The Shumacher Group, Inc. has sold Midtown Tavern Gastro Pub & Grill 554 Piedmont Ave NE, Atlanta, GA 30308. The Shumacher Group, Inc. and Steve Josovitz represented Seller in transaction. This is the second time The Shumacher Group, Inc. and Steve Josovitz represented Seller previously selling the Drafting Table at the Pencil Factory Lofts.
Midtown Tavern Gastro Pub & Grill is located at 554 Piedmont Ave NE, Atlanta, GA 30308 in the heart of Midtown Atlanta minutes to Downtown and Buckhead. Super high traffic and high density location with great street visibility affords new Owner a 24/7 market. Open January 2004 and owned outright by current Owner for all those years. Keep as is or convert to any concept with a fully equipped kitchen that can pump out any cuisine at any volume.
Space is 5200/sf. Seating for 146 but seller seats only 86 to make room for billiards and darts. Bar seats 24. Outdoor patio seats 60. A more food concept without billiard could easily expand seating. Building is brick. Space has full bar, dining room, billiard room, dart room and large patio directly on Piedmont which is a neighborhood favorite.
2013 profit and loss statement is in and Owner cash net was $140,000 after paying all expenses and KM $40,000 on sales of $794,402.68 with almost zero effort and marketing. Sales could have been much higher but Owner was focusing all his time and efforts on a newly opened restaurant in 2012 and 2013 that we recently sold. 2014 sales are tracking almost the same if maybe a little less with net profit about $100,000 as an estimate which will include full month of September. Fall months are really great profit wise as football season kicks in, colleges are back in session and most people are back off breaks. 2014 net profit is coming in at between $8,000 to $9,000 per month.
Tons of parking options include next door parking lot next to Post Office, Valet and street parking. Monthly rent is $9500 per month includes all extras. Almost four years remain on lease with a five-year option to renew.
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