200000.00 $ Lake Water Front Beach Tiki Bar Grill Banquet Hall 4 Sale Or Rent-own Highland

Published date: February 23, 2017
  • Location: Highland, Utah, United States

Lake Water Front Beach Tiki Bar Grill Banquet Hall 4 Sale Or Rent-own

⭕ RENT TO OWN OPTION, read below.

Former NanSeas Tiki Bar and Grill purchased by my development company. $600k renovation happening now. There are 9 residential condos attached to the property, and this restaurant - bar with tiki bar on the beach is also part of the condo development. Hundreds of people frequent this beach/tiki bar and grill every Thursday-Sunday all summer long.

Developer plans to renovate the bar, dining and banquet hall, as well as the tiki bar....thus, this will be a NEW restaurant ready for your decorations and design. Restaurant banquet hall on main level seats about 200 people, and there is dining for another 60 under covered breezeway that overlooks the lake, then another 100+ on the beach at the tiki bar! Avg. daily sales are $12,000; however ,that is with minimal staff and without the $600k+ improvement being done to the property.

There will be a new asphalt parking lot, the building is being completely resided and repainted so it all matches and gives that key west feel to the property. Faux full size palm trees are being installed on the entrances and along the beach area...along with huge lava rock and other tropical plantings. We plan to give this 400 beachfront resort the feel of Key West and the islands. Everything will be remodeled...new bathrooms, flooring, underbar areas, back bar areas, walls, seating, etc....

A price of $295,000 includes owning the actual property (commercial condo spaces of bar, kitchen, banquet hall, seating, breezeway and part of the beach and the tiki bar), all equipment, improvements, inventory, and the business. This is a turn-key ready to open operation. There is a 2nd operation for sale also (see rental business below for $200k). I will also just lease the property to someone and they can take over the new operation.

Ideally, we are looking for someone who owns a restaurant already and wants to have 2+ location. This location can survive along with just opening for 4-5 months out of the year, with about a $150k profit per season. We would like to outright sell the business/commercial property condo, but will entertain a Lease Agreement with the right operator. We would require at least $10k down as security interest, and monthly rent would depend upon operator and operator investment into facility. I would image rent will be approximately $4,000 per month (annual sales are approximately $390k for the season).

We will be doing interior renovations from 2-16-16 until approximately 4-30-16, whereby, we will then focus upon the exterior of the property until May 30th, which is about opening season...depending upon weather.

There are also garages on site and tons of storage. There are 6 residential condos left for purchase, and this too could be an inclusion for the right operator of the restaurant. They all have waterfront views and many walk outs onto the beach. 2BR units will be all brand new, luxury, and will be sold for $149k each! with a boat dock/slip and a garage! This property has THE best sunsets and gets sun all day long. Water is clear, warm and there is about 400 of beach water front...with tons of space. It is about 15 mins. from Fond Du Lac, 28 mins from Sheboygan, 45 from Mequon and Milwaukee area and only about an hour+ or so from Madison area and Greenbay Appleton area.

There is also a RENTAL BUSINESS that needs to be taking over, whereby with the average of 400 people coming to the resort each day/evening, we have several piers/docks/boat slips and new cabins. This rental business has 2 pontoon boats, a ski boat, 4-6 jet skis, kayaks, paddle boats, snorkel gear, an Inflatable Water Park on the lake/water, cabanas, rental chairs. There is also a commercial condo storage area and check in booth that is to be sold with this rental business. This business also has the right to use the beach front land to the east that can house multiple Overnight Cabins (figuring about 15) which can be rented from 1 night or the entire season. There are common shower and bathroom facilities.

It includes all equipment ($25k), boats ($30k), land ($125k), 15 new cabins ($150k), commercial condo space ($25k), and can be purchased for $350k. It can be purchased without land for $225k, and leased for $2,900 per month. Annual sales are estimated to be:

15 cabins @ $140 per night x 110 seasonal nightly rentals $15,400
15 cabins @ $125 per night x 50 off season nightly rentals $6,250
4 jet skis @ $50 per 1/2 hr each. Each renting 4x per day, x 4 days per wk, x 16wks x $50 = $51,200
2 boats @ $50 per 1/2 hr each. same as above = $51,200
1 ski boat @ 250 per 4 hours. 2x per day, x 2x per week, x 16 weeks x $250 = $8,000.
Day Pass to beach/waterpark inflatables/paddle boats/kayaks/snorkel =$10 x 250 people x 65 days = $162,500
Total annual revenue $294,555
Yearly Expenses:
Condo fee $12,000
Insurance $10,000
Gas/Supply $2,500
Staff $33,600 (2 ppl, 10hr day, x 112 days @ $15 per hr) + tips
Misc. $5,000
Remaining $230,000
less: Principal & Interest
$41,280 (on loan of approx. $325k, 5%, 10 yr =$3,440/ month).
$ 25,452 (on loan w/o land. $200k, 5%, 10 yr =$2,121/ month).

Phone number ✆ +1 385-449-6845

Highland, Utah

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