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Restaurant/Bar w/Property for sale in Northwest suburbs of Chicago.....$947,000 plus inventory

SOLDNear Schaumburg, Elk Grove Village, Wood Dale & Itasca   (In Cook County) 
Sale includes: The Real Estate, the Entire Business, all Equipment & all Fixtures.

Total Purchase Price/Real Estate & Business = $947,000 plus inventory
Note: The Property recently appraised for $1,200,000, not including the business

This is a full service restaurant that has been in business for over 37 years.  The current owner acquired the business in 1972.  He later acquired the real estate in 1978.  In 1997, he sold the business and held onto the property with the intention of retiring.  Due to the economy, road construction out front of the restaurant, poor management, zero remodeling, no advertising and an owner who did not re-invest any of the money the business made, the sales declined year after year.  In March of 2008, the current owner took the business back and after much consideration, has decided not to put in the time and money necessary to revive the business.  To this day, they still don’t do any advertising, yet they manage to do just under $400,000 in gross sales.
The property is strategically located near major office parks and hundreds of homes.  As a result, they’re positioned to take advantage of the local weekday lunch market and corporate catering, in addition to offering full service dining and delivery to the local residential communities.  There is plenty of parking and great visibility from both the road and the park across the street.  This restaurant/bar has a total of 165 seats consisting of 15 seats at the bar, 56 seats in the bar area, and 94 seats in the main dining room.  There are 2 parking lots included in the sale with 3 entrances.  They also offer take-out and delivery in addition to dining in.  There is even a side entrance for pick-up customers.  The sales breakdown is roughly 75% dine in, 20% carryout and 5% delivery.  There is a liquor license that allows them to serve alcohol until 1am on weekdays and until 2am on Friday and Saturday.
This business really has a lot of potential.  For starters, they don’t do any advertising.  They have a large bar area with outdated TVs and don’t actively promote the bar business.  There really isn’t any competition in the area.  This place would make a great sports bar. The food isfantastic yet nobody knows it and deliveries only represent 5% of the gross sales.  They have a very large kitchen that can handle a significant increase in sales.  Again, you really have to try the food, it is fantastic!  There’s no reason this place can’t go back to doing $800,000-$900,000 in sales.

Note: Pictures of the property can be emailed upon request. Also, a copy of the menu is available upon request.

Total Asking Price/Real Estate & Business: $947,000.00 plus inventory
Gross annual sales (approximately): $387,857.00 (as stated by owner)
Value of furniture, fixtures & equipment (approximately): $145,000.00
Value of inventory (approximately): $15,000.00 (not included in asking price)
Value of real estate (approximately): $1,200,000.00 (recently appraised)
Building, Property, Lease details (approximately): Gross Building Area is +/-4,390 sq ft, Seating for +/- 165 people. RE Taxes = +/-$33,444.00/yr.  RE includes 2 parking lots with approx 55 parking spaces.   
Seller Financing: Owner may discuss some financing with qualified & experienced buyer/operators.
Contact: Dennis, or 312-360-1955

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