Last Revised: 9/25/19. Posting #: 256170
Key Words: cafe, santa cruz
Financial Info: Price: $750,000. Down: $375,000. Annual Revenues: $2,117,336. TI Buildout 2 years in the making at cost of over $1,000,000 including FF&E. Rent: $7,200/month + $1,600 NNN/CAOE. Rent Rate: $2.83/sq. ft. including NNN/CAOE. Lease: in first 5-year initial term with 3 additional 5-year options.
Profile: Stand-Alone Modern Restaurant with Parking on High-Visibility Corner.
Prime opportunity to bypass the two years it takes to develop a space in Santa Cruz and take over a turn-key upscale restaurant operation for substantially less than it cost to build. This was a brand new build-out with over $1,000,000 invested, including Furniture, Fixtures and Equipment.
Starting in 2017, the process took approximately 2 years, including a full interior architectural redesign. The restaurant opened to rave reviews and an instant following and was on track to surpass well over $2 Million of Gross Sales in its first year before unexpected forces intervened.
The stand-alone facility offers 3,000 sq. ft. curated by award-winning designer Greg Bleier with seating for 90, provisioned with high-end accoutrements for patrons and staff alike, and served by 33 off-street parking spaces. Also features a large enclosed street-side patio, perfect for weekend brunches.
High-end turn-key operation with custom milled tables, built-in furniture, sleek coffee and wine counters, luxurious open kitchen, central Bose stereo system, state-of-the-art security and POS systems and top-of-the-line espresso suite installed to specifications of Verve coffee roasters.
There is a very good lease in place in its first 5 years with 3 additional 5-year options to extend, and great landlord who has expressed a willingness to work with an incoming operator to facilitate a smooth transition.
Seller is is available to help with management during transition. Would also consider long-range partnership and participation in the daily operations under more experienced oversight and guidance of a new financial partner.
*Modern Facility on High Visibility Corner
*Rent: $7,200/month +$1,600 NNN/CAOE
*Rent Rate: $2.83/sq. ft. including NNN/CAOE
*In first 5-year initial term with 3 additional 5-year options
*Stand-alone building with private parking for 33
*Large hood, grease trap, and walk-in cooler and freezer
*Type 41 ABC License in place
Partial List of Costs Invested:
*Over $320,000 Kitchen Package, Architecture, Design Fees, Tile, Lighting.
*Over $100,000 in furniture and equipment included
*Over $550,000 invested in structural TI's alone
Ownership would consider taking on a partner with deeper restaurant experience and financial capacity.
Stated Annual Gross is Pro Forma estimate based on actual sales during the 15 weeks the business was open as a franchise (December thru March).
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