating 80, a banquet room seating 40, and a full bar with pool table, pull tabs, darts, video games, flat screen TV’s, and seats 75. Additional outdoor seating is available in the summer. The large kitchen has two hoods, walk-in cooler and freezer and could easily accommodate adding some off premise catering. Public parking is abundant and surrounds the business. The property and building are owned by the seller and are also available for purchase. Seller is in process of replacing the four HVAC units on the roof and has been diligent in the maintenance of the building. Included with the property is a 1200 sq. ft. two bedroom apartment located above the restaurant that is currently sublet month to month. It could be occupied by the owner/operator or continued to be sublet to reduce the rent. This centrally located establishment is where people in Auburn can enjoy three meals a day, relax with friends after work or on the weekends, and have a business or church breakfast, lunch, or dinner. It is a very profitable business that is the foundation of downtown.

Size in square feet:

1,200

Other information

Expansion potential:

Currently the business has room to grow in terms of banquet sales and off premise catering. The private dining room which seats 40 could be utilized much more often for church or civic organizations to have business breakfasts, lunches, or dinners. The huge kitchen could also handle doing an off premise catering business and all of the money from that business would go straight to the bottom line.

Competition / Market:

The business is situated amongest the retail core of downtown Auburn which includes other restaurants but none of this style. This history, ambience, and variety of offerings from this restaurant make it unique to the area.

Support & training:

Seller will train for 2 weeks at 25 hours per week. This can be negotiated as seller owns the property and wants a solid tenant.

Reasons for selling:

Seller has other interests and no passion for restaurant business.

Trading hours:

Monday - Saturday 7a.m. - 2 a.m. kitchen closes at 6p.m.

Sunday 8 a.m.- 10 p.m. kitchen closes at 3 p.m.

Financing available:

Owner prefers to be cashed out but will consider some financing

Furniture / Fixtures value:

$50,000

Inventory / Stock value:

$10,000