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#793
Ventura Restaurants For Sale

High-end Santa Barbara Restaurant with Great Reputation is Relocating

$399,000
High-end Santa Barbara Restaurant with Great Reputation is Relocating
This Listing is Expired
This beautiful, upscale, recently remodeled space houses a critically acclaimed restaurant in the heart of Santa Barbara�s downtown dining district. The owners are relocating to another county, leaving behind over $400K worth of new equipment, furniture, and fixtures. In 2005 the property was stripped and rebuilt (including electrical wiring and plumbing) with eco-friendly measures and materials, making it energy-efficient and water-efficient. The 1400 sq ft space seats 40 inside with room for 10 more seats on the 100 sq ft back patio. The modern decor of grey banquettes, brown leather chairs, and blond wood flooring lends itself to any type of cuisine. The current owner serves high-end New American fare with recipes utilizing organic produce from area farmers. There are 1-1/2 years remaining on the lease with a 3-year option for renewal (rare in this busy section of Santa Barbara that boasts 4 other restaurants on the same street and a fancy hotel nearby). A type 41 beer and wine license is included in the sale price of 399K (the long, dark wood, marble-topped L-shaped bar is piped to dispense all types of liquor). The current owner brings in an average of $41K of sales per month with 3 full-time employees and 4 part-timers (they are only open for 4-1/2 hours of dinner 6 nights per week). Beer and wine make up 26% of gross sales. The rent is $3150/month including CAM. A parking garage nearby allows plenty of visitors to stroll the charming neighborhood and be drawn in by the arched windows of this 2-year-old restaurant in beautiful condition. Submit the online confidentiality agreement in order to receive this restaurant's name and address. Completing the confidentiality form also entitles you to view additional photos and receive advance notice of new listings in your area so you can digest all the hottest bites first.
This is a Stone Path Brokerage Services Inc listing.
Restaurant Broker Stuart Schlosser DRE License #01809021

Lease

Region:
Ventura Restaurants For Sale
Lease Term:
Lease expires Jan 2009 + one 3 year option
Total Monthly Rent:
$3,150
Security Deposit:
$3,300

Financials

Last Year's Annual Gross:
$352,198
Last Year's Payroll Cost %:
25.6
Last Year's Rent %:
10.73

Operations

Liquor License:
41
# of Full-Time Employees:
3
# of Part-Time Employees:
4
Hours Open:
Tuesday to Sunday 5:30pm to 10pm
Year Established:
10/05
Hood System Type 1:
Yes

Facilities

Indoor Seating:
40
Outdoor Seating:
10
# of Parking Spots:
60
Inside Sq. Ft.:
1,400
Outside Sq. Ft.:
100

Highlights

  • Located in the heart of downtown Santa Barbara of upscale restaurants, cute cafes, and even a fancy hotel
  • A parking garage nearby allows tourists and locals easy access
  • Lease ($3,150/mo. including CAM) has an attached 3-year renewal option which is unusually long for this part of town
  • Type 41 liquor license allows sale of beer and wine (currently alcohol sales make up 26% of gross sales)
  • Restaurant is lauded by critics for its organic New American cuisine and has a loyal following stretching from Santa Barbara to Los Angeles
  • Current owners are moving to a different county, but will include recipes in the sale
  • 1400 sq. ft. seats 40 inside; another 100 sq. ft. seats 10 out back
  • The property was stripped and rebuilt (including electrical wiring and plumbing) in 2005 with eco-friendly measures and materials, making it energy-efficient and water-efficient
  • $400K of new equipment, furniture, and fixtures was installed just 2 years ago
  • Sale price of $399K is a steal considering the location, reputation, lease and the condition of all the equipment, furniture, fixture
  • Current monthly sales (averaging $41K/mo. this year) is based on dinner service only
  • Buyer has option to open for more day parts (breakfast and lunch in addition to dinner) and add more seating (back patio not being used currently)

Financing

Will SBA Finance:
No
Will Seller Lend To Buyer:
No

Demographics

Population 5-mi
2014 Total Population 0
Households 5-mi
2010 Number Of Households 0
2010 Persons Per Household
Median House Value $0
Income Per Household $0
Businesses 5-mi
2009 Number Of Businesses 0
2012 Number Of Employees 0
2012 Total Annual Payroll $0

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Disclaimer

Notice: The User (that's you reading this) of this Website understands that Paramount Restaurant Brokers, 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 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.


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