This is one of the Upper West Side’s favorite neighborhood restaurants… warm, friendly, fun. The atmosphere is a celebration and the staff is quick and attentive. The food is authentic Mexican, the guacamole is great and the bar makes some of the best margaritas NYC. The dining room seats up to 75 plus there are eight seats at the bar and another 18 outside during the season. Portions are generous and prices are very reasonable. The space features a large ground floor kitchen plus an additional 2,000 square feet of prep and storage space in the basement (enough to add catering or prep for a satellite restaurant). All equipment is owned and in good shape. Four Star reviews on Yelp!, Seamless, TripAdvisor, Foursquare and Facebook. The current owner is semi-absentee and is ready to move on to a new project so he has priced it to sell.
Hours: Monday-Thursday 11:30am–11pm, Friday 11:30am–12am, Saturday 11am–12am, Sunday 11am–11pm.
Strengths: Great reputation, including Four Stars on most review sites. Loyal, stable management team. Busy neighborhood location. Outdoor café seating. Includes long lease, FF&E & Leasehold Improvements.
Opportunities: Increase marketing and promotion. Improve delivery and takeout.
Lease: 2,000 sf on ground floor plus 2,000 sf basement for prep and storage. Rent is $24,000/month plus real estate taxes. Just over nine years remain on the 10-year lease (3% annual increases) plus there is a five year option (4% increase).
The Transaction: The deal structure will be an asset sale. The reason for sale is the sellers’ desire to focus on other business interests. Owner will train for four weeks at no charge. Asking price is $625,000.