Restaurant/Sports Bar with Property for Sale in Northwest Indiana

Located in Northwest Suburbs of Indiana (Lake County)
Sale includes: the Real Property, the Business, all Equipment & all Fixtures.
Purchase Price / Business & Real Property = $1,645,000 plus inventory

The current owners acquired the building & business about 6 years ago, after the business had already been operating about 7 years. It’s a full service restaurant/sports bar that specializes in home style cooking for breakfast, lunch & dinner. It’s also a sports bar, known for being a local hot spot with TV’s, pool tables, dart boards, a stage, a large bar & an outdoor beer garden. They have an enclosed private party/banquet room with space for approximately 100 people. They also sell Pull Tabs on premise. In 2017, their profits from Pull Tab sales were $28,925. Pull Tabs are gambling tickets where the object is to open the perforated windows on the back of the ticket & match the symbols inside the ticket to the winning combinations on the front of the ticket. They also made about $7,500 in 2017 from the gaming (pool Tables & dart boards, etc.).

Total seats in the building are about 290, 120 in the bar area & about 170 in the restaurant. In addition to adding an outdoor, partially covered patio/beer garden in the back, the owners also had the parking lot resurfaced in 2017. One of the best attributes of Indiana is the low property taxes. For this nearly 1 acre property & 9,750 sq ft building, the RE taxes were only $16,034 in 2016 (payable in 2017). This is much cheaper than in Illinois.

This business & property is located along the Illinois State line, in Lake County, Indiana, 15 miles South of Lake Michigan & 30 miles Southeast of downtown Chicago. The Northern Indiana Commuter Transportation District (NICTD), operator of the South Shore Line, announced in September 2017 that they have filed applications with the Federal Transit Administration (FTA) seeking project ratings for both the West Lake Corridor and South Shore Line’s Double Track projects. This infrastructure investment package totals over $977 million and represents the single largest investment in commuter rail in the South Shore’s history.

The investment will enhance safety, bring more convenient, frequent and reliable service, and quicker travel times to and from Chicago and equally important, set the stage for major economic development around the stations. This project will help bring more people to the area more efficiently, which is good for the businesses in the area. Another future benefit to the area is the Indiana Legislature has recently drafted a bill (HB 1401) to allow establishments to have VGT (Indiana’s politically correct version of video poker). Only establishments with 3-way liquor licenses will be permitted to have the machines and each establishment will be able to have 5 VGT machines, if the Bill passes. This business already has a 3-way liquor license. This will certainly help increase sales and add more to the bottom line, as it did in Illinois & many other areas.

The poker machines will help and the expansion of the train service should help as well. Also, with one owner having no involvement at all & the other only working there 8 hours per week, an owner/operator could help increase sales and lowers expenses, simply because there’s someone on premise keeping an eye on things. When the owner’s around, businesses tend to run smoother & more of the income makes its way into the cash registers. It’s very common that absentee run businesses or semi-absentee run businesses have higher payroll costs, lower customer satisfaction & higher cost of sales. Having someone there more often certainly can’t hurt.

The current owners have other businesses and have decided to sell one of them. They chose this business to sell because the area is growing & they feel this business is a good opportunity for a buyer. Neither owner has much involvement in the business. One of the owners has a full-time job with benefits & a pension & only visits the business once in a while. He doesn’t work there at all. The other owner works there part-time.

The asking price for the Real Estate is $1,350,000. The asking price for the Business (not including inventory) is $295,000.00. The total purchase price for the Business & Real Estate is $1,645,000.00, not including inventory. The owners prefer to sell the Business & Real Estate together.

Note: The owners will consider a small amount of financing for a well-qualified potential buyer. 

Asking Price/Business & Real Estate: $1,645,000.00 plus inventory
Gross annual sales (approximately): $960,521.39
Cash flow (approximately): $195,928.85
Value of Inventory (approximately): $50,000.00
Value of Equipment & Fixtures (approximately): $115,000.00
Building, Property details (approximately): The annual Real Estate taxes are $16,034.00. They have 70 parking spaces. The building is a 1-story 9,750 sq ft building. The property is 0.898 acres. There is a banquet room that can accommodate up to 100 people & they have a covered beer garden with heaters as well. .
Seller Financing: Owners will consider a small amount of financing with qualified & experienced buyer/operators.
Contact: Tony Gavros, This email address is being protected from spambots. You need JavaScript enabled to view it., Advantage Business Acquisitions, Inc. 847-722-1877

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