THE PROPERTY: This is a retail commercial property with 7,500 Sq. Ft. and just minutes from the Biltmore area. The Sq. Ft. is divided into two separate businesses. 1,000 Sq. Ft. is leased to a popular pizza restaurant operator with a monthly rent of $1,650 while the other 6,500 Sq. Ft. is a business owned and operated by the person who owns the real estate. The business contains several businesses including a restaurant, a specialty market, and a large catering business.
There are three contiguos commercial lots measuring 50' x 130' making up a total lot Sq. Ft. of 19,500. There are 29 parking spaces with additional parking next door. The owner of the property claims the next door neighbor allows his customers to park, but a buyer should secure an agreement with the neighbor before purchasing this property if the buyer's business will be dependent on additional parking.
THE BUSINESS: This business has been established since 1967 serving a very specialize niche and high demand product in the Phoenix area. There is a restaurant, specialty market, deli and catering business included in the purchase. Much of the catering business comes from hotels and catering private events all over the state.
THE LOCATION: This property minutes from the highly desirable Biltmore area, providing a great opportunity for anyone who has good sales skills to sell more catering business to the resorts, hotels and country clubs.
THE NUMBERS: Gross Revenue for the businesses in 2010 was $931,000 with a Net Income before rent expense of approximately $101,000. Food costs are running about 43% while labor costs are running about 30% fully loaded. So there is room for improvement.
FINANCING: It is possible the current lienholder, who holds about $590,000 of debt on the real estate, would consider financing the purchase to a very qualified buyer. Call for details.
REASON FOR SELLING: Owner's son was running this business for a couple years and recently moved back to New York leaving his father with a business that the father has no experience running. As the owner says "when you shoot a duck, you take it to the butcher" meaning let the professionals run a business. The owner is an engineer and import/export expert, not a restaurant person.
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