Listed by Trip Advisor as one of the top ten restaurants in the region, this has been a popular family owned and operated fine dining full-service restaurant for over 23 years. This "gem" of a casual fine dining restaurant has an upscale ambience and menu, as well as, a full service bar.
- Asking Price:
- $1,100,000 Furniture / Fixtures and Inventory / Stock included
- Sales Revenue:
- $2,863,885
- Cash Flow:
- $512,445
Property Information
- Real Estate:
-
Lease
- Premises Details:
-
There is over 10,000 square feet of restaurant which includes the kitchen and two banquet rooms. There is ample parking and an additional lot after business hours for overflow in the busy evenings. The building construction is wood and concrete has easy access for persons of all abilities.
Lease terms are: 10,000 sq ft at $13,320/month including CAM charges; 3 year’s remaining; with 2 - 5 year options to renew.
Business Operation
- Expansion Potential:
-
New ownership could hire more wait staff. Opening earlier for breakfast would capture a new clientele as well as a full seven days. Promotional Campaigns for Banquets and Catering.would bring in additional revenues.
- Competition / Market:
-
The restaurant ranks in the Top Ten Restaurants by Trip Advisor in the Region beating our most local competition in the casual fine dining category.
IBISWorld reports: High Revenue Growth (2018-2023) High Revenue Growth (2023-2028)
The restaurant industry was hit by the pandemic and recovered quickly. Social distancing regulations resulted in a drop in sales, which was quickly followed by a jump in revenue, driving the recovery. Both consumers and businesses benefited from the financial support offered by the government during the pandemic. This came in the form of stimulus checks and loans developed specifically to combat the effect of the pandemic on the economy.
Due to these trends, revenue has been growing at a CAGR of 2.6% over the past five years and is expected to reach $86.4 billion in 2023. This includes a 2.1% jump in 2023 alone. Higher levels of disposable income encourage demand for full-service restaurants, which generate higher revenue. The strengthening consumer sentiment will encourage premium consumption. Disposable income will continue growing though at a lower rate, driving industry performance. As a result, revenue is forecast to grow at a CAGR of 0.7% to $89.5 billion over the next five years.
- Reasons for selling:
-
Owner is retiring.
- Trading hours:
-
Tues-Thurs 11am-7:30pm; Fri-Sat 11am-7:45pm
- Employees:
- 11 FT/25 PT
- Years established:
- 23
Other Information
- Support & training:
-
Will train for 2 weeks @ $0 cost.
- Furniture / Fixtures value:
- $134,000 - included in the asking price
- Inventory / Stock value:
- $50,275 - included in the asking price
- Relocatable:
- This business can be relocated.
