Priced to Sell-Historic District Restaurant

Undisclosed Address, Jonesborough, TN 37659
Business Opportunity for Sale
Catylist Listing ID: 30180195
Property Subtypes: Food and Beverage
Building Size (RSF): 3,003 SF
Sale Price: $114,900
Year Business Established: 2013
Gross Revenue: $265,000 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: Cash to seller.
Last Updated: 12/16/2017

Overview / Comments

Offered is a unique opportunity to own restaurant that capitalizes on a great location in a historic district; an active local tourism promotion council that generates customer traffic by hosting numerous annual events; a charming building that has been totally restored; and a simple menu that serves favorite foods that create frequent repeat business.

Featured is an old time soda fountain ice cream bar complete with counter stools and milk shake station. The ice cream is an attraction that has been a proven winner in bringing in traffic, sometimes packing the place with ice cream aficionados.
This restaurant has seen steady revenue growth since 2013 when it was opened under another name.

The ideal buyer will be an individual or family that knows how to run a restaurant, especially purchasing food and supplies to control costs, and can serve mainstay menu items and high quality food. This is a turnkey business with an established core of patrons coupled with tourist flows based on special events and the tourist season

Additional Details

Industry Segment: Restaurants
Reason for Selling: Seller and wife have other jobs and also run a small farm..
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $45,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: Business leases space in a fully renovated historic building originally built in 1900. Lease is on reasonable terms with utility costs that are very low. Landlord pays property taxes, insurance, water, and dumpster service. Located on a high foot traffic historic district street. There is plenty of opportunity for a good operator to capture more business with relatively little effort.
Employee/Labor Description: 2, FT, 6 PT
Mgmt/Training Support Description: Will train new owner in basics of the business but buyer should have experience running a restaurant in order to be successful and reap the financial benefits. This is not a business for a passive owner.
Competition/Market Description: There are a few nearby competitors but plenty of business for all. The current business model with limited hours keeps overhead low. The disadvantage is a significant amount of business is not being realized or captured. An active tourism council and regularly scheduled annual events and attractions bring thousands of out of town customers into the historic district and by the front of this store. Its attractive store front brings them in.
Growth/Expansion Opportunities: Additional revenue from food and drink can be obtained by having expanded hours of service and adding more items to the menu. Offering breakfast should also be considered

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,852 12,938 42,392
Median Age: 44.33 41.41 41.19
Households: 1,222 5,178 17,842
© Copyright Northeast Tennessee Association of REALTORS┬«. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Northeast Tennessee Association of REALTORS┬« nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.