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#4207
Santa Barbara Restaurants For Sale
San Luis Obispo Restaurants For Sale

Profitable Latin American Restaurant Also Serving Mexican Cuisine

$350,000
Profitable Latin American Restaurant Also Serving Mexican Cuisine
This Listing is Expired

This restaurant gets 4 and 5 star rating on Yelp with 147 reviews, showing that it is well run as an absentee operation.  It operates in one of the most beautiful old buildings in a downtown city off the 101 Hwy in wine country.  This restaurant for sale is located in San Luis Obispo County and boasts plush furniture, bold colors, rustic decor elements and vibrant wall treatments. The custom made bar, inlaid with snakeskin, copper and marble, invites you to taste a multitude of exotic imported beers and wines, as well as delicious local specialties.  Guests may get cozy in the plush dining room, or dine on the patio over looking the park while they watch the crowds walk by. 

This restaurant is one of the center pieces of this city. It takes regional dishes such as Enchiladas and Chili Renellos, and adds a personalized new twist! Dishes like you never had before with new flavors to most people. This isn't Mexican cuisine per se, but this restaurant showcases Latin Riviera Cuisine with influences from Spain, South America, Mexico and the Caribbean. There is a head chef in place to continue the tradition should the Buyer wish. 

BEER AND WINE LICENSE INCLUDED

LEASE: Situated in a 3,800 Sq. Ft. space, this restaurant features split level dining that's a perfect VIP area. The rent is $5,200 a month, giving a rent factor of 7%.  The landlord will provide a new long term lease for the new owner. It seat 100 patrons inside and 8 outside - which overlooks the park. 

OPPORTUNITY: This restaurant is absentee operated.  This was one of the seller's first ventures into the restaurant business.  He's run a good operation, but there is opportunity to make it even better.  The labor costs are high relative to industry, running at nearly 40% in 2014.  Food costs on the other hand are great at 26%.  So a working owner needs to get labot to the 30% range, Adding more than $85,000+ a year to the profit line. 

REASON FOR SELLING: This restaurant opened about late 2011 by a contractor who ventured into the restaurant business and hit a homer!  He's planning to move out of the state when he sells his set of restaurants.  

THE NUMBERS: 2014 sales should be around $870,000 based on sales through October 2014.  Owner cash flow should be around $168,000, again based on results through October.  Fix the labor issue and you've got a restaurant making you $260,000+ a year. 

SBA FINANCING AVAILABLE: This restaurant should qualify for SBA financing. The owner, however, consolidates his three restaurants plus other businesses into one tax return.  The owner has stated he can prepare the consolidation showing how his tax returns tie to the financials published here. Therefore, for the buyer to qualify for an SBA loan, he or she must has at least 5 years restaurant management, a FICO score north of 700 and at least 20-30% down payment.  In this case the Buyer needs about $90,000 to get into this restaurant. 

This is a Paramount Restaurant Brokers, inc. listing. 

This is a Paramount Restaurant Brokers, Inc. DBA SellingRestaurants.com listing.
Broker Mel Jones DRE License #CA00893362 and AZ BR634507000

Lease

Region:
Santa Barbara Restaurants For Sale
San Luis Obispo Restaurants For Sale
Lease Term:
New Lease with at least 10 Years plus Options
Total Monthly Rent:
$5,200

Financials

Last Year's Annual Gross:
$870,000
Last Year's Owner's Cash Flow:
$168,000

Operations

Liquor License:
41
# of Full-Time Employees:
10
# of Part-Time Employees:
18
Hours Open:
11am-3pm
5pm-10pm
Year Established:
2011
Hood System Type 1:
Yes

Facilities

Indoor Seating:
100
Outdoor Seating:
8
# of Parking Spots:
Street
Inside Sq. Ft.:
3,800

Highlights

  • 4 and 5 star Yelp Reviews
  • Great Downtown Location in Wine Town
  • Open for 3+ years
  • Owner Moving out of State
  • New Long Term Lease
  • Beer and Wine Liquor license Included
  • Labor Costs Need Improvement
  • Food Costs are Excellent

Financing

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

Demographics

Population 5-mi
2014 Total Population 46,353
Households 5-mi
2010 Number Of Households 16,255
2010 Persons Per Household 2.68
Median House Value $355,600
Income Per Household $62,529
Businesses 5-mi
2009 Number Of Businesses 1,235
2012 Number Of Employees 26,564
2012 Total Annual Payroll $479,863,000

click for more demographic info

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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