Have you ever dreamed of owning an award winning restaurant by the beach with an incredible view? One where there is line out the door every summer evening and the sunset views are reminiscent of Key West? If yes, here’s your opportunity to own a true landmark along with the real estate located at the gateway to one of Massachusetts’ most beautiful islands.
The restaurant is on Plum Island, a barrier island that is approximately 11 miles long and only 45 minutes from Boston and 5 minutes from downtown Newburyport. The island is named for the wild beach plum shrubs that grow on its dunes. Plum Island is accessed by one road running from Newburyport to the north of the island on a causeway and drawbridge over the Plum Island River. It is one of two full-service restaurants with a liquor license that has been grandfathered in.
The eighteen year old restaurant overlooks the Parker River Wildlife Sanctuary and commands a two-mile vista over the Joppa Flats marshlands known for its spectacular sunsets. The award-winning restaurant has been featured in The Boston Globe, WCVB TV’s Chronicle, WMUR TV’s Cooks Corner, North Shore, Portsmouth and Accent magazines and more.
Business offered at $499,000 with a long-term lease. Real estate is optional at $1,100,000. Total purchase price for both is $1,599,000.
Business Price: $499,000
Revenues Range: $1.4- $1.8 Million
Furniture, Fixtures, & Equipment (FF&E): $173,514, included in Selling Price
Inventory: TBD, included
Adjusted EBITDA: $280,878
Real Estate (optional): 1,100,000
Facilities: Real Estate includes a building with 4007 SF with a full-service kitchen and two separate dining rooms allowing room for expansion into catering and private events on .275 acres. Seating is 126 (more could be applied for with a parking plan) with 26 seats located seasonally in the patio area. On warm months, there is also an entryway deck that frequently holds about 20 people having a drink while they wait for tables.
Market: It’s a highly visible location with a fabulous view of the marshes and sunset. It’s within a few miles of downtown Newburyport and draws both a local and tourist clientele. It is one of two full-service restaurants on the Island with a liquor license that has been grandfathered in.
Growth & Expansion: A new owner could seek town approvals to expand seating and add a rooftop deck. Other opportunities for growth are to expand catering and takeout business, market the lunch business and attract more customers during the off-season.
Support & Training: Seller is willing to assist in support & training and/or stay on depending on the terms.
Reason for Selling: Divestiture