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Sports Bar/Restaurant w/Property 4 sale in NW Suburbs of Chicago....$2,950,000 plus inventory

SOLDNear Crystal Lake, Cary, & Fox River Grove   (In McHenry County)
Sale includes: The Real Estate, the Entire Business, all Equipment & all Fixtures.
Total Purchase Price/Real Estate & Business = $2,950,000 plus inventory
Note: The Property recently appraised for $3,850,000, not even including the business or equipment & fixtures.

This is a full service restaurant with multiple bars & banquet rooms.  The restaurant is kid-friendly with video games in the bar area and a video arcade room.  The liquor license is a full incidental 2 AM liquor license.  There are multiple private party rooms as well as an outdoor patio area.

This restaurant & sports bar has established a great reputation in the community.  One of the owners manages the business and daily operations while the other owner is absentee.  The owners also own and operate a construction company and it really shows when you see this property.  It’s like walking into a home builder’s own personal home.  Everything is top of the line, very similar to a model home with all the bells and whistles.  The floor plan includes a main dining room with 120 seats, a bar/lounge area with 117 seats, a private lounge area with 60 seats and a private bar, a banquet room with 140 seats and a full bar, a custom 20 seat lounge, and a patio area that seats 80 people.  The extra-large kitchen was specifically built to accommodate large banquets on a regular basis.  The building has a full service elevator and is fully ADA compliant with handicapped access to the entire building. With over 39 TVs scattered throughout the building, including a 20x12 ft. HD theatre projection TV in the main bar, this is the premier sports bar in the area.  It’s also a kid friendly family restaurant with plenty of room for large banquets, and the many live bands that perform here each week.

The menu is diverse and included everyday favorites such as; specialty burgers, pizza, salads, teriyaki green beans, artichoke fritters, nachos, jerk chicken, beef tacos, fish tacos, farm raised salmon, lake perch fish fry Fridays, Saturday rib slabs, daily specials and 40 different tap beers.

The best part of this deal……the property alone appraised for $3,850,000 in March of 2008.  This does not include the furniture, fixtures and equipment, which has an approximate value of $250,000, nor does it include the value of the business and yet they are only asking $2,950,000!!!
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: $2,950,000.00 plus inventory
Gross annual sales (approximately): $1,600,000.00 (as stated by owner)
Cash flow (approximately): $240,261.00 (as stated by owner)
Value of furniture, fixtures & equipment (approximately): $250,000.00
Value of inventory (approximately): $40,000.00 (not included in asking price)
Value of real estate (approximately): $3,850,000.00 (recently appraised)
Building & Property details (approximately): Gross Building Area is +/-11,849 sq. ft., Seating for +/- 457 people inside & 80 people outside. RE Taxes = +/-$78,000/yr.  RE includes 1 parking lot with approximately 98 parking spaces.   
Seller Financing: The building has a primary mortgage and an SBA 504 loan. Both loans are assumable to financially qualified buyers.  
Contact: Dennis, or 312-360-1955


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