Brunch & Lounge Bar: High Vol $1.47 mil, Absentee, Prc $990K, LA

Seller Financing Available

• A stunning brunch restaurant & lounge bar with modern décor and ambience, a cozy yet spacious dining with beautiful lounges and lighting, couches for group use, and a wide stylish cocktail bar where hungry donkeys can enjoy night-time drinks and chats by late 2 am.
• Situated in the main attractions of K-Town's most popular square where city dwellers enjoy a night out with friends over a variety of craft cocktails paired with delicious entrées (light plates), drinks and tapas, with DJ/live music on Fridays and Saturdays, as well as a variety of signature brunches during the day.
• A turnkey opportunity. Absentee. A Type 47 On-Sale Liquor L/C included.
• A year and a half ago, seller purchased the exsisting restaurant and bar, remodeling it over 6 months at a cost of more than $800K.
• Delayed opening by several months, resulting in significant additional operating costs, adding losses. This is one of the reasons to sell a business.
• This awesome lounge bar is a potential business with annual gross sales well in excess of $1.47 million in its early stages
• Despite relatively good sales, expected profits have not yet been realized due to high operating costs and lack of management skills.
• A stunning brunch restaurant & lounge bar with modern décor and ambience, a cozy yet spacious dining with beautiful lounges and lighting, couches for group use, and a wide stylish cocktail bar where hungry donkeys can enjoy night-time drinks and chats by late 2 am.
• Situated in the main attractions of K-Town's most popular square where city dwellers enjoy a night out with friends over a variety of craft cocktails paired with delicious entrées (light plates), drinks and tapas, with DJ/live music on Fridays and Saturdays, as well as a variety of signature brunches during the day.
• A turnkey opportunity. Absentee. A Type 47 On-Sale Liquor L/C included.
• A year and a half ago, seller purchased the existing restaurant and bar, remodeling it over 6 months at a cost of more than $800K.
• Delayed opening by several months, resulting in significant additional operating costs, adding losses. This is one of the reasons to sell a business.
• This awesome lounge bar is a potential business with annual gross sales well in excess of $1.47 million in its early stages
• Despite relatively good sales, expected profits have not yet been realized due to high operating costs and lack of management skills.
• This is a business with great potential for great profits if an experienced buyer with a passion for brunch concepts, restaurants and bars can reorganize it into an owner-operator, reducing labor and costs and increasing sales.
• For more, see below:
> Price breakdown for the asking price of $990K. It is till Negotiable.
- Type 47 On-Sale Liquor LC: $470K, which is the face value of $125K plus the $345K key money and broker fees exactly paid by the seller.
- Business Price: $520K. Seller financing available - Seller is offering up to $300K owner-carry to qualified buyers.
> Based on 2023 and 2024 POS statements, average monthly sales are $122,017.
> No meaningful monthly net income yet. However, by reducing high operating costs and going to owner-operated run, eliminating the risk of poor management by the owner, monthly net income can be expected be more than $30,000. As per seller, having not yet been verified by broker
> All-in-one rent is $22,000, including NNN/CAM estimate
> Favorable lease terms with 4 years remaining plus 2 x 5-year options
> The premises are approx. 3800 sq. ft. in size
> 18 bar seats and 90 dining capacity
> Short opening hours are Mon - Thursday from 5 PM to 2 AM the next day, weekends from 11 AM to 3 PM for brunch, and 5 PM to 2 PM the next day.
> 6 full-time and 13 part-time staffs.
> Launched about a year ago and is still in a stage of growth
> Mall parking accessible from outside. 3 hours free parking with validation and itemized receipt until 9 pm and $5 (with receipt & validation) flat-rate
> Seller financing avai