Local Restaurant With Income Producing Real Estate In Middleton For Sale

Business description

We are pleased you have viewed this opportunity. Here is your chance to acquire a local favorite dining establishment in the heart of Middleton, NS along with 3 income producing rental units. This prominent building is ideally situated in the center of the town on a major tourist route where there is development of a new NSLC and traffic intersection that should support further demand. It enjoys high visibility, lots of parking, and a menu that has received many cudos from local residents and visitors to the area. Pasta Jax & Ribs has become one of the most popular cafes from Windsor to Yarmouth.

Business has steadily increased over the past 5 years after a major upgrading began in 2006, including exterior facade, new roofing, insulation, new windows and doors, electrical upgrading, lighting and more. Over $100,000 has been invested to improve the building and business in the past 5 years. The interior was completely updated and new equipment was added at a cost of over $100,000. A complete list of interior and exterior improvements is available.

The two story building now offers a very stylish and comfortable 34 seat cafe on the main floor, with updated washrooms and a full basement. This fully licensed business has a well trained staff and plenty of room to grow.

The second floor has two apartment units. Another bonus is a small self contained one bedroom winterized cottage behind the main building. Current income is $1,500 per month from these 3 units.

There’s lots of paved parking in the back and there is enough property to create a small outdoor eating area if desired. The possibilities are endless. There’s potential to convert the small cottage into a bakery, retail facility, or offer it as a place for meeting, events, etc. The apartments above have potential for an owner’s suite or as tourist rentals to increase the revenue. And, the cafe business has lots of potential as well. The current owners do not open on Sundays, the cafe is not open on Mother’s Day or any holidays and if school is closed, so is the cafe. In the evening, the dining room closes at 7:30 pm.

Expanding the catering is also an option for new owners as there is a huge demand. The business does not have a sign, nor does it advertise, yet you’ll be impressed by the numbers. This is a profitable, well established business, ready for a new owner.

Financial Information:
Revenues from Cafe only:

2011 - expected to be $320k
2010 - $313k
2009 - $309k
2008 - $270k
2007 - $256k

Anticipated equity requirement not less than $100,000.

Property information

Real Estate:

Real Property Included

Business Operation

Reasons for selling:

Retirement