MergerPlace

Full Service Restaurant

Virginia (Albemarle)


  • Asking Price: $120,000
  • Gross Income: $400,000
  • Cash Flow: $70,000
  • Real Estate: Not Disclosed
  • Inventory: $1,000
  • FF&E: $50,000
  • Listing ID: #208395
  • Established: 2016
  • Employees: 10

Business Description

This is a truly a turn-key opportunity to own a full-service restaurant. This property has been established for many years and has a great reputation in the community. When ownership changed hands in late 2016 the concept was updated to Italian-American cuisine featuring pasta dishes, seafood, Angus burgers, and premium steaks. Customers love the new concept. The restaurant seats up to 100 people and the space is in immaculate condition. It boasts a very attractive dining room, outside seating, a full-bar with bar seating, and an adjacent café that comes with the rent and is part of the same business!

The restaurant’s kitchen is only a couple years old and cost around $200k to build out. The kitchen features quality stainless-steel equipment, fire-resistant walls, air conditioning, and a hood/exhaust system is in place. Looking ahead, rent will only be one-thousand dollars a month in 2019 with negligible increases going forward in a very favorable 10-year lease. The landlord has also agreed to create a new lease if the new owner would prefer with equally favorable terms.

Revenue has increased steadily since opening and they are projected to do around $400k gross revenue in only their second full year (2018). The owner has not had the ability to pursue some of the growth opportunities available because of health issues but there are many opportunities for growth here; Catering, events, increasing service of the adjacent café wing, and the restaurant staying open past 8:00pm to accommodate the “night crowd” are all ways to rapidly increase revenue.


Business Details

Primary Business Category: Restaurants, Bars & Other Food Services
Location: Virginia
County: Albemarle

Company Information

Year Established: 2016
Home Based: No
Franchise: No
Relocatable: No
Number of Employees: 10

Financial Information

Asking Price: $120,000
Gross Revenue: $400,000
Cash Flow: $70,000
FF&E: $50,000
Inventory: $1,000
Seller Financing Available: No

Property Information

Facilities:

The restaurant is approx. 2,000 sq ft and leased for less than $1,000/mo! The restaurant seats up to 100 people and the space is in immaculate condition. It boasts a very attractive dining room, outside seating, a full-bar with bar seating, and an adjacent café that is included in the rent and is part of the same business!

Growth & expansion opportunities:

Catering, events, increasing service of the adjacent café/dessert wing, and the restaurant staying open past 8:00pm to accommodate the “night crowd” are all ways to rapidly increase revenue.

Competition:

Very little competition in the immediate area, but standard competition for the food and beverage/restaurant industry.

Reason for selling:

Owner is retiring.

Support & Training:

Seller will provide necessary training and support.

Contact Business Seller

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Business Listed By:

Jordan Chenette

Horizon Business Brokers, LLC