Neighborhood Restaurant for 35+ Years (Seats 150)

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Asking Price:
$124,500

Gross Revenue:
$525,000
Cash Flow:
 Not Disclosed
EBITDA:
 Not Disclosed
Inventory:
$7,500
included in asking price

FF&E:
 Not Disclosed
included in asking price

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Business Description

Popular neighborhood restaurant serving regulars for over 35 years located in shopping center on high traffic boulevard. The present owners (since 2014) no longer have the time required to devote to the business due to other work requirements and feel that the time is right to turn the restaurant over to a new, highly energized operator capable of taking advantage of its true potential through aggressive marketing and a new enthusiasm.
The restaurant is presently generating over $500K in annual sales, is approximately 3300 sq ft in size, and enjoys a great rent at only $11.24/sq ft. .
Open for breakfast, lunch and dinner, the restaurant serves classic American fare with some special twists and renowned homemade desserts. It has full ABC (beer, wine and liquor), 140 seats plus a bar that seats approximately 10.
For anyone who enjoys all the intimate perks associated with owning and operating a neighborhood restaurant (and there are many), this is one you don't want to miss...

About the Business

Location:
Newport News, Virginia
Year Established:
1983
Number of Employees:
18
Real Estate:
Leased
Building Sq. Ft.:
3,300
Rent:
$3,090.00 Per Month
Lease Expiration:
3/31/2020
Facilities:
3300 sq ft. All furniture, fixtures and equipment warrantied to be in good condition/good working order at time of settlement.
Market Outlook/
Competition:
Nothing comparable in nearby surrounding area.
Growth & Expansion:
Great potential for growth.
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About the Sale

Reason For Selling:
Increasing work requirements unrelated to the restaurant.
Training/Support:
Seller will provide a mutually agreeable time frame following settlement to assure a smooth transition of the business to new ownership.

Listing Info

ID:
1700399
Ad Detail Views:
61

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Business Listed by

Rich Holden

Holden Realty, LLC

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