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Oregon Real Estate Watch: Business for Sale on North Coast

View of the bay from Guido's

(Wheeler, Oregon) – It's not just a business, or a piece of real estate: it's a lifestyle.

That's what owner Ken Thompson is saying about the sale of the landmark pizzeria, Guido's Italian Restaurant on Oregon's north coast - where the surf, the Nehalem Bay and dozens of other natural and manmade amenities await the buyer of this beautiful restaurant.

Back in June, In the tiny town of Wheeler, it was the talk of the town. Guido’s - the new and buzz-inducing pizzeria in the area – shut down abruptly, after only about seven months of being in business. The stir that closure created was bigger than the impression the pizza hotspot had made while feeding its frenzied devotees.

Owner Ken Thompson said he simply had too many things on his plate to continue being a working partner in the business. While manager Phil Kaufman took care of most of the operation, Thompson said he had no wish to stretch himself between his large real estate business and the daily needs of a restaurant.

“I just couldn’t be there,” Thompson said. “I had too many other interests. I couldn’t be there and here at my desk.”

Kaufman - former owner of numerous businesses on the north coast, including Pelican Perch, The Pizza Place and The Edgewood – opted not to buy the business from Thompson. So, to the dismay of locals and regulars to the area, Guido’s went down for the count and up for sale.

Now, Thompson – who owns the building as well - is hoping to sell not just the business, but also the pleasures that come with living in this extraordinarily beautiful area of Oregon. “I’m selling the lifestyle,” Thompson said. “It’s a turn-key business that’s ready to go. Around here, there’s this incredible view of the bay. There’s fishing, hunting, surfing, boating – and you’re only an hour and a half from the airport and can go anywhere from there.”

The business is going for $200,000, plus the $2000 a month for rent. It includes the PT Cruiser – the “Guidosmobile” – used for pizza deliveries, as well as options to take over the lease on the kitchen equipment.

Thompson said he’s open to discussion on terms and leasing, and will let the potential buyer see the books, after they’ve been qualified. “The thing is all paid for: I’m the bank,” he said. “But you’re going to have to be there.”

Oregon's north coast: nearby Cannon Beach

Oregon's north coast is famous for a number of natural wonders, such as the pristine beaches which are all publicly accessible, thanks to a nearly century-old law on Oregon's books. There are no private beaches, and yet these are known as some of the cleanest beaches in the world.

It takes more than one person to run the business, Thompson stressed. But he believes the restaurant was still far from reaching its potential.

“It generated a minimum of $1000 a day,” Thompson said. “In May, it grossed $32,500. All that happened during the off-season, with minimal or no tourists; six nights a week for five hours. That was with just the locals supporting us over those months, from November to early June.

There was no way of knowing what it was capable of doing during the high tourist season, Thompson said. He said a couple running the business could easily generate an income of $6000 per month together, and likely more if the place was to open for lunch and dinner.

The facility seats 120 people between the bar and the restaurant, has private parking and is handicapped accessible. The Oregon Liquor Control Commission license would likely be easily transferable, Thompson said.

More information will soon be at available at http://www.occybercafe.com/guidos.htm. Or call Thompson at (503) 368-5734.

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