Property Details

DESCRIPTION:

Newly renovated and family-owned.

• Very loyal clientele
• Sales increase during the tourist season April thru October
• Located in the Corning area.
• Specializing in fine cuisine
• Sales were consistently one million plus until the pandemic
• Sale includes the building with 2 newly remodeled loft apartments that generate $8,250 a month in income
• The Restaurant encompasses 2,940 sq feet with seating for 100
• Plenty of well-lit parking.
• Restaurant is open until 8 pm, 6 days a week for lunch and dinner.

ASSETS/FIXTURES/EQUIPMENT: (Included in the Asking Price)

•  Furniture, Fixtures, and Equipment at a fair market value of $106,000
•  $10,000 in inventory
• Real Estate at a Fair Market Value of $ 695,000

REAL ESTATE:

Stand-Alone Building 5,880 Square Feet

Total potential Net operating Income is $105,000 a year with revenue from upstairs apartments.

SALES AND SELLERS DISCRETIONARY EARNINGS:            Fiscal Year Ends on September 30 

                                      2021*                     2020                 2019

Sales:                          $ 794,735         $ 744,780        $ 1,181,312

SDE:                             $ 108,274      $   39,575      $    202,974
*Note:  $199,702 in Employee Retention Tax Credit not included in the SDE for 2021

 PRICE/FINANCING:

The Asking Price for the Business and Real Estate is $ 995,000

 COMMENTS:

Opportunity to increase sales by extending operating hours and adding more liquor sales. Business did stay strong during pandemic with pickup and delivery.