Business Description

After 35 years, this wine & liquor store owner wants to make a graceful exit from the ever upscaling Manhattan neighborhood where he has been based. A new owner would do well to update the storefront and 800 sq. ft. interior (another 600 sq. ft. in basement for storage and office). The neighborhood demands higher end goods, especially better wines. Don't let the financials scare you away, as a quick walk by and follow up tour will tell you everything you need to know about this store's almost immediate potential to become a goldmine. Please be aware that the landlord requires 6 months' rent security (rent is currently $9,621/month) and a $20K administrative transfer fee. A 5 year lease extension is also available on top of the 6 years remaining. The option for such will cost $10K at closing and you will have 5 years to exercise it. The cost of exercise is $50K. It is good to know that this option is transferable should you decide to sell the store within 5 years if its purchase. Together, the option and exercise costs amount to the equvalent of just $1,000 more per month of rent in years 7 through 11. Upon agreeing to the landlord's terms, he requires a check for $4,500 for legal processing, which will be credited toward the buyer's 2nd month's rent. The seller's main condition is that he not incur any out of pocket expenses in this process, so you will also have to pick up his attorney's fees, estimated at $5K. The seller is in no way looking to make a killing on the store's sale, as he realizes the landlord's requirements reduce his upside. The landlord will return 1 month's security at the end of the first year, if the purchaser is always on time with his rent. Furthermore, he will return another month's security at the time of option exercise, if the same holds true. When one adds up all of these expenses, this is still a huge opportunity for someone with wine & liquor store experience who knows the value of the license at this location. Revenues could easily double here and the store could be run much more efficiently in many regards. After you've taken your initial walk by, please contact the broker, Jay Goldman, at (561) 213-6114 to arrange to meet owner for a full tour of store.