Restaurant/Bar on the Intercoastal Waterway
North CarolinaListing DetailsOffice ID: RESTWY1
Listing Broker: George Bradbury
Listing Price: $445,000
Gross Revenue: $1,100,000
Cash Flow: $160,000
12 Month Forecast: $1,200,000
Forecasted Cash Flow: $170,000
Inventory Included: Yes
FF&E Included: Yes
Acreage: 1/2+ Acre
Real Estate: $450,000
Sales Structure: Asset Sale
Seller Financing: Yes
Financing/Terms:The owner is will to finance part of the sale of the restaurant as long as the buyer get's financing for the real estate.
Reason for Sale:The owner wants to retire.
Training:The owner will give give the the new buyers 30 days transition period.
OperationsYear Established: 1992
Last Acquired: 2005
Form of Ownership: S Corp
Employees (full-time): 6
Employees (part-time): 18
Business Hours: 11AM to 9 PM
Business Description:Iconic Restaurant/Bar for locals and guests on Intercostal Waterway in North Carolina. This Restaurant opened 25 years ago and is located in a small coastal village 10 minutes from the Atlantic Ocean………a perfect destination for boaters, fisherman, kayakers and cyclists. The seller has owned the Restaurant & Bar for the last 12 years. This restaurant is located on the Intercostal Waterway providing boaters access to any costal port and the open seas. The owner works part time but actively oversees the restaurant. In addition to a full time manager there are 24 as full time and part-time employees that generated gross sales are $830,000 in 2016. Bar represents 20% revenue. The owner will only sell the restaurant business to someone who also buys the 4,200 sq. ft. building and land he owns and leases to the restaurant business. Because this sale will likely be financed by a SBA loan, he will sell it for the appraised value……estimated to be $450,000. This landmark Restaurant/Bar continues to be ranked first or second on Yelp with a 4 star and 30+ reviews.......and all without any active owner participation, and without any advertising or marketing. This Restaurant/Bar’s continued success is based on its reputation for reasonable prices, its great food and service, generous portions and quite a few signature dishes. As discussed on TripAdvisor……in one hundred+ comments………OVER 70% indicated Excellent or Very Good!
Historical Summary:The Restaurant has been opened 25 years and had 2 owners. The restaurant has a mix of local and tourist clients. It has had a solid on line presence thanks to the owner's Daughter.
Competition:Their are 7 restaurants in the village.. There are 4 full service traditional restaurants, 1 Deli, 1 Sub shop and 1 that specializes in serving salads. This establishment is ranked very high on TripAdvisor and Yelp.
Potential Growth:Could be more going on in the bar, later hours with entertainment.
LocationType of Location: Stand Alone
Real Estate for Sale: Yes
Real Estate: $450,000
Monthly Rent: $3,000
Square Footage: 4200
The owner leases his a 4,200 free standing building on 1/2+ acre of land for the operation of the restaurant. Approximately 500 sq. ft. upstairs could be used for an apartment with a full bath and kitchenette. Pictures can be provided.
Last Updated: Oct 26, 2019 / 9:42 AM
Financial Information Current As Of: Feb 8, 2017 / 9:11 AM