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Operating Restaurant, 2 Income Properties on 12 Lakeside Acres
NCListing DetailsOffice ID: RESTPROP1
Status: Expired
Listing Broker: George Bradbury
Listing Price: $999,900
Gross Revenue: $275,000
12 Month Forecast: $300,000
Inventory: $25,000
Inventory Included: Yes
FF&E: $150,000
FF&E Included: Yes
Acreage: 12 acres
Real Estate: $999,900
Real Estate Included: Yes
Sales Structure: Asset Sale
Seller Financing: Yes
Reason for Sale:

The owners have other business interests that require their time.

Training:

The Owners will work with buyer for 80 hours during the first 30 days.
OperationsYear Established: 1981
Last Acquired: 2010
Form of Ownership: S Corp
Employees (contractors): 6
Managers: 2
Business Hours: F, S & S 11 to 1
Summary

Business Description:

This restaurant and 2 income producing properties combines outdoor lifestyle, watersports, country-living and the food and entertainment business!  This successful lakefront establishment caters to locals and boaters enjoying time off as well as family and business special events such as weddings, birthdays and reunions.  Large rooms are available for social gatherings.

The restaurant, located on 23 square mile lake near Charlotte, NC boasts expansive decks and multiple bars for lakeside dining, dancing and drinks right next to the dock.  The menu is primarily steaks and seafood.

There is a fully equipped kitchen, all A/C units, refrigeration units, carpets and a hood fire system are new. 

The offering includes 12 plus acres of land as well as a private residence and large metal fab building with additional living quarters providing an additional $24,000 of passive income.  The property has lake and road frontage for maximal marketing exposure

Historical Summary:

For years the restaurant has only operated for 30 hours a week and seasonal expansion such as adding lunch on the weekends is long overdue! This has been a private local club for over 30 years.   Mainly a much-enjoyed local phenomenon, it has a regular following that enjoy the local live entertainment, good food and lakeside living.

Owner Qualifications:

The buyer should be an experienced restaurant operaror or real estate developer.

Competition:

There is one other restaurant on the lake that offers short order style food.

Potential Growth:

The addition of gasoline and open more nights would increase revenue and profits.  The property can be developed for other uses including weekly and monthly rentals.
LocationType of Location: Stand Alone
Real Estate for Sale: Yes
Real Estate: $999,900
Square Footage: 6230

Facilities:

The 6,230 SF restaurant has had many Improvements include roofing and HVAC replacement as well as new handicap access doors, ramps and parking solutions.  Has asphalt parking lot as well as plenty of room for boat trailers and drop off.

Included us a 2,609 SF house currently rented for $1,000 per month.  Also included is a 3,680 SF metal building/residence that is used for a shop and currently provides a monthly rent of $1,000.  It is felt these rents are below market value.

 


Last Updated: Aug 27, 2019 / 9:33 AM
Financial Information Current as of: Jul 29, 2018 / 5:07 AM
Real property represented by ENLIGN Commercial
2009 Caminos Drive, Raleigh, NC 27607
919-341-1100
ENLIGN Commercial