The Spyglass restaurant at Wharfside is for sale for $550,000.
The second-floor, waterfront business has been operated by the owner of Wharfside shopping center since the previous owner left the island in January. The space then operated as the Balcony.
Interestingly, Wharfside is not offering the business through an island real estate agent, at least it's not on the Multiple Listing Service. Instead, he is using an Internet site, Businessesforsale.com, which is a good idea if you're trying to find interest off island.
"Operations are very profitable," the listing says. "Approximately two-thirds of daily revenue is paid for by credit card, and the balance is paid in cash. A restaurant like this is not available for sale very often."
The restaurant is licensed for liquor, beer and wine sales as well as food and may also operate as a cabaret, according to the offering description.
- Spyglass got good reviews on TripAdvisor
- Spyglass's 'soft opening' seven months ago
- The BusinessesForSale.com listing
With such a great location this place seems to have changed owners more than one would expect. Does anyone out there have any answers as to why?
I hear that rent for the location is very high. I’m not too surprised that the owner of the complex has an easier time making it in that spot than others. I would imagine he has a pretty sweet deal on the rent 😉
how much is the monthly rent?
$8,300 per month, you don’t own any real estate, you are buying the right to run the business. Of the $550,000 aprox $225,000 is furniture and fixtures.
Unfortunately a typical scenario. The owner and community would be better served to simply put an exceptional operator with long term vision for the space. Don’t charge for the business, collect your rent and create a long term tenant that the island can be proud to have.
mark…does that $8,300 include the CAM charge? I hear those are high in Wharfside Village as well.
I agree Jeff
Wowie, $8,300 a month, and I’m guessing no utilities and a monthly note payment on the $550,000.00. Salaries and the cost of food and that hamburger and fries is gonna be about about $30.00. Maybe without the fries. Yes, that certainly is a good deal.
You have a point! But really, if that location is $8,300 a month, INCLUDING the CAM fee, that is a good deal….on the rent anyhow 😉
550K? They are delusional.