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Restaurant/Bar for sale in Chicago, North Suburbs....................................$565,000 plus inventory

SOLDNear Waukegan, Antioch, Round Lake & Fox Lake (Lake County) 
Sale includes: the Entire Business, all Equipment & all Fixtures.

Total Purchase Price/Real Estate & Business = $565,000 plus inventory
Purchase Price/Real Estate = $495,000
Purchase Price/Business = $70,000 plus inventory

 
This a full service restaurant & bar with a full kitchen, a game room, 2 dining rooms, a fireplace, an outdoor deck, a basement and a 2-bedroom apartment.  This Restaurant/Bar also has a full incidental liquor license. The current owner is going through a divorce and is being pressured to sell the business and property.  He lives about an hour away and has no time to be involved in running the business.
 
The purchase price for the property includes 5 lots.  The restaurant sits on the 2 Northeast lots.  There is parking in front of the restaurant with additional parking in the rear.  There is enough parking to accommodate up to 80 cars.  There is also a 3-car garage on the 2 South lots.  The garage is approximately 36’ x 28’ Sq.Ft.
 
The current owner bought the business and property in January 2008 for his wife.  The restaurant was closed in January for remodeling and reopened February 8th.  The current owner spent approximately $50,000 remodeling the restaurant and adding flat screen TVs.  The restaurant has a game room with 2 pool tables, a dart board, an ATM, 3 video games and a jukebox.  There is also a main dining room, a bar with cocktail seating, and a private dining room/banquet room.
 
The restaurant started opening for lunch on March 15.  Prior to that date, it was only open in the evenings.  The menu consists of typical bar style food such as fried appetizers and 10 different sandwiches including burgers, a meatball sub, a steak sandwich and other miscellaneous sandwiches. 
 
This place really has a lot of potential.  With an owner/operator, consistent hours of operation, some local advertising and a fresh new menu, this place could definitely be the new hot spot in town.  In 2004, before all the new homes went in, this place did almost $600,000 in gross sales.  There is a lot of potential and room for improvement for a buyer.
 
Note: Pictures of the property can be emailed upon request. Also, a copy of the menu is available upon request.
 

Total Asking Price/Property & Business: $565,000.00 plus inventory
Gross annual sales (approximately): $300,000.00 (as stated by owner)                           
Cash Flow (approximately): $70,000.00 (as stated by owner)
Value of furniture, fixtures & equipment (approximately): $135,000.00
Value of inventory (approximately): $3,500.00 (not included in asking price)
Value of Real Estate: $495,000.00
Building, Lease details (approximately): Gross Building Area is +/-6,300 sq ft, Seating for +/- 100 people. RE Taxes = +/-$8,500.00/yr.  RE includes 2-bedroom apartment above restaurant & 5 lots & 3-car garage. 
Seller Financing: Owner may discuss some financing with qualified & experienced buyer/operators.
Contact: Dennis, info@abausa.com or 312-360-1955


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