China Dragon Restaurant & Lounge

Business Opportunity for Sale
Catylist Listing ID: 30178396
Property Subtypes: Food and Beverage
Building Size (RSF): 10,115 SF
Sale Price: $1,888,000
Name of Establishment: China Dragon Restaurant & Lounge
Year Business Established: 1987
Gross Revenue: $1,501,000 (Annual)
Cash Flow: $324,323 (Annual)
Cash Flow Type: EBITDA
Sale Terms: Cash to Seller at close of escrow
Last Updated: 9/17/2018

Overview / Comments

Voted number 1 Chinese Restaurant in Spokane for several years. Excellent food and reputation same owners for 30 years. Includes a full Lounge with bar and table seating, sports television. Restaurant seats approximately 148 and lounge an additional 50. Visible from North Division, adjacent to the Northtown Mall across E. Queen from Macy's. Three years tax returns show annual gross revenues are approximately $1.5M and 2016 cash flow is $324K. Owners acquired an adjacent 4,232 square foot building that they use for office and storage that is included in the sale. Main restaurant building is 5,583 square feet. Total land assimilation is 1.23 acres all paved for parking with multiple lots, see legal description. A rare offering of a very successful and highly respected business in a great location and same owners over 30 years.

Additional Details

Nearest MSA: Spokane-Spokane Valley
County: Spokane
Industry Segment: Restaurants
Reason for Selling: Retiring.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $0
Real Estate Status: Real Property
Value of Real Estate Included ($): $1,400,000
Employee/Labor Description: Owners work the equivalent of 1.5 employees. Tax return reports compensation of officers $35K and other employees around $400K.
Mgmt/Training Support Description: Owners will train as necessary.
Competition/Market Description: There is another Chinese Restaurant around a half mile further South on Division Street.
Growth/Expansion Opportunities: Majority of additional 4,232 square feet building that is included in this sale is under-utilized. This additional building is also visible from N Division and fronts on E Queen across from Macy's. This building may be sold off separately. It was bought as part of a package that included additional lots for parking behind the restaurant.
Seller Financing Description: Seller desires to be cashed out at the close of escrow. They may consider terms for a qualified Buyer.

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