SOUTH COUNTY, RHODE ISLAND

Undisclosed Address, South County, RI
Business Opportunity for Sale
Catylist Listing ID: 30522849
Property Subtypes: Food and Beverage
Building Size (RSF): 5,970 SF
Sale Price: $399,900
Name of Establishment: Name withheld
Business Website Address: not disclosed
Franchise Parent Name: None
Year Business Established: 2006
Gross Revenue: $1,800,000 (Annual)
Cash Flow: $125,000 (Annual)
Cash Flow Type: EBITDA
Sale Terms: Cash; purchase money mortgage; seller financing with substantial down payment
Last Updated: 2/6/2020

Overview / Comments

One of the most popular locations in South County. A high traffic restaurant and bar with a great local following, in easy access location. Offers fine dining with full bar, liquor and entertainment licenses; separate bar and dining rooms; function room for special events; a kitchen that can keep up with the flow; coolers, freezers; private offices on upper level. Seating for 158 plus function room. Plenty of on site parking.

Building is in very good condition with new roof and siding; new primary HVAC with back-up systems; new furniture in 2018. Includes all F, F & E. Liquor inventory purchased separately. Real estate also available. Take over or renegotiate existing leases.

Attachments & Media

Additional Details

Industry Segment: Restaurants
Reason for Selling: Moving on!
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $50,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: Available on request for qualified buyer.
Employee/Labor Description: Management, kitchen staff, wait staff, bartenders, clerical and support. Approximately 25 - 30 employees.
Mgmt/Training Support Description: Existing staff will remain
Competition/Market Description: Suburban market type with strong regional and local business located within the primary market area from which to draw. Other restaurants located within the same market but this one is at or near the top of the food chain.
Growth/Expansion Opportunities: This business has grown each and every year over the last 3 years, showing more than 20% growth over this period. This converts to nearly $400,000 in increased volume as operating expenses and cost of sales has decline (P & L available to qualified buyer). Existing facility has 5,740 sqft of floor space including dining, bar, function room, kitchen, storage and offices. Real estate can be purchased separately with the opportunity to purchase additional space for future expansion. 2019 gross sales projected at $1,800,000 based on year to date P & L. Owner benefit of $125,000 as absentee operator. This is a great opportunity to take a well run, turnkey business and increase profits just by being there.
Seller Financing Description: Seller will hold first mortgage with substantial down payment for qualified buyer.

Contact

Photograph of Listing Agent

The Daglieri Team

RE/MAX FLAGSHIP, INC. ECCPN Member
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither East Coast Commercial Property Network nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.