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Listed by:

Coldwell Banker Bain

Lots Of Seller Financing Highly Profitable Restaurant For Sale

Kirkland, Washington
Asking Price:
$1,150,000 (USD) Furniture / Fixtures included
Sales Revenue:
$1,651,237 (USD)
Cash Flow:
$100K - $250K (USD)

Lots of seller financing available for the right buyer. Here’s a million-dollar restaurant and bar but it’s more like a classic American diner with a liquor license and a gambling license. Great American food served for the past 20 years. A very family friendly atmosphere so bring the kids. This restaurant does about $1,700,000 in annual sales with an owner that is putting in just limited time here. So, with an experienced owner operator in place on a day to day basis, the sales here could easily exceed $2,000,000 per year. That’s a lot of money for a small neighborhood diner type restaurant and bar. This menu here stands out with some award-winning food choices so bring the kids. Great Eastside Location!!

Self-standing building with a huge parking lot. 100 plus parking. Fully equipped kitchen with 2 walk-in coolers, 56” grill and a type 1 hood system. A fully equipped bar with 30 money making Pull Tabs. Seats 81 but even has some 24-patio seating for when the mood and weather permits. Almost 3,000 square feet, 6 HD flat screen TV’s and a POS system with an $8,000 upgrade in 2018. Looking good for years to come.

Even in the parking lot, there is money to be made as there is an espresso stand with a drive-thru that all comes with this business as part of the sales package. New owner can operate this and increase his monthly sales and add another $10,000. to his bottom line every month. Currently, this coffee stand is just being rented out for $1,500 a month. Either way, it’s extra money in your pocket. All and all this setup is hard to beat. Is open 7 days a week with 23 employees of which 17 are part-time and 6 full time.

Owner works less than 20 hours a week at the restaurant. Currently serves breakfast, lunch, and dinner. Lots of ways to upgrade the profits, if the new owner was able to devote full time on this business, he could conceivably be pushing 2 million in gross sales annually and taking home about $250,000 a year net. Currently opens at 9 AM so many breakfast sales are going missed out on. There is a breakfast crowd in this area if the new owner wanted to open earlier and capture the breakfast dollars. Very little if any breakfast competition close by. Only about 10% of the current sales here are breakfast generated, so there is lots of potential to increase the breakfast business. At the other end of the spectrum, this restaurant and bar closes at 12 midnight. It has a full bar and this is located in a densely populated area so it would stand to reason that some late night/early morning profits are being missed out on also.

Other areas of picking up even more profits are, there is no delivery service being done and no catering being offered or done. Maybe new owner could tap into either or both of these cash revenues as well. On average 280 paying customers come thru the front doors daily. You should know that this restaurant and bar has never had a down year since its beginning almost 20 years ago.

Seller wants to retire but another huge benefit to the buyer is the seller has extensive restaurant and bar consulting experience and he is willing to offer and help buyer all the way through the transition period, perhaps longer even. This is a winner and figures to be a winner for many years to come.

Property Information

Real Estate:

Lease

Lease Terms:

Current lease expires in 2023

Leasehold Rent:

$115,200 (USD) per annum

Location:

There is a breakfast crowd in this area if the new owner wanted to open earlier and capture the breakfast dollars. On average 280 paying customers come thru the front doors daily. You should know that this restaurant and bar has never had a down year since its beginning almost 20 years ago.

Premises Details:

Monthly lease is $9,600 that’s Triple Net included. Seller pays is own water and garbage. The lease is assignable and renewable. Current lease expires in 2023 but the landlord is willing to give an extended lease to the new owner of the business. Square footage is 2,990 with a seating capacity of 90 inside and 32 additional seating on the patio. Fully equipped kitchen with 2 walk-in coolers, 56” grill, and a type 1 hood system. A big fully equipped bar with 30 money making Pull Tabs. Big parking lot 100 plus parking lot. Even in the parking lot, there is money to be made as there is an espresso stand with a drive-thru that all comes with this business as part of the sales package.

Size in square feet:
2,990

Business Operation

Expansion Potential:

Lots of ways to upgrade the profits, if the new owner was able to devote full time on this business, he could conceivably be pushing 2 million in gross sales annually and taking home about $250,000 a year net. A buyer with a passion for American Classic food would be a big plus. Currently opens at 9 AM so many breakfast sales are going missed out on. There is a breakfast crowd in this area if the new owner wanted to open earlier and capture the breakfast dollars. Very little if any breakfast competition close by. Only about 10% of the current sales here are breakfast generated, so there is lots of potential to increase the breakfast business. At the other end of the spectrum, this restaurant and bar closes at 12 midnight. It has a full bar and this is located in a densely populated area so it would stand to reason that some late night/early morning profits are being missed out on also. Other areas of picking up even more profits are, there is no delivery service being done and no catering being offered or done. Maybe new owner could tap into either or both of these cash revenues as well. This business is located on a very high traffic street on the Eastside, even in the parking lot, there is money to be made as there is an espresso stand with a drive-thru that all comes with this business as part of the sales package. New owner can operate this and increase his monthly sales and add another $10,000. to his bottom line every month. Currently, this coffee stand is just being rented out for $1,500 a month. Either way, it’s extra money in your pocket.

Competition / Market:

Very little if any breakfast competition close by.

Reasons for selling:

owner wants to retire

Trading hours:

7 days, 9am to 12am

Employees:
17 part time and 6 full time
Years established:
1991

Other Information

Support & training:

2 weeks training offered but it is negotiable.

Owner financing:
Owner financing is available. Please contact the seller for more information.
Financing available:

at least 70% down, but strictly base on a case by cases

Furniture / Fixtures value:
$20,000 (USD) - included in the asking price

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