Southern Restaurant, building and business

Retail-Commercial for Sale
Catylist Listing ID: 30812919
Property Subtypes: Restaurant
Building Size (RSF): 1,820 SF
Gross Building Area: See Agent
Gross Land Area: 1,920 SF
Sale Price: $459,900
Unit Price: $252.69 PSF
Property Use Type: Business
Building Name: Southern Restaurant
Usable Size (USF): 1,820 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 8/8/2022

Overview / Comments

Purchase the Southern Restaurant, a staple of downtown Elizabethton, Tennessee. This Award-Winning restaurant sits on the first block of downtown on Elk Street, amidst a growing and thriving corridor. As economic development increases in this area, future values for buildings are rising. And this restaurant location has been part of it for over a century.

Known for their breakfasts, friendly staff, and southern cooking, The Southern is being sold as a turnkey business, to include staff, theme, equipment, current food stores, and the building. Restaurant concept can be kept, or altered to fit the vision of new owners. Restaurant can seat 74, has outdoor dining, and is clean, well established, and renovateed.

Cap ex expenditures have included: New sewer line, dining room floor, New HVAC unit, Grill, Bathroom renovation. Please ask agent about P&L, current sales, and inventory. All info to be verified by buyer or buyer's agent.

Financials

Finance Data Year 2021
Gross Operating Income $510,370 (Annual)
Net Operating Income $76,929 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Johnson City
County: Carter
Taxing Authority: Elizabethton
Tax ID/APN: 041F C 00500 000041F
Retail Clientele: General, Family, Business, Traveler, Tourist, Other
Property Visibility: Excellent
Largest Nearby Street: E Elk Avenue
Feet of Frontage: 24
Site Description: Brick downtown building, 25' wide, visible entering downtown.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 1,820 SF
Property Condition: Good
Year Built: 1926
Year Renovated: 2019
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Sidewalk seating, brick exterior, downtown building
Parking Description: on Elk Ave.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,227 24,123 36,324
Median Age: 44.37 42.57 41.34
Households: 2,319 10,204 15,204
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