This is a unique intimate, modern lounge offering cocktails, beer and a light food menu in a low-lit, chill setting. Live entertainment is also featured in the form of a DJ and live bands performing old school Funk, Jazz, R&B and Reggae. The location is excellent as it is near several residential communities and is conveniently located within walking distance of a high concentration of businesses. And, there are no other restaurants or bars in the area that offer a similar combination of food, drink and entertainment. The business appeals to the local adult population in every age group.
The owner opened the business in July, 2017 and is selling because of increased family responsibilities and he currently manages one other business. He needs to sell this business as he does not have the time to devote to the business to grow it. Despite the owner's limited time invested in the business, it is becoming increasing popular. Annual discretionary earnings are projected to increase from $89K to $119K, and annual sales are projected to increase from $167K to $210K in 2019.
The property is leased and the furnishings, fixtures and leasehold improvements are in excellent condition since the business opened in July, 2017. The owner paid for a complete build-out of the building as the building was mostly an empty shell. Plumbing and electrical wiring had to be installed. And, the HVAC system required major repairs. The combination of seating, lighting and other furnishings create a very relaxing and comfortable environment. The building is a 2-story structure with 3,300 sq. ft. on each floor. Currently, the second floor is not being used, so there is plenty of extra space for expansion. The annual rent of $36,000 is well below the market rent as compared to the rent expense of other surrounding businesses.
Growth potential is outstanding. Both marketing and advertising could be increased. Food service and the menu could be expanded, as well as the hours of operation. Lunch could be offered as the location is near several local businesses and residential communities. More local business functions could be hosted. And, with 3,000 sq. ft. of unused space, several possibilities exist for growth and much larger events could be hosted.
Seller does not have the time needed to devote to this business.
Will train for 4 weeks @ $0 cost. The Buyer would need to have experience managing a small food service business and/or a bar.