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Listing ID: 2799564

Pizza Restaurant Plus Strip Center For Sale

Hillsborough, Florida, United States

$ 2,990,000

(Furniture / Fixtures and Inventory / Stock included)
(Real Estate Included)

Revenue: $ 1,194,123

Cash Flow: $ 385,488

Business Description

Italian Restaurant + Office Bldg. + open lot within view of the ocean included. Beautiful area. Building/restaurant package includes 11 separate offices/tenants each paying monthly rents. 4-COP restaurant seats 300 to 350 and is a well known/loved eating place in this town. Great invest/retirement opportunity as property values expected to rise quickly in this area. Both Lender or Commercial property loans are available & pre-approved for 10 to 20% down, for 18 yrs. for strong buyers. Ongoing restaurant income plus tenants rental income pays off this investment property near ocean.

Property Details

Years Established:

37

Property Type:

Real

FF&E:

$ 90,000

Inventory Value:

$ 10,000

Real Estate Value:

$ 2,440,000

Other Details

Business Location:

This package for sale includes the rental offices in the building. There are 11 separate office spaces which collect around $11,000 rent per month. The rents are low and not locked into a long lease. This gives the next owner flexibility to lock in longer leases or choose to level the building and upgrade the space for best-use. Best use may be high-end rental spaces, two-story building with additional Starbucks or other type of franchise here. There is also an added empty lot area on the east side of the property that is included.

Competition:

Restaurant is a regular local hang-out of many years -- called an enjoyed "fixture of this community". Many customers would love to continue to eat here, as there are not a lot of near-by restaurants for this type of food, in this ocean bay coastal town.

Expansion Potential:

Great potential to grow. For the restaurant, add delivery for the pizza. For the real estate, a buyer may prefer to eventually level it and develop a high-end facility that matches the buildings all around it, and then easily raise the rent significantly. Perhaps add a known food franchise or upgrade current Italian themed restaurant. Many older customers love the restaurant and its older décor.

Operation Details

Employees:

16 FT/ 6 PT

Trading Hours:

Mon-Sun 11am-9:30pm/10:30pm on Sat

Support & Training:

Will train for 1 week @ no cost. There are two current income streams included here: Tenants renting + restaurant income. A buyer may want to run the restaurant themselves or have it managed. Or they may choose to change over part of the restaurant to more office rental space. For now, the income from both restaurant & rentals cover the note payments on a long term mortgage.

Miscellaneous

Reason For Selling:

Getting up in age. Needs to retire.

Contact this seller

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