Iconic Restaurant & Bar w/Unmatched Publicity & Reputation!
Santa Monica, CA
This iconic greater Santa Monica Area restaurant with 2-3 bars is literally a place of legend. The diversified venue has the unique ability to simultaneously operate as a bar and a restaurant, be both casual and formal and feel like a daytime venue while the sun is up and seamlessly transition to an evening dining venue and late-night scene as the night progresses. Due to the venue’s notoriety, the sale comes with built-in opportunity to expand to new locations and much more.
This storied venue has historically generated $3 ml - $5 ml in revenues with $500k - $1.0 ml in net income. Due to COVID it did just over $1.0 ml in 2020 with a slight loss.
The facility will lease for $21k/month versus 6% of gross revenues on a new 10-year lease with 3% annual increases. All of the business’s furniture, fixtures, equipment, goodwill and Type 47 Liquor License will be included in the sale, with minor personal exclusions. An estimated $10k in inventory will be sold at cost at close.
While competition exists, this is one of the most well-known and customer embraced dining, drinking and entertainment venues in the area. With their unique location, plentiful parking and unparalleled reputation, it is somewhat insulated from direct competition in the immediate vicinity. In addition to being a neighborhood favorite, they are perennially popular with tourists due to their location by a major tourist destination and from being featured in films, on television and in music videos.
New operators will likely embrace the concepts historic success, while using the well-established platform to maximize restaurant and bar profitability. They may also make these locations the basis for a new franchise chain or licensee operation.
Seller will train for 2 weeks at 20 hours per week or as negotiated