Seasonal Ocean front bar/restaurant for lease or for sale in Old Lyme, CT
Property Price : $1,200,000 includes, 3 buildings + land + lease improvements (hoods/walk-in coolers) + equipments.
Seating Capacity : 55 inside, 75 outside
Lease to own available. $100,000 ($75,000 sec deposit/rent loss+$25,000 option fee) You can lease the bar up to 2 season than you have to purchase the building or you will loose your $25,000 option fee and you will move out. (you will take $75,000 sec dep back-check the lease for details)
Seasonal Rental Rate : $85,000 a year + $75,000 sec deposit/rent loss + $25,000 non-refundable option fee.
Rent payment starts on June 1st ( you can open it as early as April 15th) rent paid by weekly. $7,100 a week for 12 weeks. ($7,100x12 weeks) = $85,200.
September and October you can keep it open without paying any additional rent. Please check town hall for the latest day you can keep it open.
Comes with 3 property
1st Restaurant Space
Year Built : 1,880
Sqft : 2,394
2nd Building (House-Employee can stay)
Year Built : 1,939
Sqft : 688
3rd Building (Used as a storage walk-in cooler + few chest freezer in it but can be turn to a another retail shop ice cream shop/smoothie bar - use your imagination.)
Year Built : 1,939
Sqft : 539
--- Business Income & Expenses---
Sales for 2017
Only credit card transactions as follows
June 2017 : $84,000
July 2017 : $148,000
August 2017 : $112,000
September 2017 : $43,000
October 2017 : $5,000
Total 2017 credit card sales : from June through October 2017 = $392,000.
Cash sales unknown, no data found for 2018.
Employee Expenses ( dont know belongs to which year 2017 or 2018)
Total hours : 9,222 hours per season.
Total Gross Pay : $114,500
Total Tip Paid : $27,423
Total Gross Pay : $142,000
Federal withholding: $10,894
Medicare : $2,058
OASDI : $8,799
CT State Tax Witholding $2,287
Total Net Pay : $90,468
Rent a parking space: 17 reserved parking belongs to property. You may use that exclusive parking spot either to your restaurant/bar client or you can rent it out.
$20 per day x 17 spot = $340 per day x 7 = $2,380 parking lot rental income per week.
Financing through SBA loan. $300,000 downpayment, experience, good credit required.
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