How much does a restaurant for sale in Evansville cost?
Evansville restaurant acquisitions vary by submarket and concept type. Asset sales typically start from $60k+. Full business sales range from $180k+ to over $2.2M+ for established concepts in prime submarkets like West Loop and Fulton Market, Lincoln Park and Lakeview, Wicker Park and Bucktown. Confirm at least three years of financials, Illinois state liquor license, and municipal license status before making any offer.
What are restaurant lease rates in Evansville?
Evansville restaurant lease rates run roughly $35 to $95 per square foot annually, with the higher end of the range applying to prime submarkets and the lower end to emerging or suburban areas. NNN structures and CAM charges typically add another $8 to $18 per square foot annually.
What types of restaurant transactions are listed in Evansville?
Pepperlot lists business sales, asset sales, and property sales across Evansville. Asset sales transfer equipment and lease only, keeping the seller's prior liabilities out of the transaction. Business sales include the full operation, brand, state and municipal liquor licenses where transferable, and staff. Property sales are outright real estate purchases.
Do I need a liquor license to buy an Evansville restaurant?
Any restaurant in Evansville that serves alcohol requires both an Illinois state liquor license from the Illinois Liquor Control Commission and a separate municipal license from the city or village. Evansville issues Class A through G municipal liquor licenses on top of the Illinois state license. Class B for restaurants paired with the state license is the most common restaurant configuration. Transfers typically take 60 to 120 days. Quota restrictions vary by ward, with some wards under moratorium for new licenses. Confirm the license type and transfer requirements with both the seller and the licensing authority before closing.
What submarkets are most active for restaurant sales in Evansville?
On Pepperlot, the most active Evansville submarkets currently are West Loop and Fulton Market, Lincoln Park and Lakeview, Wicker Park and Bucktown. Each carries different customer demographics, lease economics, and concept fit, so the best submarket depends substantially on the concept being acquired or planned.
Can I list my Evansville restaurant for sale on Pepperlot?
Yes. Listing on Pepperlot is free. Create an Evansville-specific listing with details like hood systems, seating, liquor license type, and lease terms. Confidential listing options are available for sellers who prefer to reach buyers without publicly disclosing the business identity.
