Gorgeous Monterey Peninsula Restaurant & Bar with Full Liquor License
High Gross, High Net, Big Discount
Listing ID: RES-SRB$795,000
Cash Flow: 432000
Monterey Peninsula, California
Employees: 50Have a Question?
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HUGE 38% PRICE REDUCTION! Here is a rare opportunity to own a well-established, high gross, high net restaurant & bar with full liquor license (ABC Type 47) in a very desirable upscale location on the Monterey Peninsula
Based on its high cash flow and strong growth, this business was listed for $1,275,000. Due to the Covid-19 situation the current owners need cash for other business interests, and they are willing to sell this iconic restaurant for only $795,000, a 38% price reduction.
In normal times, pick a night ANY night, and you would find this 117-seat restaurant completely packed with guests. This beautiful venue features outstanding food and lots of repeat customers. Upon arrival, this establishment provides its guests with a full bar, a mouthwatering crazy-delicious menu, and multiple flat screen televisions, providing an enjoyable dining atmosphere.
The business has received a large
Paycheck Protection Program loan, and it is aggressively paying a large team of
workers to re-configure the restaurant to re-open soon under the new rules. The
team is led by one of the Monterey Peninsula’s most creative and successful
restaurateurs. As the economy re-opens
and rebounds this business will be in the forefront.
This 5-year-old restaurant is located in an upscale shopping venue with tons of parking and is open 6 days a week. A highly trained, 50 person staff pampers the guests. The kitchen, bar and dining area build-out is fabulous. Current lease is in the last year of an initial 5-year term with 2 additional 5-year options. Rent is reasonable and the landlord is good.
2019 gross revenue was $3.2 million with net adjusted cash flow of $432,000.
Most of the clientele is established, repeat, referral or location driven. There has been little advertising or promotion. Therefore, additional revenues and an even higher bottom line may be realized by actively engaging in advertising campaigns, social media, and other promotion. There is a big potential to offer a late-night reduced bar menu and provide live music (which is permitted in this location!)
The talented and successful owner/GM is willing to stay on to run the restaurant for an extended time. If you are willing to act now you can acquire this fantastic opportunity for $795,000 or approximately 60% of the value last year and likely less than half of the probable value next year! Contact us today!