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Old 02-27-2010, 08:41 AM
 
87 posts, read 365,918 times
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I found this business for sale and I am just not sure what to think about it. It is Cafe/bakery for sale and it is off Northlake Blvd and Prosperity Farms Road. I think the biggest thing I am worry about is the area. The price seems pretty good. Any thoughts out there about this?
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Old 02-27-2010, 08:47 AM
 
Location: West Palm Beach - Flamingo Park
14,724 posts, read 16,421,487 times
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What do you mean by "the area"? Concerned that you won't get enough traffic? Demographics? Crime?

The only thing I can see that would stop me from buying a bakery in that area is that Tulipan is right there, which is a very popular bakery.

Have you asked to see income and profit statements for the business?
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Old 02-27-2010, 08:58 AM
 
87 posts, read 365,918 times
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My concern would be the crime and demographics. I have not asked to see the income statements yet. I am just still just thinking about how far do I want to look into it.
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Old 02-27-2010, 09:03 AM
 
Location: West Palm Beach - Flamingo Park
14,724 posts, read 16,421,487 times
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Quote:
Originally Posted by golden0721 View Post
My concern would be the crime and demographics. I have not asked to see the income statements yet. I am just still just thinking about how far do I want to look into it.
I personally don't tend to think of the area near Properity and Northlake to be a bad area.... I guess it is near that little industrial area by the tracks... does Lake Park and North Palm Beach have crime stats for the area?
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Old 02-27-2010, 09:19 AM
 
87 posts, read 365,918 times
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I am sure they have stats. I would look into that. I used to work in a bank down there for many years and you just here about it the crime etc. I just realized it is Northlake and A1A corner not Properity. The location is across the street from the BP gas station so it is more on the Lake Park side then North Palm Beach side.
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Old 02-28-2010, 05:09 AM
 
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TriMT7 it is a bad area as to opening a business there - that intersection has 2 gas stations, a bank (which has been robbed within the past 6 months) and a small strip plaza that has no real draws.
To the east you have a variety of things like; pawn shops, bait and tackle shop, car wash, a sign shop and a few other small businesses.
If you don't have a good solid business community; the OP could invest a lot of money into opening a new business - but find that all the traffic is to the west; Target, Kohl's, Loew's at Congress and Northlake - there is already a Panera's in that area and Target has a Starbucks, Costco is a bit further east, the next busy shopping plaza is the Home Depot center, Home Depot does well, Starbuck's is busy, Ross and Circuit City all have traffic, but there are alot of shops in that center that barely get by.

Before you start a business you have to know your market.

Right now the only center that may have good traffic but does not have a coffee shop / bakery is the Publix Center - on A1A, there are neighborhoods nearby, PBG hospital is less than 1/2 mile away.

There are so many centers that are barely surviving such as Downtown, Legacy Place, Midtown. If you don't have a lot of traffic into a center - or have such an exceptional product to MAKE PEOPLE WANT TO COME to you such as Carmine's at the corner of Prosperity Farms and PGA - no matter how good you are, you are not going to have a thriving business. The corner of Prosperity Farms and Northlake is going to be DIFFICULT AT BEST.
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