MergerPlace

Bar/Banquet Facility/Commercial Kitchen

Minnesota (Olmsted)


  • Asking Price: $550,000
  • Gross Income: $36,600
  • Cash Flow: $14,166
  • Real Estate: $450,000
  • Inventory: Not Disclosed
  • FF&E: $130,000
  • Listing ID: #202903
  • Established: 2014
  • Employees:

Business Description

Banquet facility with bar attached. 8000 usable square feet, composed of 2600 sq ft of bar and dining room space and 5400 sq ft of commercial kitchen and banquet facility space. There is additional utility, storage and office space. The bar is currently leased to an outside organization, the banquet facility and commercial kitchen are fully furnished and ready for the new owner to use. Located in a growing city this building is ready for the next owner to capitalize on its location and potential. Included in the sale is the opportunity to take over a highly respected catering business name and client information. Banquet hall was recently renovated inside and out including updated paint, fixtures and other cosmetic items. All new, high efficiency furnaces, air conditioners and electrical systems less than 2 years old. All floors in the commercial kitchen and banquet facilities have also been replaced in the past 2 years. 6 climate controlling, internet enabled thermostats throughout. Fully furnished bar, commercial kitchen and banquet space is included in the asking price. Currently the banquet facility and commercial kitchen are being used for holding events and supporting a catering business. Building includes a commercial kitchen license, catering and on-site liquor license and a dance permit. These licenses have to be transferred to the new owner to be maintained. The banquet facility industry is very competitive, but this facility is the only publicly available facility in its local market. The only marketing being done is through print media and grass roots efforts. All of the equipment in the bar that is leased to an outside party is the property of the seller and included in the sale. In addition to the bar equipment, there are 275 banquet chairs, 25 banquet tables and all needed china and equipment to hold banquets. In addition, there are 25 dining tables in the dining room with 125 dining chairs. The commercial kitchen is fully furnished with an oven, griddle, alto sham, char broiler, dishwasher, fryer, freezer, 2 coolers, cooking utensils, a mixer with accessories and other various equipment needed to run a fully functioning commercial kitchen. In the banquet facility there is a sound system and smart TV. There are opportunities for urban development funding to renovate the building even more. The building has 5 addresses and could be divided into 5 separate units with their own entrances. A new owner could increase advertising to try to bring in more events to the banquet space, or open a restaurant or other offering of food products on a regular basis.


Business Details

Primary Business Category: Restaurants, Bars & Other Food Services
Location: Minnesota
County: Olmsted

Company Information

Year Established: 2014
Home Based: No
Franchise: No
Relocatable: No
Number of Employees:

Financial Information

Asking Price: $550,000
Gross Revenue: $36,600
Cash Flow: $14,166
FF&E: $130,000
Real Estate: $450,000
Seller Financing Available: No

Property Information

Facilities:

Banquet hall was recently renovated inside and out including updated paint, fixtures and other cosmetic items. All new, high efficiency furnaces, air conditioners and electrical systems less than 2 years old. All floors in the commercial kitchen and banquet facilities have also been replaced in the past 2 years. 6 climate controlling, internet enabled thermostats throughout. Fully furnished bar, commercial kitchen and banquet space is included in the asking price.

Growth & expansion opportunities:

There are opportunities for urban development funding to renovate the building even more. The building has 5 addresses and could be divided into 5 separate units with their own entrances. A new owner could increase advertising to try to bring in more events to the banquet space, or open a restaurant or other offering of food products on a regular basis.

Competition:

The banquet facility industry is very competitive, but this facility is the only publicly available facility in its local market.

Reason for selling:

Current operator is retiring from large scale catering.

Support & Training:

Will train for 2 weeks @ no cost. Currently the banquet facility and commercial kitchen are being used for holding events and supporting a catering business. There is also a bar which is leased to an outside party. Building includes a commercial kitchen license, catering and on-site liquor license and a dance permit. These licenses have to be transferred to the new owner to be maintained.

Contact Business Seller

This form may be used only to contact the seller of this specific business listing. Please do not use this form for any other purpose.

Business Listed By:

Jacob Petersen

Murphy Business Brokers