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#509
Monterey Restaurants For Sale

Family Restaurant serving breakfast, lunch, Dinner

$120,000
Family Restaurant serving breakfast, lunch, Dinner
This Listing is Expired
This restaurant is a tradition for people traveling along the 101 highway. It is a roadhouse restaurant with a long history and a big upside because they are only working and promoting the breakfast and lunch business, even though they are open for dinner. The sales have solid over the years with annual sales in 2005 of $574,000. For the most part, this store is run on a part-time basis by the owner. The owner also owns the real estate, but he is not interested in selling the real estate. The dinner business should be promoted in order to increase sales even further. The lease will be new with an incredible rent of about $1.29 per Sq. Ft. for 3,500 Sq. Ft. restaurant with a 5+5 lease agreement. The food cost and labor cost need better management (food running 33% and labor running 37%in '06). So a working owner who knows the business can turn this into a money maker quickly.
Partner Bruce Nussbaum

Lease

Region:
Monterey Restaurants For Sale
Lease Term:
5 years plus 2x5 year option
Total Monthly Rent:
$3,157
Security Deposit:
$10,000

Financials

Last Year's Annual Gross:
$573,956
Last Year's Payroll Cost %:
39.5

Operations

Liquor License:
41
# of Full-Time Employees:
14
# of Part-Time Employees:
3
# of Family Employees:
2
Hours Open:
M-F 6am - 10pm
SAT./Sun 6am- 9pm
Year Established:
1971
Hood System Type 1:
Yes

Facilities

Indoor Seating:
65
# of Parking Spots:
20
Inside Sq. Ft.:
3,100

Highlights

  • Monthly Base Rent is $3,157
  • 3,500 Sq. Ft.
  • New Lease of 5 years plus two 5 year options
  • Breakfast, Lunch & Dinner
  • Buyer Assumes Point of Sale Maintenance Agree is $1,500/year
  • Buyer Assumes Phone Book ads at $160/Month
  • Buyer Assume Burgler Alarm Contract at $25/Month
  • Has a greese Trap & walk-in Cooler and Freezer
  • Hood System is 6'x12'
  • Currently Managed by By Daughter of Owner
  • 2,700 Sq. Ft. on a 9,600 Sq. Ft. lot.

Financing

Will SBA Finance:
No
Will Seller Lend To Buyer:
Yes
Seller Carryback of Purchase Price:
30%

Demographics

Population 5-mi
2014 Total Population 15,951
Households 5-mi
2010 Number Of Households 3,981
2010 Persons Per Household 3.97
Median House Value $201,000
Income Per Household $47,262
Businesses 5-mi
2009 Number Of Businesses 201
2012 Number Of Employees 3,900
2012 Total Annual Payroll $79,275,000

click for more demographic info

Disclaimer

DISCLAIMER: The User (that's you reading this) of this Website understands that Stone Path Brokerage Services, Inc. ("Broker") or its agent(s) do not audit or verify any above information given to or gathered by Broker or its agent(s) from Seller, our Client, or make any warranties or representations as to its accuracy or completeness of the information provided, nor in any way guarantee future business performance. The User should perform a complete and detailed due diligence on the business and or real estate before buying it in addition to seeking professional advice from an attorney as well as a CPA.  In some cases, forward looking statements may have been made but these statements are absolutely no guarantees of future performance of the business as each User has differing skills sets to either grow the business or kill the business.  Owning a business is a risky venture, but can also be a rewarding one.  The User of this website is solely responsible to examine and investigate the Business and or real estate (if included in the sale), its assets, liabilities, financial statements, tax returns, and any other facts which might influence the User's purchase decision or the price the User is willing to pay. In most cases, the Broker represents the Seller who is our principal, but the Broker owes the User a duty of fair and honest dealings.  Any decision by User to purchase the Business shall be based solely on User's own investigation and the User's legal, tax, and other advisors and not that of Broker or its agent(s). Any listing information may change at any time without any notice to User and User should often review the listing on the website to keep up to date.

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