The Shumacher Group, Inc. has sold the two-unit GiGi’s Cupcakes Franchise in Athens, GA. The Shumacher Group, Inc. and Steve Josovitz represented Seller in transaction.
This is an incredible opportunity to buy into one of the easiest and hottest franchises anywhere. Both units are up and running and in mint condition and both in super Athens GA locations. Owner is almost 100% absentee and on the road most of the week thus very motivated to sell. Owners spent $500,000 to open both units and sparred no expense on buildout creating two stunning retail cupcake businesses in the hottest and desirable locations in Athens.
GiGi’s Cupcakes 296 West Broad Street, Athens, GA 30601
Five year lease is kicking in at $2300 all in with five year option being added to lease terms.
$275,000 to open doors.
Established March 2011
GiGi’s Cupcakes 1791 Ocone Connector, Athens, GA 30606 in the hot new Epps Bridge Centre anchored by the newest national brand anchors and a 16-plex cinema.
Four year lease with five year option to renew at $3300 all in.
$200,000 to open doors.
Established February 2014
In 2014 both units combined did approximately $40,000 per month with an almost absentee Owner netting $129,462.96 after paying all expenses. 2015 is still profitable but sales are down per month for Downtown unit. Epps Bridge has not fluctuated in sales or profit.
Operated by 5-P/T and 2 F/T staff member who are loyal and well versed on procedures and operation making transition flawless.
Athens GiGi’s Cupcake Facebook Page
Athens Cupcake Broad Street Info
GiGi’s Cupcake Epps Bridge Centre Info
Some Owner Comments:
Lease unit 1: 1380 sq. feet current monthly payment with CAM (restaurant anchor next door closed in July -this has dropped sales in this unit) may have lease negotiating power and a tenant will eventually go in. There is also a new high rise luxury apartment building going up a block away that should open this year and will increase sales in this location
lease signe Dec 2010 for a 5 year renewable for 1 more 5 year term
Lease unit 2: 1200 sq. feet current monthly payment with CAM (new development still growing into the area) oconee just passed liquor laws to allow more than beer/wine so more restaurants are moving to the area – this year bed bath and beyond and party city are building out in the development. I chose to build there early and prevent competition going into my territory.
Lease Year Foot Annual Minimum Rent Monthly Minimum Rent
1 – 5 $28.00 $33,600.00 $2,800.00
Option: Two (2) five (5) year options, each with 10% increases.
Option Years Per Square Foot Annual Minimum Rent Monthly Minimum Rent
1 6 – 10 $30.80 $36,960.00 $3,080.00
2 11 – 15 $33.88 $40,656.00 $3,388.00
2014 average: 22,655.77
2015 average to date end Feb: 16,079.52
2014 average: 16,357.95
2015 average to date end Feb: 17,298.37
Franchise Transfer fees paid by Purchaser: 1/2 original fee (Corporate might be willing to negotiate these numbers but not a guarantee)
Unit 1: 30,000 fee would be 15,000
Unit 2: 15,000 fee would be 7,500
Seller states Corporate would charge $20,000 in a two unit transaction.
Priced at $295,000 which includes all assets and a 10×6 event trailer. Owner financing options are available.
Current royalties are 5% plus advertising fee of 2.5%
Also you should be aware that there are NO other cupcake shops in the area and Gigi’s has only 2 additional new build out locations in Georgia and neither is close to us so in Athens and surrounding area we have the market and both store should have big growth potential once area is fully developed plus onsite owner operator should be able to significantly increase sales that have not been tapped into.
(These are Open and Operating Businesses. Please do not make any attempt to contact Staff, Management, Landlord and or Ownership. Documentation and Inspections will be provided upon request)
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