California Curb Appeal Real Property Specialists, Inc., an Inland Empire Residential, Commercial and Business Brokerage announced that it has executed an agreement to sell Ye Olde Lamplighter, a historical, local dinner house located at 255 East 40th Street in North San Bernardino.
The well-known steakhouse and lounge is offered for just under $300,000.
Ye Olde Lamplighter opened in 1965, as simply the Lamplighter. The term Lamplighter has historic meanings as an old English name for the person employed to light and maintain candle; or later, gas streetlights. The name has a warm connotation, as the lamplighter was often the watchman over the community. Ye Olde Lamplighter, too, has a warm connotation as a friendly place to go.
California Curb Appeal’s CEO, Roberta Albano, will represent the sellers, Holland and Sharon Vaughn. Albano has represented a variety of business establishments in the Inland Empire. According to Albano, “using the comparable sales and the net profits to establish a sales price, we feel that this business is priced well and will be a great buy for any entrepreneur.” All of the equipment, fixtures and furniture are included in the sale. And, according to Albano, the history and lore of this establishment are free.
The restaurant currently serves dinner and cocktails and on the weekends is frequently filled to capacity due to its popularity. Four nights per week, guests enjoy lively karaoke hosted by a well-known, local company. Although leaving the style in the current motif would ensure success, other themes could be explored. If a breakfast or brunch option were to be added, then profits could easily exceed high profits the owners already enjoy. Business consultants have suggested that adding entertainment and utilizing the banquet room would also bolster profits.
The over 2,000 square foot restaurant seats 45 people in the main seating area, 20 at the bar and an additional 42 in the banquet room. The restaurant has been used for a variety of community meetings and was a hotspot for community leaders back in the early 60’s and 70’s. Million-dollar decisions have been made inside the walls of this historic and nostalgic drink and eatery. The restaurant sits in a center adjacent to the Stater Brothers shopping center located at the base of the Highway 18 leading up to mountain communities. The center is situated at a busy four-way signalized intersection with visibility on 40th, with opportunity for more signage. The combined average daily traffic count is over 20,000 cars, according to the County of San Bernardino Transportation Department.
Two anchor tenants, Auto Zone and TJ Maxx provide a constant flow of traffic into the center. The shop space is 100 percent leased to a variety of service users, such as a nail shop, Laundromat and smoke shop. Two fast food establishments and one coffee shop also lease space in this location. The shopping center enjoys strong demographics of more than 200,000 residents with an average household income of $63,401. Median age in a 2-mile radius around the establishment is 32 to 34 years of age and consumer expenditures are 85% of the national average for entertainment and recreation, and 94% for food.
Albano said, “According to economists and real estate experts, San Bernardino is on its way back, and I believe those fortunate enough to pick up deals like this will find that it will pay off… notably.”