Famous High-End Rest. / Bar in W. Hollywood (Temp. off the Market)

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

Financials

Asking Price: $565,000
Cash flow: $125,000
Revenue: Not Disclosed
Gross Income: $1,000,000
Inventory: $12,000 - Included in the Asking Price
FF&E $100,000 - Included in the Asking Price
Real Estate: Not Disclosed

Business Details

There are a few places that define the Santa Monica Boulevard Scene . The Abbey is an institution for dining, socializing, brunch and just about all occasions. Rage is the place to dance the night away. This venue is known worldwide as being a place to enjoy fine dining, celebrate a special occasion, and potentially meet a special guy. Operating since the mid 70s, the world famous restaurant and bar provides a new owner an unbeatable location, a steady customer base, and a stable revenue stream that has served it restaurateur owners well for over 30 years! New management may seek to bet on a proven horse by carrying the torch forward with the existing name, concept and customer base, or may seek to capitalize on an unbeatable location to launch a new concept with a location that is a natural draw, is easy to market, and is permitted for over 100 persons inside, and over 30 persons on the patio!

Facilities:
This quaint and classy 3,500 square foot facility rents for $10,400 per month on a triple net lease that is in its 2nd year, with a 5 year renewal option.. The landmark restaurant and bar sale comes with a 47 liquor license, sizeable kitchen, flagship bar, a coveted patio, plenty of parking, and 300 degree views! All furniture, fixtures and restaurant equipment, with minor exceptions, is fully owned and will transfer in the sale). Equipment includes a full gourmet kitchen, and large bar, and seating to accommodate 140 patrons.

Financing:
Owner may consider a very small carry ...

Support:
Owner will train as necessary, but estimate that 2 weeks should suffice.

Competition:
Competition in the area is considered medium as this is area has a high density of restaurants but with few locations that can compare. This restaurant holds an advantage due to its unique location, as well as its established client base and 30-year reputation.

Growth:
Several options for growth exist. At present the business does not offer breakfast or lunch service, rarely has any form of promotions (all events are in-house), and does not attempt to drive new traffic. New management may seek to expand the menu, implement an aggressive marketing/advertising campaign, market to cater parties or events (or sublet the kitchen for caterers to do so), or to capitalize on the location and change the concept completely.

General Information

Reason Selling: Personal

Number of Employees: 20
Year Established: 1970