Newly Renovated Restaurant and Bar Near Richmond Ave. and Kirby

Freestanding Building with Private Parking

Financials:

Price: $ 450,000 FF&E: $ 175,000 Finish Out: $ 250,000 Inventory: $ 15,000 Gross Revenue: $ 750,000 Projected – See Financial Summary

Business Summary:Located in an area known for restaurants. The restaurant faces Richmond Ave.It is a freestanding building with private off-street parking. The building is about 4,800 sq. ft. Inside, there is a long bar and two dining areas and there are two patio areas outside.

The bar was redesigned and rebuilt with a custom beer dispensing system that keeps the beer extra cold and speeds service. The kitchen was also renovated.It has an efficient layout with an extra long vent, efficient prep area, two walk-in refrigerators (one for food and the other for beer and wine.

The value of the Build-Out is about $250,000. The cost of the new FF&E was about $175,000. Asset value is more than the sales price.

Exceptional Lease Terms and Rent were negotiated and can transfer to the buyer.

The restaurant has a professionally designed menu that eliminates the need for a named chef and keeps the food cost to 25%.

Cost to operate the restaurant (approx. percentage):Food: 25%, Labor: 20%, Liquor: 20% (Average of Liquor, Beer and Wine), It is anticipated that an Owner/Manager could retain 25% to 30%.

Sales History: A restaurant operated in this location for more than 10 years until the owner had a dispute with the landlord. Although records are not available, we understand the restaurant grossed about $1 million annually. Since it has been reopened for 4 months; The total net revenue, (after sales tax and tips) was about $175,000. This has been done without advertising or any promotion, just by the location, word of mouth and customer loyalty.

General Information: Established: Re-opened July 2019.

Employees: 5 Kitchen Employees and 5 Wait Staff plus manager Size: 4,800 Sq. Ft. Lease Terms: 5 years with two 5-year options. Rent: $13,000 per month, plus electricity. (CAM included.)Hours: Mon. – Fri: 11am to 10pm, Saturday: 11am to midnight,

Sunday: 11am to 4pm About the Sale:

Financing: Cash Sale. Support /Training: The current managing partner will stay up to 6 months for a reasonable salary if requested by the buyer. Reason for Selling: The business was purchased as a partnership by 3 successful restaurant owners who planned to operate it absentee. It did not take long before they realized they all had different ideas of how to operate the business.

Information received from Seller and is believed accurate, but must be verified. www.CapitolBusinessConsultants.com Phone: 281-865-6006

Contact: William Russell