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| Neighborhood Drug/Sundry Store - O.C. Beach Location | |
| Industry Description |
Pharmacy / Drug Store |
SIC |
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| Days Open |
7 (Pharmacy closed Sun) |
Year Established |
1956 (Brocks Drug Ctr) |
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| Hours of Operation |
9-7 M-F; 9-6 Sat; 10-5 Sun. (no RX) |
Years Owned |
6/24/02 |
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| Full-time Employees |
1 + Owner |
Part-time |
0 |
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| Other Notes |
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| Hours/wk by Owner |
40+ |
Owners Duties |
Pharmacist |
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| Skills / Licenses Reqd |
RX Permit & Personal RX License |
Training Offered |
3 Weeks |
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| Non-Compete Terms |
3 Yrs; 10 Miles |
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| Exec. Summary |
This business is housed in an ideal Main St. Location steps to the beach. |
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| Lease / Bldg. Info. |
Corner Street Mall Loc. |
Monthly Rent |
$5,000 - $7,000 |
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| Lease Commenced |
2002 |
Deposit |
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| Lease Expires |
9/05 |
Term & Option |
TBD |
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| Bldg./Area Description |
Square Footage |
3,500 sq. ft. |
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| Seats, Pkg, Zoning, etc. |
This facility is in an ideal location with parking nearby, and steps to the beach. |
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| Reason for Sale |
Personal Reasons |
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| Financial Summary |
Current Yr. Annual |
2003 / Owner to Prove |
2002 / Owner to Prove |
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| Gross Revenue |
As 2003 |
$379,775 |
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| COGS |
$195,500 |
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| Rent / CAM |
$55,800 - $84,000 (TBD) |
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| Payroll |
$25,700 |
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| Net Profit (before tax) |
$50,000 - $78,300 |
(Working Owner) |
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| Discretionary Cash |
$50,000 - $78,300 |
(Working Owner) |
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| Expense Breakdown |
Note: Current Rent is $55,800; Owner Anticipates an increase to $84,000 |
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| Included in Sale |
Assets |
Liabilities |
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| FF&E Included |
$50,000 (Est.) |
Lease Obligations |
$0 |
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| Inventory Included |
$76,000 |
Debt Included |
$0 |
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| Other Assets Included |
Other Liabilities |
$0 |
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| Working Capital (not incl) |
Return on Sale Price |
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| Asking Price |
$250,000 |
Owner Financing/Terms |
Over $125k, 3 yr; 7% |
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| Earnest Money Dep. |
$15,000 |
Down Payment |
$125,000 |
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| Opportunity Summary |
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Headline |
Neighborhood Drug / Sundry Store OC Beach Location |
| Summary |
This establishment has been a neighborhood drug store / pharmacy, and beach sundry and souvenir store since 1956! The business is located in a prominent main street location in the center of a popular beach city, a few hundred yards in from the ocean. 2003 revenues were $380,000, however, many opportunities exist for a new owner to further increase revenues. At present, the store sells prescription and over the counter pharmacy products, souvenirs (T-shirts, sweatshirts, sandals, towels, etc.), cards, cosmetics, games / toys, and miscellaneous convenience store style candy, food and household products. |
| Facilities / Assets |
The business is in a 3,500 square foot facility. Rent is currently at $4,650 per month, however, it may increase to as high as $7,000 / mo (i.e. $2 psf). Profitability figures suggest the historical rent (i.e. $78k, with a working owner). Approximately $76,000 in inventory ($11k pharmacy and $65k retail) is included in the sale, as well as at least $50,000 in furniture, fixtures, equipment and shelving, counters, and retail build out. This number may, however, be significantly higher. |
| Competition |
With the exception of small local convenience stores offering sundry items, there is no major competition within walking distance (i.e. no other pharmacies). |
| Growth Potential |
The current owner does not have a retail background and has not engaged in any advertising since commencing ownership in 2002; an opportunity may exist for an experienced marketer to significantly increase revenues. |
| Other |
Facility rent will not be finalized until an offer is on the table, therefore, the profitability of this business may vary. |