Restaurant / lounge BUSINESS for sale

-Asking Price: The business is being offered for sale at $950,000. This competitive price reflects the unique opportunity to acquire a well-established, high-traffic restaurant lounge in the heart of Hollywood. With its prime location, this business is positioned for continued growth and success.- Lease Options: A favorable long-term lease agreement is available, providing stability for the new owner. The initial lease term spans 10 years, with the option to renew for two additional 5-year increments. This flexible arrangement ensures that the business can operate in its current location for up to 20 years, offering security and long-term planning opportunities.
-Rent Details: The total monthly rent is highly competitive for the Hollywood area, offering excellent value for the size and location of the venue. The base rent is set at $15,000 per month, with additional Triple Net (NNN) charges of $2,000 per month, bringing the total monthly rent to $17,000. This pricing structure allows for predictable operating costs, crucial for maintaining profitability.
- Size: Spanning an impressive 5,000 square feet, the restaurant lounge offers ample space for both dining and entertainment. The large footprint of the property provides flexibility for various seating arrangements, private event spaces, and entertainment zones, making it ideal for hosting large groups, corporate events, and parties.
- Licenses: The business comes with a full suite of licenses that are essential for its current operations and offer potential for expanded services. These include a DJ License, Entertainment License, Dance License, a coveted #47 Liquor License (for the sale of hard liquor), and a #58 Mobile Catering License, allowing the business to cater off-site events. With these licenses in place, the business is fully equipped to operate as a restaurant, or lounge., Providing flexibility for future growth.
-Business Operations: Currently operating as a thriving restaurant lounge, the venue enjoys a strong customer base and a robust presence on social media, boasting over 43,000 followers. This large, engaged online community showcases the popularity of the business and provides a strong platform for marketing and customer engagement. With the right vision, the business also has the potential to transition back into a nightclub atmosphere, offering multiple streams of revenue.
-Growth Potential: Significant growth opportunities exist for this business. Various sections of the property are currently under construction, with the goal of transforming the venue into a high-end destination. These enhancements are designed to elevate the ambiance and attract a more upscale clientele, further increasing the venue’s appeal and profitability.
-Rebranding Opportunities: The current business, operates multiple locations, which may necessitate a change in the business name for the new owner. This presents an exciting opportunity for rebranding and refreshing the image of the business to align with your vision. A rebrand could reinvigorate customer interest and expand the venue’s appeal to new demographics.
- Financial Performance: The business is financially sound, generating a healthy monthly net income of $20,000. This solid financial performance is a testament to the business's operational efficiency and popularity. With the ongoing improvements to the venue, there is significant potential for increasing profitability over time.
- Celebrity Appeal: Located in one of the most glamorous and iconic neighborhoods in the world, this venue has a rich history of attracting celebrity clientele. Its reputation as a must-visit destination in Hollywood adds to its allure, making it a hotspot for both locals and tourists. The celebrity draw not only enhances the venue’s prestige but also drives additional foot traffic, making it a prime spot for high-profile events and exclusive gatherings.