Historic Downtown Cocktail Bar / Live Music Venue for sale, turnkey!

Business Opportunity for Sale
Catylist Listing ID: 30540625
Property Subtypes: Entertainment and Leisure, Food and Beverage
Building Size (RSF): 3,000 SF
Sale Price: $195,000
Name of Establishment: Confidential
Business Website Address: https://www.facebook.com/VarnishNC/
Gross Revenue: $600,000 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: Cash, some seller finance MAY be available with 75% down.
Last Updated: 7/22/2020

Overview / Comments

Start 2020 with the new business you have been dreaming of!! We are offering a unique business opportunity for sale. This well established business is in the heart of downtown Wilmington NC only steps to the riverfront, with close to 20 years of continuous operation as a 2 story bar and nightclub; the past 10 years with the present owners. Set up for a turnkey operation.All equipment/coolers/lights/speakers, etc. included alongside 20 years of extremely valuable goodwill and plenty of upside for new business and growth/development.

All FF&E will convey along with rights to the name/brand/social/ and seller will assist in transition.

Cash buyers only, serious inquiries please.

DETAILS :
Why The Name Varnish?
Prior to 23 Market St. becoming home to Varnish Ale & Spirits, its origin was quite different.
Rebuilt in 1840 after a fire, the four-story brick building housed a paint and varnish store for more than 50 years before Morrison Wenceslaus Divine took over the company from his father, John F. Divine, who served as a captain in the Civil War.

Market Street Looking West.
M. W. Divine and Company opened in 1897 . The 22-by-92 foot store’s well-stocked inventory included paints, varnishes, brushes and oils along with a variety of builder supplies. Known as the largest paint depot in North Carolina, the company was the regional distributor for Sherwin Williams Paint.
Morrison Divine was a popular and well respected civic leader in Wilmington. The former civil engineer lived at 409 Orange St., served on a number of local bank boards and was on the board of directors with the Atlantic Coast Railroad. He died at age 80 and is buried in Wilmington’s historic Oakdale Cemetery.
Varnish Ale & Spirits respects the rich history associated with this building and is committed to making its own history . . . one glass at a time.

Located in the heart of downtown Wilmington, Varnish Ale & Spirits combines historic charm with delicious craft cocktails and locally brewed beer.
We are called Varnish Ale & Spirits for a reason. On the “ale” side, Varnish loves beer and the Port City, which explains why 18 of its 24 beers on tap are always from local breweries. On the “spirits” side, our bartenders love to get creative. Whether it’s a simple gin & tonic or a muddled, stirred, strained or shaken craft concoction, guests are always pleased.
Hungry? Food is prepared by Bar Local and served to your seat or table. Ask your bartender for a food menu.
Five TVs allow you to cheer on your team from any seat. If your team’s not playing, shoot some pool or play some video games in our mini-arcade.
Feel like dancing? Varnish has a 2nd floor. DJ Brewtal plays your favorites in the upstairs club every Friday and Saturday night. Two upstairs bars make sure your thirst stays quenched.
LOCATION
Varnish Ale & Spirits is located at 23 Market ST in Downtown Wilmington.
We’re conveniently located across the street from the legendary Kilwin’s Ice Cream and next to two restaurants: Bar Local and Port City Burgers & Brews.

Additional Details

Nearest MSA: Wilmington
County: New Hanover
Industry Segment: Other Entertainment and Leisure
Reason for Selling: Owners are ready to move on to a new ventures.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $77,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: Long term lease available to be assigned or sublet from as part of the sale.
Employee/Labor Description: 18 Staff can convey if needed.
Mgmt/Training Support Description: Full support and transition available as needed.
Competition/Market Description: Incredible location, fresh re-brand, unlimited growth potential.
Growth/Expansion Opportunities: Competition is limited in the historic district and there is so much new development happening, the population and tourist influx will only help with opportunity to grow.
Seller Financing Description: TBD

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,670 35,923 108,892
Median Age: 35.65 37.06 36.27
Households: 4,384 16,575 47,032

Contact

Photograph of Listing Agent

Christian Cardamone

Keller Williams Realty NCCMLS Member
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