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Wednesday, September 2, 2009

Run Away to Paradise! It is now Bank Owned!



Back on April 15th I suggested that some buyer ought to buy the little sandwhich shop at 811 Fleming Street. CLICK HERE to read what I wrote then. That deal is gone.

The former Paradise Cafe located at 1000 Eaton Street in Key West, Florida is now Bank Owned. It is offered for sale at $750,000. The purchase price includes the 1491 sq. ft. building that sits on the 4020 sq.ft. lot at the busy intersection at the corner of Grinnell and Eaton Streets. (The parking lot has ten parking spots.) Also included is the signage and the kitchen equipment in place. Bank Financing may be available to a qualified buyer.

This place was always packed with locals and tourists. A new owner ought to be able to recapture the market. I purchased a foreclosed guesthouse in December 1993. It had be shut down for two years. Boarded up even. I did some cleaning, put up a new sign, and opened the doors for business on Februrary 2, 1994. My rooms were sold out in a week. People go back to places they like. They are creatures of habit. Good locations attract new business, especially when people see that the place is busy.

I made a decision to run away to Paradise and I did it. I sold that business and made a real good profit. I have never regretted leaving life in America and coming to Key West. You can spend the rest of your life working your rear off to save enough to buy a place here-someday. Or you can learn to make a great sandwhich in Paradise and live the life you have dreamed of for a long time.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. This property is not listed with any real estate company. It is not in the mls.

5 comments:

Anonymous said...

OH MY! I used to get great sandwiches there when I would visit Key West! OH MY! Perfect location too - that place always had people outside eating there and watching the world go by. OH MY!

Anonymous said...

You'd have to sell a lot of sandwiches to pay off that mortgage and other overhead, and still turn a profit! But, then, most restaurants are dreams to start with!

Diana

Jim said...

I was in Key West in July looking at a few different business opportunities and walked by this place several times...always busy. The problem is the cost of doing business in Key West (real estate/lease cost) makes turning a profit very difficult and sometimes impossible. I could estimate what the overhead was on that business and I would guess you could never sell enough sandwiches to make it work...wrong location, too expensive.

P.S.- Gary, my wife and I love your blog!

Gary Thomas said...

Jim, Thanks for reading my blog. And liking it!

I did a quick mls search of commercial properties and was going to add some potential "comps". There are none. There are a lot of commercial listings over $1 million. There are a few store fronts under $400,000. But no "mom and pop" or "Bruce and Steve" places like this.

Somebody contact me or Phil Wilson from our office. This is a deal for the right buyer.

Gary

Sean Glass said...

Gary - this is the worst news I've seen since we started our trip. I loved this place and after we got our place on Fleming, I'd be there almost daily for their cuban coffee and great sandwiches. Anyone who buys it and delivers the same fare... I'm there. Now I'll have to walk that extra 500 feet to 5 brothers.. and they don't do as good a BLT!

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.