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Casino Row -Bar with Lite Food- Down Town Cleveland

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Cleveland, Ohio (Cuyahoga Co.)   |  Food and Beverage Businesses for Sale – Other Food and Beverage Businesses for Sale

Business Description

$240,000.00 Plus inventory at cost approximately $15,000.00."On Casino Row" An absolute steal for $240,000 dollars (US). Get in now on the soon to be gold that the new casino will bring. With this location, you are in the front seat for all the action. Situated and ready, a mint, easy to run, totally clean tavern with simple sandwich system, inexpensive drinks, and a long history of making big bucks. Yes, and that can be proved from verifiable tax returns. The owner spends many weeks on vacation, and the long standing help make his and their money through a very simple system. Same owner for thirty years, this timeless tavern is finally for sale and can be yours. Walk in and start making money from day one. Good credit, and a decent down payment and the bank will provide the balance of this under valued opportunity. Owner is retiring and requires an all cash deal. This is a perfect situation for someone that already has a going location and has the experience to understand how easy and profitable this business is. In addition, the gross is all cash, as there are no credit cards accepted. Current help with a tenure of over twenty years, interested in staying. What more can you ask for?
The Seller takes a minimum of 3 to 4 months off a year. An owner operator that works the business and takes normal vacations will take home much more income than the tax returns currently show.
As soon as the Casino's open, the business will gross and net more. The selling price is based on the gross and net for the year 2011. That is a 2.4 multiple of earnings.
A buyer that has experience in this type of business and a good credit score with 25% to 30% as a down payment can get bank financing on this business. The tax returns are all clean and verifiable. The type of business that a banker likes to deal with.

About the Business

Year Established:
1975
Number of Employees:
10
Facilities:
The rent is $3,007.66 per month plus an annual fee of $2,019.18 for real estate taxes. There is a security deposit of $2,724.79. The lease is good thru February 28, 2017. There is a (5) five year option at the expiration of the current lease. The Landlord wants someone with experience, good credit and a decent net worth.
Market Outlook/
Competition:
The new casino is near this location. That additional traffic will increase the food and liquor sales at this location. The Lender already has the tax returns. They will do an SBA loan to a buyer that has the right qualifications. This business has a simple unique business model. There is no competition for him. It is a turn key operation. All equipment is relatively new, the interior is clean, and the business shows pride of ownership.

About the Sale

Reason For Selling:
Moving out of state permanently.
Training/Support:
The seller will train a buyer for one month. Not to exceed 20 hours a week.

Listing Info

BizQuest Listing ID:
1078648
Ad Detail Views:
405
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Business Listed by
Peter Vadas
MBA Business Brokerage, Inc.
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U.S. Census Data for Cuyahoga County, OH
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Source: Decennial Census (2010), United States Census Bureau.

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