Opened in 1984-by the current owners-in the northeast downtown area on the skyway level; the property is owned by the business owners (condo) and is included in the sale. The businesses are in an area with other (non competing) food establishments.
Customers include downtown office employees as well as folks who live in the downtown area, in adjoining and adjacent buildings.
There are two properties –and two establishments included; one occupying 810 square feet and the second (adjacent) property is 976 square feet. They offer separate menus –one Italian including various pastas and salads and the second a variety of signature sandwiches and salads.
Both establishments are open for lunch only-a choice the owner made-which requires about four hours per day on the part of the owner. However, there are growth/expansion opportunities that are significant: more hours (breakfast, dinner); outreach to offices for delivery and their catering needs; marketing to nearby residential customers in condos, lofts and apartments. The businesses are staffed by the owner and part time employees.
A dramatic increase in sales is expected in the next 12-18 months as an adjacent office tower adds 1500 to 1800 new tenants.
Sales have been solid and consistent-in the $270,000 range annually with pretax cash flow in excess of 30% of sales including debt/ mortgage payments for the properties.
Asking price: $382,000 for both properties and the business including fixed assets.