Restaurant Bar & Grill Business For Sale - Rock Springs

Business Opportunity for Sale
Catylist Listing ID: 30281729
Property Subtypes: Food and Beverage
Building Size (RSF): 2,100 SF
Sale Price: $270,000
Name of Establishment: Phibbs Bar and Grill
Business Website Address: https://www.facebook.com/phibbsbarandgrill
Franchise Parent Name: None
Year Business Established: 2013
Gross Revenue: $285,000 (Annual)
Cash Flow: $96,000 (Annual)
Cash Flow Type: Sellers Discretionary Earnings
Sale Terms: Sale to be in cash and includes all of the equipment, signage, goodwill and sauce recipe. The lease will be transferred to the new business owner. Lease transfer terms depend somewhat on credit worthiness of buyer.
Last Updated: 11/8/2018

Overview / Comments

Phibbs Bar and Grill has won 7 Best of The Best Awards. This is a very nice community bar and grill. Year to date profits are up 31% over the prior year which was up over 18% from its prior year. Bottom line profits margins are about 35%. Gross revenue volumes are up about 20% for the last two years.

The property is located in the Class A Fieldstone Village town center development which is just south of Chickamauga and the Chickamauga Battlefield on Hwy 27 located in Rock Springs, GA. The Village has about 28,000 SF of shops and stores. Behind the Village is the Fieldstone Village upscale residential community too.

The seller has owned the business since 2003 and has in place a lease which was extended for five years in June 1, 2017 so there are about 4 years remaining on the lease term. This lease will transfer to the buyer. The base rent is reasonable at $2,000 per month for 2,100 SF or about $11.40/sf. The lease type is modified gross. See lease abstract attached. The sale includes no real estate but does include all of the equipment, goodwill, transfer of liquor license, hot sauce recipe and some post close assistance. The original costs for the equipment was nearly $100,000.

The seating capacity is rated for 115 but does not include the bar seating or covered patio. The restaurant is currently open 5-days per week and opens at 5PM; Wednesday thru Sunday. There are several full time employees with a few part time employees. Typically they have an acoustic player on Wednesday nights, karaoke on Thursdays and bands on Friday and Saturday night. Being open additional nights or for lunch could drive sales further.

Reports available upon request after signed non-disclosure:
2016, 2017 & 2018 P&L's
Lease
Detailed equipment list
5,10 & 15 Mile Drive Time demographics report

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Walker
Industry Segment: Restaurants
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $100,000
Real Estate Status: Leased
Value of Real Estate Included ($): $0
Real Estate Lease Description: See lease abstract
Part of Planned Development?: Yes
Employee/Labor Description: 3 waitress/bartenders, 1 cook
Mgmt/Training Support Description: Seller to provide phone support for 30-days.
Competition/Market Description: There is minimal sports bar competition in the area.
Growth/Expansion Opportunities: Lunch and additional open days.
Seller Financing Description: None offered

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 8,963 34,277
Median Age: 40.09 38.59
Households: 3,360 12,591

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
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