Ocean isle Beach Restaurant For Sale

Undisclosed Address, North Carolina
Business Opportunity for Sale
Catylist Listing ID: 30801280
Property Subtypes: Food and Beverage
Building Size (RSF): 4,200 SF
Sale Price: $500,000
In Opportunity Zone? Yes
Gross Revenue: $0 (Annual)
Cash Flow: $0 (Annual)
Last Updated: 5/6/2022

Overview / Comments

Popular Italian Restaurant & Bar in Ocean Isle Beach, NC located in 4.200 square foot shopping center endcap listed for sale. Business is leasing 4,200 square feet including kitchen area, large dining area, small private room, 1,400 square foot bar space with drive-thru window and walk-out doors for optional drive-thru or patio seating. Complete listing of equipment attached at an initial investment of $318,000 in 2019. Space is credited with county impact fees for 86 seats at approximate value of $86,000 to new occupant. New lease would need to be negotiated with Landlord. Additional details available with NDA.

Additional Details

Industry Segment: Restaurants
Reason for Selling: Owners are scaling back and focusing on other businesses.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $318,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: New lease would need to be negotiated with Landlord.
Competition/Market Description: Ideally situated in well-maintained shopping center at signaled intersection serving the rapidly-growing, high net worth year-round residents and visitors to Ocean Isle Beach, Sunset Beach, Calabash and Shallotte. This central Restaurant, Retail & Professional Services destination offers easy access and prime exposure. According to an annual study commissioned by Visit North Carolina, domestic visitors spent a record $26.8 billion statewide in 2019, an increase of 6.9% from 2018. Visitor expenditures directly supported more than 236,000 jobs and generated more than $6.6 billion in payroll income across North Carolina. Brunswick County accounted for nearly $126 million in payroll income and $67 million in state and local tax receipts, a savings of $474 per resident. Brunswick County reported Year-Round Population Growth of 61.6% over the last 15 years and is projected to grow 14% over the next five. The center serves the communities of Ocean Ridge Plantation, Sea Trail Plantation, The Thistle and more. Excellent visibility on the primary corridor from Highway 17 to Sunset Beach, passing existing developments of Ocean Ridge Plantation and Sunset Ridge and new residential developments of Chatham Glen, The Townes by H&H Homes and The Sanctuary by Bill Clark Homes.
Growth/Expansion Opportunities: Potential to add drive-thru service or outdoor seating. Currently open for dinner only, new owner could adjust hours for expanded earning potential. Thousands of new homes approved and/or underway within a short drive of the center with limited dine-in opportunities for lunch and dinner.

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,327 8,788
Median Age: 47.6 50.95
Households: 1,798 3,828

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