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PRICE REDUCED! Spotlite Cafe

Listed by Chris Close

PRICE REDUCED: SPOTLITE CAFE: MADISON ST / HWY 169, GARRISON

Property Description: PRICE REDUCED TO $349,000 FROM $399,000! Business continues to grow in sales and has a high cash flow that supports the asking price. With a long standing history in Garrison, purchasing Spotlite Cafe is a rare and exciting opportunity. The business continues to thrive with 2015 sales up over 2014 sales. Famous for their original pancake recipe, Spotlite draws in the crowds for their breakfast, served all day, as well as providing an extensive menu of lunch and dinner items. Garrison is considered the hot spot on Mille Lacs Lake for fishing, shopping, dining, and more - now its your turn to benefit from the locals and tourists alike. Mille Lacs Lake has been chosen to host the 2016 Bassmaster Angler of the Year Tournament.

Listing Details

mls: 4663595
Business Name: Spotlite Cafe
CC File #: 1393
Type of Business: Restaurant & Bakery
Address: 9563 Madison Street
City: Garrison
State: MN
Zip: 56450
Zoning: Commercial
PID#: 24103002014Z009
Legal Description: S 87.5 ft of Lot 14 Block 2, and S 87.5 ft of Lot 15 Except N 15 ft lying E'ly of the W'ly 8 ft, and also the S 87.5 ft of Lot 16 Block 2 Except the N 15 ft Subject to an Easement of Record granted to the Garrison Kathio West Mille Lacs Lake Sanitary District on Doc #733785, Town of Midland
Lot Size : Acres: 0.27
Lot Size : Sq.Ft.: 11745
Lot Dimensions: 72.5' x 150' x 87.5' x 58' x 15' x 92'
Building Size : Total Sq. Ft.: 5,440
Building Size : Main Level Sq. Ft.: 3,928
Building Size : Upper Level Sq. Ft.: 1,512
Sale Price: $349,000.00
Original Price: $399,000.00
Price Note: $349,000 + Inventory (Purchase Price includes Business, Real Estate & Equipment)
Year Established: 1976
Number of Employees: 5

Directions: From the Hwy 18 / Hwy 169 intersection in Garrison - Go south on Hwy 169 one block - Right (west) on Restaurant Street - Spotlite Cafe is at the NW corner of Restaurant Street and Madison Street
Property Features & Assets: 3 Kitchens Total (2 on the Main Level, 1 on Upper Level). 2 Coolers (Main Level). Extensive equipment list available with Agent. Main Level Seating Capacity is 30.
Competition/Market Pros & Cons: Key Investment Considerations Include: Quality real estate with an excellent location; Established market position; Attractive work schedule; Lakes Area lifestyle; Established reputation of delivering quality food and service; Additional growth potential; and Mill Lacs Lake is hosting the 2016 Bassmaster Angler of the Year Tournament.
Growth & Expansion Pros & Cons: Key Growth Opportunities Include: Opening the adjoining bakery; Increasing revenue through better marketing via social media; Increasing hours into the evenings; Keeping the restaurant open from mid-November to mid-December; and Utilizing vacant retail space.

Property Features

Water: City
Sewer: City
Heating: Natural Gas Boiler w/ Baseboard Heat
Cooling: Central Air - Electric Ground Unit, Roof Unit & Wall-Mount Unit
Electric : Amps: One 100 Amp Panel & Three 200 Amp Panels
Electric : Phase: Three
Lighting: Fluorescent
Year Built: 1980
Construction: Concrete Block
Foundation: Concrete
Roof: Asphalt Shingles & Rubber Membrane
Exterior: Steel Siding
Traffic Counts: 6,000 - 6,600 on Hwy 18 and 3,800 on Hwy 169
Is This a Distressed or Bankruptcy Situation
  • No

Confidentiality Agreement: Yes
Property Tax Year: 2017
Annual Property Tax: $11,106.00
Ceiling Height: 8'
Bathrooms: 3 (2 on Main Level, 1 on Upper Level, Upper Level also has a Shower)
Security: Yes
Utilities Available: Power: Mille Lace Energy Co-op & Gas: Centerpoint Gas
Parking Spaces: 10 Paved Asphalt Stalls
Road Frontage: 72.5' along Madison Street and Hwy 169 and 150' along Restaurant Street
Reason for Selling: Owners wish to move on to new endeavors.
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Information provided by members of Greater Lakes Association of Realtors. Copyright 2009 Greater Lakes Multiple Listings Service. All rights reserved. Information is deemed reliable but not guaranteed.