Bar With Food In Downtown Cleveland Near Casino For Sale

Business description

Purchase Price: $240,000.00 Plus inventory at cost approximately $15,000.00.
Cash Flow: $ 100,000
Down Payment: All Cash
"On Casino Row" An absolute steal for $240,000 dollars (US). Get in now on the soon to be gold that the new casino will bring. With this location, you are in the front seat for all the action. Situated and ready, a mint, easy to run, totally clean tavern with light food, inexpensive drinks, and a long history of making big bucks. Yes, and that can be proved from verifiable tax returns. This location runs as a corporate chain store, as the owner spends many weeks on vacation, and the long standing help make his and their money through a very simple system. Same owner for thirty years, this timeless tavern is finally for sale and can be yours. Walk in and start making money from day one. Good credit, and substantial down payment and the bank will provide the balance of this under valued opportunity. Owner is retiring. Requires an all cash deal. This is a perfect situation for someone that already has a going location and has the experience to understand how easy and profitable this business is. In addition, the gross is all cash, as there are no credit cards accepted. Current help with a tenure of over twenty years, interested in staying. What more can you ask for?
A perfect place to grab a bite to eat and have a drink at reasonable prices before they enter the Casino. The Casino will employ 300 people. When they want to grab a bite and have a drink this is the place they will go. The employees of those businesses will come to this location because of the quality of the food and drink at a moderate price.

It does not take an Einstein to figure out that the additional traffic will have a substantial increase in gross sales.

This is within a 9 iron shot of the new casino. He serves a special segment of the market. People that want good food and drink at reasonable prices. The one thing that the Casinos will do is bring even more traffic into the area.

Note: The Seller goes to Florida for a minimum of 3 to 4 months a year. An owner operator that works the business and takes normal vacations will take home much more income than the tax returns currently show.

The selling price is based on the gross and net for the year 2011. That is a 2.4 multiple of earnings.

A buyer that has experience in this type of business and a good credit score with $65,000 as a down payment can get bank financing on this business. The tax returns are all clean and verifiable. The type of business that a banker likes to deal with.

Lease: The space is 1,420 sq. ft.. it seats 65 comfortably. The rent is $3,007.66 per month plus an annual fee of $2,019.18 for real estate taxes. There is a security deposit of $2,724.79. The lease is good thru February 28, 2017. There is a (5) five year option at the expiration of the current lease.

Gross Sales: Yr. 2011 Yr. 2010 Yr. 2009 Yr. 2008
$514,000 $480,818 $548,549 $614,984

S.D.C. $100,000 $89,028 $125,770 $103,839
.
This is the Sellers Discretionary Cash. The amount that they have available to take care all of their personal bills, after the business expenses have been accounted for.

Marketing Strategy: A buyer does not have to do anything but maintain the business as is. The location is an “ A “ location. Clean, neat, quality food and drink will continue to generate income and will grow with the community. The casinos will be the catalyst for growth.

Food is only 15% of the gross sales.

Customers: The Customers are predominantly blue collar workers along with white collar workers that work down town. Some may already live in the down town area.

Days & Hours: Open 7 days a week. Hours are from 10:00 AM to 2:00 AM.

Assets: F. F. & E See Separate Equipment List

Assets not included: Cash in bank is not included. This is an asset sale. Everything on the equipment list goes with the business along with the liquor license. A Cleveland Liquor License by itself has a value of a minimum of $35,000.00.

Liabilities: The buyer will buy everything free and clear from any liabilities

Reason for sale: Moving South.

How to Proceed: Buyers that are interested in this business will have already filled out an Buyer Qualification Form and a Confidentiality Agreement. When writing an offer they will submit a recent Credit Report. We will need that before we submit the offer to the seller. This eliminates surprises that may prevent a buyer from getting a bank loan. The Seller has the right to know that in advance. Unless the offer is a cash deal with no need for financing.

Contact: Peter Vadas at the above numbers or emails.


This business needs to be seen to be appreciated. Take the time to take a tour. I promise you that you will be impressed. We need a minimum of 3 days notice to the Seller to make sure he is in town at the time of the tour.

Property information

Real Estate:

Lease

Other information

Reasons for selling:

Moving to Florida

Furniture / Fixtures value:

$100,000 (included in the asking price)

Inventory / Stock value:

$15,000