Cleveland Restaurants For Sale
High Performance Fine Dining - Big Profit - Bar - Low Rent
Want to visit this restaurant. Select the link to the left "Sign NDA" and give me a call.
THE BUSINESS
This 4.5 and 5 star rated fine dining restaurant is located in one of the most affluent neighborhoods in Cleveland, and was voted one of the top 20 bars in area. The bar boasts of not only one of the best ambiences in Cleveland, catering to the most affluent in the city, and; not only does it possess one of the best wine lists in the city; but it's menu out-does-itself with a great and exciting delectable treats each designed by an executive chef who is on the cutting edge of making artful and delicious entrées. The owners are not the chef
The restaurant gets several turns a night on the weekends, with the bar keeping it busy until late night hours.
You must visit this business to enjoy its uniqueness and discover why it is so profitable.
THE PERFORMANCE
Speaking of profit, the annual sales growth shows the restaurant’s success. In 2017 revenue were $1,475,000, up from 2016 of $ 1,315,000 with 2017 estimated Seller’s Discretionary Cash Flow (SDCF) being $477,000. The annual revenue per Sq. Ft. is $819 with a rent factor of only 3.3% in 2017! And get this, 2017 labor costs are 19%! And 2017 Food and pour costs only 27.4%. This makes prime costs including rent less than 50%! WOW!!!
And what's more exciting is the owner just started a cost reduction program this year adding another $10,000+ a month to profit. That's not included in our SDCF!
THE OPERATION
The owners are easily replaced by an experienced operator. The staff is fully trained and experienced serving high-end clientele frequenting this restaurant, including local and national stars.
This restaurant and bar has operated since 2013 and has a full liquor license (D5 and D6). There are no other places to build restaurants in this neighborhood, so there won’t be any competition coming to draw business away.
And if you want to do parties, that's covered too! There is a sexy lounge area that’s used not only for dining, but can quickly be converted to a banquet room occupying parties of 40-50 customers.
When weather permits, there is a great outside garden style patio seating 30 that’s fenced in to serve liquor.
There are 6 full-time employees, 22 part-time employees with the operating hours being Tuesday through Sunday and closed Monday.
DEMOGRAPHICS
There is a population of 117,000 within a 3 mile radius with more than 48,000 households. Annual Income per household is approximately $61,000 with the one mile radius average house hold income of about $74,000.
SBA LOAN AVAILABLE
This business has solid tax returns and will easily qualify for an SBA loan. At today's rates (Jan 2017) the annual payment with 20% down will be about $138,000 for 10 years at 6.5% leaving a hefty $339,000 for your pocket! Let me state this another way. You put $248,000 down, pay yourself $90,000 a year and you've made your down payment back in a year! Tell me where else can you find such a return?
REASON FOR SELLING
The owners are moving to California to be close to their daughter who recently moved there.
Broker of Record Rob Tade DRE License #01339409
Lease
Financials
Operations
Tues. 11-9
Wed. & Thurs. 11-10.
Fri. 11-11
Sat. 10-11
Sun. 10-2
Facilities
Highlights
- Serving High-End Patrons
- First Class Restaurant
- Hard Liquor License
- Large Patio
- Great Sexy Bar Area
- Jammed Packed Business
- Great Easy Menu
- Executive Chef Runs Kitchen
- Well Trained Staff
- Exciting and Romantic Atmosphere
- The Place To Go
Financing
Demographics
| Population | 1-mi. | 3-mi. | 5-mi |
|---|---|---|---|
| 2014 Total Population | 35,825 | 117,443 | 218,349 |
| Households | 1-mi. | 3-mi. | 5-mi |
| 2010 Number Of Households | 14,331 | 48,388 | 92,060 |
| 2010 Persons Per Household | 2.27 | 2.25 | 2.26 |
| Median House Value | $232,700 | $174,590 | $138,210 |
| Income Per Household | $74,054 | $60,880 | $49,998 |
| Businesses | 1-mi. | 3-mi. | 5-mi |
| 2009 Number Of Businesses | 1,929 | 3,894 | 5,510 |
| 2012 Number Of Employees | 69,986 | 132,182 | 177,156 |
| 2012 Total Annual Payroll | $1,765,457,000 | $3,054,153,000 | $3,954,601,000 |
click for more demographic info
Disclaimer
Notice: The User (that's you reading this) of this Website understands that STONE PATH BROKERAGE SERVICES CORPORATION ("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 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, 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. Any decision by User to purchase the Business shall be based solely on User's own investigation and that of 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. DRE License # 01339409.