Last Revised: 9/13/19. Posting #: 256320
Key Words: cafe, bars, sacramento, asset, convert
Financial Info: Asset Sale. ABC Type 47 Liquor License and all Furniture, Equipment offered at firm price of $99,000. Rent: $9,000 base + ~$4,113 NNN = $13,113/month. 6% Percentage Rent Annual CPI Increases to Base Rent. Proposed Lease: 10 Year Initial Term + Two 5-year Options (5 Year Initial Term considered).
Profile: Attention Experienced Restaurateurs!
This Bar & Restaurant offers a great opportunity to bring your concept to a facility with breezy river views. The location is one of three popular restaurants located within the Riverbank Marina development located on the Sacramento River, just 3 miles from Downtown Sacramento, 1/2 mile from Interstate 5, and 10 minutes' drive from the Airport. The restaurant features dining rooms and bars on two levels, both of which have deck seating with fantastic views of the Sacramento River and the Downtown Sacramento skyline. The upstairs level is popular for private parties and business receptions. The beautiful outdoor patio dining spaces can be used nearly year-round.
The location is close to Downtown Sacramento and is also close to major hotels and the Sacramento International Airport which makes it a popular place to bring out of town guests. With easy access 1/2 mile from Interstate 5, the Riverbank Marina restaurants are the closest and quickest way for locals to enjoy the beautiful Sacramento river setting. The Chevy's location next door has been consistently ranked #1 or #2 in the total chain for 20+ years, and the locally owned Crawdad's has been a Sacramento favorite since 1986. We are looking for the next iconic restaurant to occupy the remaining site, which has been operated as upscale Pearl on the River for the past 10 years. There is a moratorium on any new restaurants being built along the Garden Highway so this is a rare opportunity which may not be repeated for years to come.
The building space is approx 5,506 sq. ft. + 1,000 sq. ft. of deck space + storage.
Occupancy is approximately 179 inside + approximately 80 dining on decks for total occupancy of 259.
The restaurant space has a fully equipped kitchen on the main floor including walk-ins and all the equipment you need for almost any concept.
The prior Tenant has authorized us to offer the ABC Type 47 Liquor License and all of the Furniture & Equipment within the restaurant for a firm price of $99,000. Purchase is not a condition of the Lease but this is a bargain in relation to the cost and time associated with replacing these assets. Assets will be removed at the termination of the current lease, so the time to act on this great opportunity is now!
While this opportunity represents a low cost of entry, the occupant should be well-capitalized and experienced with full-service restaurant management, and ideally should have bar and event management experience as well.
This Lease opportunity with existing improvements in place represents your savings on the initial investment of approximately $200+/- PSF or $1M required to create a restaurant of this type. The next operator will need to establish a new concept which is likely to be casual and somewhat bar-oriented to complement but not conflict with the two existing and very successful co-tenants of the Marina. Mexican and Cajun are excluded but most other concepts will be considered.
Proposed Lease Terms: 10 Year Initial Term + Two 5-year Options (5 Year Initial Term will be considered).
Rent: $9,000 base + approximately $4,113 NNN = $13,113/month.
6% Percentage Rent Annual CPI Increases to Base Rent.
No Tenant Improvement Allowance is offered.
Restaurant is available October 1st.
Interested? Please contact the Broker to request additional details.
Tours are available by appointment only with the Broker. Please Do Not Disturb the Marina staff or current occupant.
We look forward to talking with you about this exciting opportunity!
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