Contact a business broker with restaurant experience and get a referral fee!

commercial properties rarely go into mls....there are commercial sources.... you need to refer them to a commercial broker for the real esetate .... there are business brokers for their business...

As I'm a residential broker, I would never attempt to value a commercial property. This kind of information would never be in our mls. I suggest you work with a commercial broker and/or have the property professionally appraised. But I suspect even an appraiser won't value the business per se... you might need a forensic accountant to do that.

You probably won't find that type of property in MLS. You might want to check Costar http://www.costar.com/ and Loopnet http://www.loopnet.com/ and check into business brokers in your area. Maybe check with other commercial agents in your area and see if they can help.

Are you using CoStar?  In my area the MLS has very few commercial listings (beause association and NAR membership is required and most commercial agents refuse).  CoStar is the MLS for commercial.

Other than that, I'm going to loop in Candice A. Donofrio for expert commercial advice.

I imagine your area has a different method of promoting this type of "opportunity" .

Business values go by their own comp standards and places for rent by theirs. It appears you have a some what handle on this already. The Chinese often deal in cash and getting the word out to China town will produce good results. Having a place to live over your business is pure gold today. This whole deal is a matter of give & take and may involve seller carry-back too

Hire an appraiser up front to get true market value. That way, you can cut to the chase!

Once again, Wayne Martin gave you the answer. A

Team up with a Commercial agent!!!!

Commercial broker & referral is what I would recommend, Ed.

Wayne nailed it. I am a commercial broker but when it comes to evaluating businesses I am rarely if ever going there. I have a business brokerage referral partner and I turn it over to them for a referral fee. A commercial appraisal would also be suggested. The problem with businesses is that they're only cash flush when they go to sell -- they lose money every year before that on their taxes. LOL

If you are a residential agent I suggest you don't get comps, I suggest you get a commercial agent who can properly help someone sell their business.  Refer out.

Get the listing agreement and put on the market! Good luck. 

1.  Get a commercial appraiser.

2.  Have a CPA review income/expense/gross revenue/net profit and all other financial paperwork.

3.  Partner with a commercial Broker.  Don't miss this opportunity to get some experience!  Be sure to have a signed commission/split agreement with the commercial broker, before making introductions.

You need the help of a commercial broker that will know how to evaluate a property and business.

Have you checked with the commercial MLS options in your market? And yes, always an appraisal is a good idea. You should not represent them unless you understand commercial.  Sometimes the best way to learn is to co-list with a well know commercial realtor who can provide you with a great education and not allow your client to be impacted by your lack of knowledge.

If you're not a commercial/business broker it's time to offer it to someone else and take the referral

I would not refer this out.  I would find a commercial broker to partner up with so I could learn.  In real estate you learn by doing, and if you refer it out just for a referral fee, you won't learn anything.  So if you like learning, use this as a "teachable moment!" Good luck with this!

What Wayne Martin said.  That is the best for your clients!!

Refer them to a business broker and a commercial real estate agent.

Restaurants are not usually listed on MLS.

I only sell residential, you need a commercial agent and the ability to get into that database.

Does your MLS has a commercial section? 

I have no commercial real estate experience. I have no experience in selling businesses. I would refer out that kind of opportunity to someone who could properly handle the needs of the owner.

While our mls has a section for business sales and commercial real estate sales, most transaction handled by commercial brokers are not shown in the mls.

By the way, if you are a REALTOR, you should check the REALTOR Code of Ethics to see what it has to say about REALTORs who work outside of their area of expertise.

That is hard to believe. I am sure there were sales, but maybe private ones, not listed on MLS. You need to analyze it as a business, a going concern, not as just real estate, taking into account cash flows/income. Speak to a commercial real estate agent or banker. Or at least try the income approach to value the business.

Wayne Martin nailed this one!

Are you experienced with commercial real estate? If not refer it

You are in the wrong category. The MLS is for residential RE. I suggest you connect with a commercial agent that specializes in retail and restaurants.

Here is what we know can be sold.

1. A space currently licensed as a restaurant. (does the liquor license go with the property?)

2. The space includes restaurant equipment.

3. Traffic. What I mean is how many eyeballs can SEE this business everyday. What is the data within the traffic study. 

Those pieces can be itemized and priced and  the most likely outcome of an appraisal.

However, you think you are selling a business? Ok. What else of tangible value is included that is the framework of a business?

Does a robust customer data base come with it? Does this database have sufficient granularity to be useful? A computer based loyalty plan?

Is the revue and table turns verifiable? Unreported income has a way of biting business owners in the **** when its time to sell.

Will any of this be of ANY benefit to a new owner who may want to open a Taco shop?

When you can assign NUMBERS that is when you blanket your commercial list with your offer. You will need to prepare an investment proposal customized for each potential buyer.

Commercial is a world unto itself.

Fred Griffin gave you a great answer.

Ed Chin - same advice. Call Ajay Pandya - 614-209-2261.

You need some help to value this property at least and then maybe partner with someone

As many others have written, refer to a commercial broker familiar with this situation for a referral. Your client deserves this and perhaps you can "look over their shoulder" to learn about this part of the business!
Good Luck!
Bruce

If you are not a commercial agent, refer this to one and collect a fee; the client deserves expertise.