HOW TO FIND RESTAURANT OWNER’S

[Account Closed]

Hey BP I was wondering, when finding someone to acquire a restaurant where do you look first? Do you suggest finding a broker with clients or finding someone with a passion for restaurant. A brief description of my specific issue: 

I am currently helping a seller get rid of a restaurant which has a lot of upside but it’s not getting anywhere. It is zoned as a “WD” water development because it sits on the water but is currently used as a mixed use property. Tenant upstairs paying $2k a month, with another space to be rented out or used as an office, fully updated. The main floor which is a restaurant has been vacant and not of use for more than 5 years. 

Major repairs of $150k but when I look at the appraisal it was appraised for $530k in 2015, and in the same appraisal mentioned it's best use would be as a restaurant with a potential NOI of $43k. With all this on the appraisal even though it's outdated but an upside of ample parking and location next to a popular casino (Mohegan Sun). Local investors did not bite, I am shifting to either find a broker to talk to, market out of state or people who own restaurants out of state. I thought the asking price of $340K would be a quick sale. What's missing?

[Bill Plymouth]

Put it on the MLS. That will help market the property to the masses.

Restaurant owners are a small niche of buyers.  You’ll have to do a lot of networking and private marketing to find your ideal buyer.  People who purchase a property for a restaurant don’t want to have to do major repairs to it either.  

Investors who own this type of property would be a niche too.  Restaurants have a high failure rate.  Finding an investor who wants to deal with that level of uncertainty would also be a challenge.  

Networking and private marketing are your best bet to move this property.  Maybe you can find but a “restaurant owner meetup” somewhere