Restaurant- Seasonal /Take Out- The Landing at China Lake

Price: $995,000

Location: Maine

Industry: Food and Restaurants

Listing ID: CM72224

This is a very successful seasonal restaurant that has undergone an incredible transformation since the current owner acquired it two years ago. In that time, he has completely revamped operations and dramatically increased efficiency.
That transformation includes a new, customized POS, which has sped service to the point of serving 60+ meals per hour. Each order is simultaneously distributed to every workstation, so all of the different parts of each order are made at the same time. That leads to meals staying hot and fresh while improving throughout.
This has resulted in enormous year-over-year growth. Halfway through the 2024 season, sales are up 23.2% vs the same period last year and 58% vs the same period 2 years ago.
The extensive menu includes pizza, subs (grinders/hoagies), burgers, chicken, fish, some amazing desserts such as deep-fried apple pie, deep-fried Oreos and many flavors of ice cream.
The location is directly on China Lake in China, Maine, which is a popular tourist destination. There is outdoor seating on picnic tables and Adirondack chairs, which both locals and vacationers love. There is a dock where boaters can tie up to come in for lunch or dinner.
The restaurant also has an $8.00 delivery deal through Square via Uber Eats, which many locals take advantage of.
This is currently a seasonal restaurant, running from April 1 to September 14.
The seller has town approval to replace the current building with a new 1,975 sq ft steel structure in November 2024. This new building will be capable of supporting year-round operation. When complete, the sale price will increase to reflect that improvement.
China is located in Central Maine, about 30 minutes north of Augusta and 20 minutes south of Waterville. It is easily accessible from Interstate 95 and is directly served by state routes 3, 9 and 202.

Please Note that this business is owner operated and most likely not a fit for absentee ownership.

Financials
Purchase Price: $995,000
Cash Flow: $175,000
Gross Revenue: $764,000 (2024 YTD annualized)
Inventory: $ 15,000 +/- (included in the purchase price)
FF&E: Included
Real Estate: $650,000 (included in the sale price)
Employees: 7 FT, 26 PT, including 2 sellers
Founded: 1975
Days Open: 6 (closed Mondays)
Reason for Sale: New Opportunities
Opportunities for growth: Work with the town to expand the building to allow for inside seating and obtain a liquor license. There is nowhere else in town with sit-down dining and a liquor license, so the demand is there.
Training: The seller will assist with the transition.

Gross Revenue: $764,000

Cash Flow: $175,000

Inventory: $15,000

Real Estate $650,000

Reason for Sale:

Seller is seeking retirement.

Training & Support:

Seller will train and support to ensure a smooth transition.

Year Established: 1975

Days & Hours of Operation: 6 Days, Closed Monday.

Employees: 7 FT, 26 PT, including sellers

Type of Location: Single location

Potential Growth:

Work with the town to expand the building to allow for inside seating and obtain a liquor license. There is nowhere else in town with sit-down dining and a liquor license, so the demand is there.