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1059 – Land & Bldg. for Sale for $3.899M or Lease the Restaurant

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 FOR LEASE OR FOR SALE ! LEASE OR SALE PRICE ($3.899M) INCLUDES ADJACENT LOTS #5020 & #5024 ! SUPER OPPORTUNITY! This is a very well-known establishment which has been in this location for decades. For the past 12 years it has operated as a Chinese food restaurant. Fantastic central north location with high traffic by the door and lots of parking. Not much hospitality competition in the area. Lots of regular, loyal clientele to the previous owner. The premises is ready for re-development to any concept desired by a new owner. It’s a blank canvas waiting for your concept. ASKING PRICE: FACILITY IS FULLY EQUIPPED WITH TABLES, CHAIRS AND STAINLESS IN THE KITCHEN. THERE’S NO BUSINESS TO BE PURCHASED BUT THE LANDLORD WILL NEGOTIATE THE OWNERSHIP AND/OR USAGE OF THE FF&E. THIS DOESN’T COME ALONG VERY OFTEN. YOUR COSTS WILL BE THE RENOVATIONS FOR YOUR CONCEPT! DON’T MISS THIS EXCITING OPPORTUNITY AS IT WON’T LAST LONG!

Size in sq. ft. 3,448 sq. ft.

Number of parking stalls: 70 stalls

Financing: Treat as clear title

Style of cuisine:  Any cuisine a new owners chooses

Customer Demographics: Residential back-drop; not much competition

Type of service: Table

Hours of operation:
A new owner can set the hours

Number of employees: as required

Sale and Leasing information:

All three lots come in a package either for lease or sale. It is the restaurant lot, plus the 2 lots to the north, # 5020 and #5024. Asking price for land and building is $4.3M  Property taxes $75,000 per year.

 

Rate per sq. ft. $27 per sq. ft.
C.A.M.  $22.24 per sq. ft.
Lease Term: New lease with 5 year term             Option periods: One 5-year option
Deposit held by Lessor:   3 months


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