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Saturday, July 02, 2011 

So...Which Santa Barbara restaurant is this?

High-end Santa Barbara restaurant with great reputation is relocating.

Detailed Description:
This beautiful, upscale, recently remodeled space houses a critically-acclaimed restaurant in the heart of Santa Barbara’s downtown dining district. The owner and chef are relocating to another county, leaving behind over $400K worth of new equipment, furniture, and fixtures. In 2005 the property was stripped and rebuilt (including electrical wiring and plumbing) with eco-friendly measures and materials, making it energy-efficient and water-efficient. The 1400 square-foot space seats 40 inside with room for ten more seats on the 100 square-foot  back patio. The modern decor of grey banquettes, brown leather chairs, and blond wood flooring lends itself to any type of cuisine, but the current owner serves high-end New American fare and the recipes utilizing organic produce from area farmers will be sold along with the property for $399K. There are 1.5 years remaining on the lease with a 3-year option for renewal (rare in this busy section of Santa Barbara that boasts 4 other restaurants and a fancy hotel on the same street). A type 41 beer and wine license is included in the sale price (although the long, dark wood, marble-topped L-shaped bar is piped to dispense all types of liquor). Prospective buyers will be given a list of all the new kitchen equipment. The current owner brings in an average of $41K of sales per month with 3 full-time employees and 4 part-timers (they are only open for dinner 6 nights per week). Beer and wine make up 26% of gross sales. The rent is $3150/month including CAM. A parking garage nearby allows plenty of visitors to stroll the charming neighborhood and be drawn in by the arched windows of this 2-year-old restaurant in beautiful condition. Submit the online confidentiality agreement in order to receive this restaurant's name and address. Completing the confidentiality form also entitles you to view additional photos and receive advance notice of new listings in your area so you can digest all the hottest bites first.

·        Located in the heart of downtown Santa Barbara within a stone’s throw of four (soon to be five) other upscale restaurants, cute cafes, and even a fancy hotel
·        A parking garage nearby allows tourists and locals easy access
·        Lease ($3,150/mo. including CAM) has an attached 3-year renewal option which is unusually long for this part of town
·        Type 41 liquor license allows sale of beer and wine (currently alcohol sales make up 26% of gross sales)
·        Restaurant is lauded by critics for its organic New American cuisine and has a loyal following stretching from Santa Barbara to Los Angeles
·        Current owner and chef are moving to a different county, but will include recipes in the sale
·        1400 sq. ft. seats 40 inside; another 100 sq. ft. seats 10 out back
·        All kitchen equipment, furniture, and decorations (except for one painting) will stay with property
·        Restaurant space completely rebuilt to be eco-friendly just 2 years ago
·        Sale price of $399K is very reasonable considering owner spent over $400K to outfit the space and has taken very good care of it—no improvements or repairs needed
·        Current monthly income (averaging $41K/mo. this year) is based on dinner service only
·        Buyer has option to open for more day parts (breakfast and lunch in addition to dinner) and add more seating (back patio not being used currently) - @SBRestaurants

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