We’ve said it before, existing restaurant real estate can be ideal for new restaurateurs seeking available space on a budget. That’s because restaurant locations that are closing, but are already outfitted for an operational restaurant business, can leave behind $200-300k in new construction equivalent value in the form of plumbing, ventilation, electrical, grease traps and otherwise. That’s even if free-standing equipment is sold off. The more recently available the restaurant space is, the more likely it will also be up to current code.
To add to your property search resources, do some research and door-knocking with food service providers near your preferred locations. Find out whose business is younger than three years or has a renewed lease period approaching, and you might find yourself working with an existing restaurant in strategic partnership to negotiate a lease takeover. Many factors can motivate restaurant owners to get out of their lease or sell a perfectly useful commercial food service space. That space might be just what you’ve been dreaming of.
If you’re searching for a space in which to build your foodservice dreams, let APSGC introduce you to our partners in Southern California commercial brokerage, and call us to lend our skills in evaluating or planning and creating your new space!
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APSGC: Commercial Site Evaluation
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Forbes: No, Most Restaurants Don’t Fail in the first Year
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