Popular Pasadena Bar w/Patio & Kitchen Fantastic Old Town Location!

Location: California, United States
Category: Food and Beverage
Type: Established

Financials

Asking Price: $1,300,000
Cash flow: $300,000
Revenue: Not Disclosed
Gross Income: $2,000,000
Inventory: Not Disclosed
FF&E Not Disclosed
Real Estate: Not Disclosed

Business Details

This Old Town Pasadena Bar and Restaurant has been a local favorite for the past 20 years. This highly confidential offering is entirely absentee run, and provides the new owners the opportunity to own a local mainstay entertainment and dining venue, or to revamp the concept and convert the location to a more trendy, chic upscale venue which caters to the high discretionary income client base of Old Town. All of the kitchen equipment, furniture, fixtures, liquor license, catering and live entertainment permits, goodwill / intangible assets, etc. will transfer in the sale. The facility has a flexible layout which could allow for 2 to 3 unique concepts on each of the two levels and patio, or on the separate VIP level. This opportunity is not available for co-broker at this time.

Facilities:
This bar and restaurant occupies 5,700 square feet with a full kitchen, a large walk-in cooler and freezer, a manager s office, a DJ booth, 3 bars and a 1,200 square foot patio. The facility leases for $16,000 per month including CAM, with a lease valid until 2014, plus 2 five year options.

Financing:

Support:
The owner s designated representative is offering 2 weeks of training at 20 hours per week. Additional training may be provided as negotiated.

Competition:
Old Town Pasadena is an entertainment destination and the hub of activities for nearby college students, local residents, and the young urban professional crowd that seeks to avoid congestion of Hollywood. As such, there are a number of competing entertainment venues, however, few as well established as this one.

Growth:
New owners may seek to continue to grow the existing proven concept, add additional promotions, expand the menu, etc. or completely renovate the concept to create a more upscale, chic venue that can cater to the high discretionary income client base that Old Town Pasadena attracts.

General Information

Reason Selling: Personal

Number of Employees: 25
Year Established: 1987