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Author Topic: Restaurant for sale  (Read 1640 times)

Offline Jhx

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Restaurant for sale
« on: December 05, 2017, 09:05:31 PM »
I saw this ad on Craigslist for Al Araf Halal. It’s located on 37th btwn 76 and 77th. $6500 month, six years left. Asking $160,000. Any one interested to make it your own?
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Offline dssjh

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Re: Restaurant for sale
« Reply #1 on: December 06, 2017, 08:52:32 AM »
that's too bad - in that they have very good kebabs and steam table.

that said, it's a pretty big space, right next to the looming swim two birds, and $6500 seems like a good price, given what smaller spaces around here are going for.
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Offline queenskid2

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Re: Restaurant for sale
« Reply #2 on: December 06, 2017, 11:05:13 AM »
Quote from: dssjh on December 06, 2017, 08:52:32 AM
that's too bad - in that they have very good kebabs and steam table.

that said, it's a pretty big space, right next to the looming swim two birds, and $6500 seems like a good price, given what smaller spaces around here are going for.

The rent may seem reasonable, but only six years on the lease?  If you put your blood, sweat and tears into a business don't you need more than a 5-6 year window on a lease.  What happens if the business is successful, but five years later the landlord doubles the rent.  By the way, what is the normal length of a lease for properties like this?
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Offline Jhx

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Re: Restaurant for sale
« Reply #3 on: December 06, 2017, 11:29:01 AM »
I’m pretty sure owners usually offer up a new lease with new tenants with new terms.
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Offline Jhx

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Re: Restaurant for sale
« Reply #4 on: December 06, 2017, 11:29:31 AM »
And normal is usually ten years
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Offline deja

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Re: Restaurant for sale
« Reply #5 on: December 06, 2017, 12:08:27 PM »
Quote from: Jhx on December 06, 2017, 11:29:01 AM
I’m pretty sure owners usually offer up a new lease with new tenants with new terms.

It depends.  If the lease was between the business (not directly with the business owner) and the landlord, then the lease remains in place when the business is transferred. 
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