Restaurant for sale serving fast-casual steaks. A legendary restaurant that's been established for almost 60 years is available for acquisition. The establishment was originally established in 1964, having been acquired by the current owner in 2008, who is the 8th owner of this restaurant. This restaurant has a unique concept that combines fast casual with a menu that is tailored for full service. The menu includes steaks such as Ribeye, New York Strip, Chicken Fried Steak, Seafood, Burgers, Salads, etc. The cut of steak consists of USDA Select and USDA Choice grades, with the owner in charge of preparing the meats and grilling to achieve a COGS of 30%. The restaurant is located in 4,000 SF of a retail strip center, surrounded by many businesses. The restaurant has a huge iconic mascot on top of the building, making the establishment easily recognizable while adding great visibility to bypassers as the establishment is next to one of the busiest streets with heavy daily traffic. The customer base comprises a good mix of demographics from low to mid-income individuals and families. Most customers are regulars, and the owners know by their names and what they order. The restaurant frequently receives bulk orders from many of the auto dealerships and schools in the nearby area. The business has seen consistent sales with an average revenue between $40,000 to $45,000 a month except in 2020 due to Covid. Even though the business has been around for almost six decades, there is still plenty of room for growth, as it solely relies on word-of-mouth for its marketing. A buyer can grow this business by adding a website and social media to gain new customers.
- Asking Price:
- $250,000 Furniture / Fixtures included
- Sales Revenue:
- $545,617
- Cash Flow:
- $126,146
Property Information
- Real Estate:
-
Lease
- Location:
-
This business is located in a 4,000 SF retail strip center surrounded by many businesses situated next to one of the busiest streets consisting of heavy traffic throughout the day. The restaurant is very noticeable as the building can't be missed with its huge iconic mascot.
All equipment is in excellent working condition.
- Size in square feet:
- 4,000 SF
Business Operation
- Expansion Potential:
-
This restaurant has many avenues of growth as the business solely relies on word-of-mouth as its marketing and is currently lacking an online presence. A buyer can take advantage of the established customer base and slowly implement marketing strategies and build an online presence to acquire new customers. Opening on Sundays is a great opportunity as many existing customers are wanting to dine here after church.
- Competition / Market:
-
Although there are other restaurants in the area, the restaurant concept is very unique and has been established for almost six decades. No other establishment can compete with the friendly service, price, and nostalgia this establishment provides.
- Reasons for selling:
-
Retirement
- Employees:
- 4FT/1PT
- Years established:
- 1964
Other Information
- Support & training:
-
The owner will train for 2 weeks for a smooth transition.
- Owner financing:
- Owner financing is available. Please contact the seller for more information.
- Financing available:
-
100% down at the time of closing, or 30% Cash Down with SBA Financing for Qualified Buyers with Industry Experience, or Seller finance $50,000.
- Furniture / Fixtures value:
- $50,000 - included in the asking price
- Inventory / Stock value:
- $1,000
