Restaurant For Sale

Business Opportunity for Sale
Catylist Listing ID: 30779570
Property Subtypes: Food and Beverage
Building Size (RSF): 1,838 SF
Sale Price: $125,000
Name of Establishment: Georgia's Family Restaurant
Year Business Established: 1989
Gross Revenue: $0 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: LLC and All Restaurant Equipment/Fixtures/Furniture/AC Compressors to remain and convey with business.
Last Updated: 5/18/2022

Overview / Comments

Georgia's Family Restaurant has been operating in this Brick Mixed Use building for 32 years!!! Originally established in 1989 with a change of ownership 15 years ago; that time has now come again for a new owner to hold the spatula on the line! Currently this busy restaurant is operating 7:00 AM to 1:00 PM; Tuesday through Sunday, serving Breakfast and Lunch. There is much more potential for even greater income if the new Owner opens again on Mondays or extends the business hours. A Beer/Wine/Liquor License is also possible with application and approval. The business conveys with the business name, menu, fabulous reputation and all equipment and fixtures: Turn Key, Flip Spatula! Building updates totaling $70,000 10 years ago and a newer Central A/C is only 3 years old. Parking Lot in the Rear for 10 cars and other street parking near-by. This will be a 15-year lease, Modified Gross starting @ $3000/Mo. with Escalation Clause @ every 5y. This is truly a must see and must eat at restaurant located on the Central Falls and Lincoln line.

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Industry Segment: Restaurants
Reason for Selling: The Seller is retiring from the business.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $0
Real Estate Status: Real Property
Value of Real Estate Included ($): $0
Real Estate Lease Description: $2,500/month base rent, 5-10 year lease options. $150/yr rental increase.
Mgmt/Training Support Description: Seller is willing to train the new owner for 2 weeks
Competition/Market Description: The Downtown area consist of neiborhood Mom & Pop Stores, Services and Latin restaurants. There are currently no other restaurants in the neighborhood serving American Food
Growth/Expansion Opportunities: Currently Open 7am-1pm. New Owner can expand hours and apply for a LQ License
Seller Financing Description: Rate: 5%

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 33,677 161,755 327,653
Median Age: 33.61 37.49 36.82
Households: 12,966 64,522 129,148


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