Franchised Restaurant Established 1980 In Silicon Valley For Sale

Business description

Franchised restaurant 4,950 sq ft in affluent city in South San Francisco Bay Area. Established 1980, this restaurant has been recently remodeled to have the current design required by the franchise to conform to new franchise buildouts and looks great. The freestanding, corner building on a busy street has a new tile roof and new HVAC 2 years ago and looks great. Some new kitchen equipment: stove, griddle and grill in 2011. Well-equipped kitchen has three walk-ins, (2 refrigerators and 1 freezer) so veggies and meats are never stored in the same walk-in. Two ice machines means you are never out of ice. All new sewer lines throughout the building all the way to the street in 2011. Very experienced crew - chef has been there 25 years and most of the crew has been here over 10 years. Reason for sale: owner has 7 restaurants spread out over Northern California and is consolidating his holdings. He is rarely present at this restaurant and feels that sales would increase with an owner/operator who gets involved with the community and greets the customers.

Property information

Real Estate:

Lease

Lease terms:

Expires 1/31/2013 plus 5-year option. Landlord will grant an additional 5-year option or more for a qualified buyer. Open to writing a new long-term lease, also.

Leasehold rent:

$103,788.51 per annum

Leasehold rent:

$21 per sq ft per annum

Living accommodation:

none

Location:

busy primary street corner, parking lot, great visibility

Premises details:

4,950 sq ft freestanding building on corner lot with parking

Planning consent:

all permits and licenses are current

Business Operation

Expansion potential:

owner/operator or general manager who greets the customers and is active in the community should increase sales.

Competition / Market:

Many restaurants in this affluent town

Reasons for selling:

Owner has 7 restaurants spread out over Northern California and wants to consolidate his holdings.

Trading hours:

11:00AM - 9:30PM 7 days

Employees:

13 PT and 6 FT

Years established:

32

Franchise terms

Franchise opportunity:

Yes

Royalty 4%, Advertising 2.3%, Transfer/Training Fee $5,000 to be paid by the buyer

Other information

Support & training:

Franchise training 4 weeks locally

Owner financing:

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

Financing available:

Seller will carry a note for 10% of the purchase price paid monthly for 36 months including 8% annual interest.

Furniture / Fixtures value:

$300,000 (included in the asking price)

Inventory / Stock value:

$5,000