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Market Deli Catering Banquet Restaurant In Colorado Springs For Sale

Colorado Springs, Colorado, US
Asking Price:
$750,000 (USD)
Sales Revenue:
$1,100,000 (USD)
Cash Flow:
$205,000 (USD)

2020 had properly adjusted earnings 205,245 on revenues of 1.1M. This company is well ahead of 2020’s numbers in 2021 through mid-March. He expects the business to do well over 1.1M in 2021 based on how busy they currently are and they are not back to regular spacing of their tables, parties in their banquet room, or getting catering orders. The current value of the assets is approximately 125K not including the leasehold improvements and 27K in inventory.

There are many easy ways to increase both the top and bottom line for this business. The business used to be open until 8PM but have decided to close at 6PM because of COVID. The new owner can also expand sales by adding new products, new locations, and by the planned growth in their area including a potential 600 facility close by.

They started it as a gourmet market with authentic meats specializing in their “family recipes” and it quickly evolved it into more of a semi-gourmet traditional Deli and lunch/dinner/banquet/catering place that offers high quality authentic foods and drinks. They do 80% of their revenues from Lunch and 20% from Dinner. He has seen steady growth in Dinners over the last year. They also have a Beer and Wine liquor license. The owner is ready to retire and travel.

This business is location driven with a great lease with 1 year left on it which can be extended. This business will not change after the sale based on their reputation and location. They have mostly repeat customers. This is a fun business to own and to work at.

The sales price is 750K plus their cost of inventory which is currently around 27K and varies from month to month. The seller is willing to carry 10% of the purchase price for a qualified buyer. This should qualify for a bank loan with the buyer contributing 75K to 110K depending on the banks down payment requirement. This should quality for a SBA bank loan for a qualified buyer which currently is paying the first 3 months of P & I payments and waiving their upfront fee until September 25th.

Details:

The store opens at 9AM and closes at 7PM 6 days a week. The new owner needs no specific experience and can transfer the liquor license with city and state approval. The current owners have many recipes and other items that are popular and come with the business. They serve Dine In, Take Out and fresh made Items out of their refrigerated cases.

Marketing and Growth Potential: This is a great opportunity for new owners to put their personality on this by adding to the menu, by expanding the hours, opening new location(s), natural growth in the area, and possibly the proposed warehouse/office within a couple of blocks. The market is closed on Sunday for quality of life reasons which could be changed with more profit in mind. They are open Monday to Saturday 9AM to 7PM but have been closing earlier at 6PM during COVID. They have the kitchen capacity to do large size catering. They don’t do any traditional outgoing advertising like newspaper, radio, or mailers. They rely on walk-ins and the website.

They offer their customers the ability to order online and just pick their orders up without waiting. They have 12 employees who are all hourly with one employee who has been their almost twenty years. The owner believes there will be no issues in the transition.

Their location is a little over 5500 square feet and is 2 years into a 3 year lease extension at 15/square foot + triple net which is an unbelievable rate for their location. They have a great set up including a banquet room, 3 kitchens, large glass deli counter, 20 seat patio, lots of storage, main dining room with 80 seats, etc. The business has security cameras and modern registers. The market/deli/restaurant are very good looking and offers a lot of choices whether staying or a grab and go from the traditional deli set up. The main deli/restaurant area is 2500 square feet with more than half of it for customers.

Thank you for your consideration,

Jeff C Eisnaugle
Business Broker Colorado, LLC

Property Information

Real Estate:

Lease

Leasehold Rent:

$82,500 (USD) per annum

Location:

Location Driven Restaurant in a Busy and Growing Area

Premises Details:

Their location is a little over 5500 square feet and is 2 years into a 3 year lease extension at 15/square foot + triple net which is an unbelievable rate for their location. They have a great set up including a banquet room, 3 kitchens, large glass deli counter, 20 seat patio, lots of storage, main dining room with 80 seats, etc. The business has security cameras and modern registers. The market/deli/restaurant are very good looking and offers a lot of choices whether staying or a grab and go from the traditional deli set up. The main deli/restaurant area is 2500 square feet with more than half of it for customers.

Size in square feet:
5,500

Business Operation

Expansion Potential:

This is a great opportunity for new owners to put their personality on this by adding to the menu, by expanding the hours, opening new location(s), natural growth in the area, and possibly the proposed warehouse/office within a couple of blocks. The market is closed on Sunday for quality of life reasons which could be changed with more profit in mind. They are open Monday to Saturday 9AM to 7PM but have been closing earlier at 6PM during COVID. They have the kitchen capacity to do large size catering. They don’t do any traditional outgoing advertising like newspaper, radio, or mailers. They rely on walk-ins and the website.

Competition / Market:

They started it as a gourmet market with authentic meats specializing in their “family recipes” and it quickly evolved it into more of a semi-gourmet traditional Deli and lunch/dinner/banquet/catering place that offers high quality authentic foods and drinks. They do 80% of their revenues from Lunch and 20% from Dinner. He has seen steady growth in Dinners over the last year. They also have a Beer and Wine liquor license.

Reasons for selling:

Retiring

Employees:
12

Other Information

Support & training:

Will stay as long as needed

Owner financing:
Owner financing is available. Please contact the seller for more information.
Furniture / Fixtures value:
$125,000 (USD)
Inventory / Stock value:
$27,000 (USD)

Contact Business Broker Colorado, LLC

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