Downtown Restaurant w/2 Bars, Liquor & Patio – Successful Proven Concept
Los Angeles, CA (Los Angeles County)
This Downtown Los Angeles restaurant with 2 bars and a patio occupies a highly attractive and unique location with excellent freeway access in addition to proximity to the area’s nightlife attractions. The relatively new concept has proven successful and amassed a loyal following due to its cuisine and ambiance. The venue has an indoor occupancy for 106 plus an outdoor occupancy 23. This includes the first floor bar which seats 10 and the second floor bar that seats 16, and the first floor patio for 14 and a second floor terrace for 9. The two dining areas are for 68 and 12 respectively.
This 5,000 square foot venue plus a 275 square foot patio has an attractive lease rate with a landlord that appreciates tenant cost dynamics. The venue historically leased for $21,000 per month, however, the landlord is working with the current tant during the COVID19 crisis and may continue to do so with a buyer. The lease expires on 4/1/24 with options to be negotiated in the sale. All of the business’s furniture, fixtures, equipment, goodwill and Type 47 Liquor License will be included in the sale. Approximately $15,000 in inventory will be sold at cost at close in addition to purchase price.
The business enjoys a bit of separation from the city’s main dining and entertainment area, which provides it a bit of relief from being directly on top of alternative venues, but within walking distance to them nonetheless. Due to is somewhat unique customer embraced concept, they do enjoy a solid amount of visitor traffic that neither reside nor work downtown.
New operators may convert this versatile location to any number of concepts or continue with the current one, that has proven successful. Given the venue’s prominent location and impressive build-out, it could be a fantastic flagship location for an entirely new concept or an additional outlet for an existing chain whose offering can capitalize on the varied residential, business, university and visitor community demographics.
2 Weeks at 20 hrs/wk