This well-established family operated Costa Mesa area restaurant and bar has been a customer favorite for over 5 decades and is being offered for the first time! The spacious venue, that has become a brand name to everyone in the area, boasts a remarkable long-standing anchor location in a major shopping center. The restaurant has several sections that not only allow for efficient operations but also provide a convenient way to section off areas for banquets, large parties or special events. The bar is similarly separated and could even operate as a stand-alone profit center.
- Asking Price:
- $895,000 Furniture / Fixtures included
- Sales Revenue:
- $3,021,746
- Cash Flow:
- $205,190
Property Information
- Real Estate:
-
Lease
- Leasehold Rent:
-
$127,393 per annum
- Premises Details:
-
This 4k square foot venue leases for $10,616 per month plus $2,829 in common area maintenance (CAM) expense on a lease until 1/31/29 with options to be negotiated in a sale. All of the business’s furniture, fixtures, equipment, Type 47 Liquor License, tremendous goodwill and trademarked name and related names will be included in the sale. An estimated $20k in liquor inventory will be sold at cost at close in addition to purchase price.
- Size in square feet:
- 4,000
Business Operation
- Management type:
- This business is owner operated.
- Expansion Potential:
-
This well-established venue has recently undergone a comprehensive remodel during the COVID induced slow-down. As a result, the venue has recovered and is surpassing its already impressive historical performance. Though it has been a family operated business, the operation may benefit from a full-time working owner-operator that has hospitality industry experience and is able to minimize expenses while bolstering the establishment’s already stellar revenues. The bar portion of the operation naturally enjoys the highest margins. This portion of the business may present the greatest opportunity for new management to quickly enhance profits even further.
- Competition / Market:
-
While there are no shortage of authentic restaurants throughout Southern California, this venue has been a perennial favorite for over 50 years, making it the incumbent and most established market leader. Its name brand, decades of goodwill, spacious parking lot shared in a center with high traffic anchor tenants, freeway accessibility and main street drive-by visibility all create the perfect storm of restaurant attributes that provide this venue an unmatched competitive advantage.
- Reasons for selling:
-
Retirement
- Employees:
- 45
- Years established:
- 1966
Other Information
- Support & training:
-
Seller will train for 2 weeks at 20hrs per week or as negotiated.
- Financing available:
-
Not offered but seller may consider a small secured carry
- Furniture / Fixtures value:
- $100,000 - included in the asking price
- Inventory / Stock value:
- $20,000
