Advice requested: ~6000sqft restaurant space for sale in mid-size city (think Portland OR/Austin), no buyers yet, what can I do to improve possibility of sale?
I'm helping with a restaurant (that's currently open for business) that is trying to sell it's RE. It's built out as a full table service restaurant. It has a main bar, main dining room, a "hidden" bar, a cafe, and plenty of good seating and storage. Beautiful space fully built out in 2018 with all new utilities, roof, everything. The biz sales are "ok", but yada yada, pandemic. Asking a little under 3m for the building and 250k for the equip. The value is seemingly in the fact that it's a ready-to-go restaurant space. The business itself is not for sale per se, as it's not doing super great (a far too niche of a concept honestly), but owner is happy to let it go in sale if needed. 

Listed on the usual spots including Loopnet, it's gotten a little editorial, and listed through a national brokerage. We're just getting tire-kickers, but no real bites. Any suggestions on how to get more traction or a different way to approach this? FWIW, multiple brokers were screened before listing, all came to the same basic listing price/comps. So it *should* be priced about right...

Alternatively and/or additionally, what would be another use for such a building? One that's been built to clearly be a restaurant, but without spending a crazy amount on a remodel?
[{"id": "iehrh52", "text": "Try dropping the price or getting a new, more successful tenant. \n\nAll an investor sees is:\n\nPay three million dollars for rent from a low credit tenant who\u2019s business is already failing. \n\nNot the most attractive investment.", "replies": [{"id": "iehsjqp", "text": "The tenant is the owner and not looking to be a tenant. Looking to get out of restaurant biz (and RE).", "replies": [{"id": "ieht16p", "text": "Gotcha. \n\nA simple plan (that might take longer than your owner would like):\n\n1. Figure out what the lease rates are for the area.\n2. Find a hot restaurant in the market that wants to open a second location.\n3. Lease it out to them. Your real estate is worth much more now with a better tenant. \n4. Sell the asset.", "replies": [{"id": "iehxgu3", "text": "Good stuff, thank you for your help here ;)", "replies": [{"id": "iej1bvz", "text": "Or ask an appraiser or cpa to work up a PnL for the property at sale price, debt, and cash flow and capex", "replies": [], "depth": 5}], "depth": 4}, {"id": "iem1xle", "text": "This is the way. :)", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ieht8ko", "text": "Also, good to know here, the restaurant isn't utilizing most of the space due to the pandemic and related. Only one bar/dining room is functioning. Cafe and other bar and most service periods are on hold.", "replies": [{"id": "iehtgh6", "text": "Haha, perhaps you should utilize the rest of that space then..? Or find someone who will!", "replies": [{"id": "iehwt9j", "text": "Ha, ya! No kidding. The restaurant world is pretty nutty right now, so easier said than done apparently.", "replies": [{"id": "iei9o2e", "text": "Surprisingly...there are a *ton* of folks looking for access to a professional kitchen....but have no interest in the dining area.\n\nI probably get 3 calls a month for that...and I don't have any space advertised as such.", "replies": [], "depth": 5}, {"id": "ieikq1n", "text": "Buyers might be afraid to have a large restaurant space due to distrust of the economy and also due to threat of future lockdowns.  It was the smaller businesses with a big take out clientele that survived the lockdowns the best.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ieia801", "text": "Yes right!  I\u2019m a buyer\u2026 at a 25% cap and one year personal guarantee of lessee!", "replies": [], "depth": 2}, {"id": "ieikhzu", "text": "Yep I agree, does not look good. One could try to emphasize that the current restaurant is not a good fit for the area though, say the space is currently 'under utilized'.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iehrwox", "text": "I\u2019d start by reaching out to the top 2 most promising/prestigious tire kickers, setting up a 10 minute phone call, and asking for honest feedback, what factors would have made the deal work for them, etc. \n\nThis has worked for me on several Occasions when dealing with slower moving property. You m generally pretty good about understanding negative aspects of a deal I\u2019m selling, but it\u2019s been eye opening to hear directly from interested parties about why they passed on a deal.", "replies": [{"id": "iehsyxc", "text": "Thanks for this! Will indeed follow up with them again. Most feedback (from potential restaurant users) sounds like they are afraid of general market conditions, not the space itself. Partly why I asked about the idea of making slight changes that could open it's use-possibilities I suppose...\n\nAnd, Curious how long you typically would expect for such a listing to sell?", "replies": [{"id": "ieikbdv", "text": "I wonder if the size is part of the issue, not many large restaurants do that well around here since property/rent is so expensive.  In the current economic climate, restaurant buyers might be looking to start smaller to be on the safe side.", "replies": [], "depth": 3}], "depth": 2}, {"id": "iei92hg", "text": "That is excellent advice.", "replies": [], "depth": 2}, {"id": "iem1r5o", "text": "Good advice for literally every lead.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iehtbst", "text": "Have you tried using a dedicated business broker and advert as business + asset. It tends to be a different group of brokers.", "replies": [{"id": "iehxfv5", "text": "Initially that was the conversation, but it was determined that it was worth far more as a basic RE sale than a business sale. The restaurant biz has been decimated in many ways, whereas, RE still has punch (desirable city, lots of growth still). The restaurant concept is great, but not likely valuable to anyone who knows restaurants as it's pretty specialized. It would be good for someone who wants to come in and start a new brand however. \n\nOr something that could utilize a restaurant type \"social\" space. Event hall or whatnot I suppose...", "replies": [{"id": "iel6kn6", "text": "walk and chew gum.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iehz2em", "text": "I sent you a private DM.", "replies": [{"id": "iei0nrg", "text": "Thanks, but not seeing anything.", "replies": [{"id": "iei1j63", "text": "look for a chat request, sorry", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iei9obp", "text": "Pricing may be too high, sometimes people don\u2019t make offers bc what they feel it\u2019s worth is in an entirely different ballpark than what the listing price is. \n\nAre you confident in the list price? Do the comps and past sales justify the price?", "replies": [{"id": "ieia9yn", "text": "It\u2019s always price!", "replies": [], "depth": 2}], "depth": 1}, {"id": "iej0xj3", "text": "During the pandemic I bought a matterport camera and shot every space I had. I do it still today and it is a hit, generally most tours I have gone to with a prospect is confirmation as the prospect has seen the space we got more tours and they were much more qualified.\n\nAlso, unsure what the used FF&amp;E demand is in your market but listing is separately might be received as cute (don\u2019t commonly see that in mine) and may be best to have as included in the deal and therefore a bargaining chip if you get low balled and seller is motivated to pack it up and sell it. \n\nLastly, hopefully the joint is clean and seller has set you up to show a nice space and not a pig.\n\n+1 on the size also, that\u2019s a big place maybe there\u2019s a way to demise the space and get a second tenant.", "replies": [], "depth": 1}, {"id": "iej7a8z", "text": "With a business in place that is struggling and willing to sell, there isn't much value in the lease so people will value it at a high cap rate, or simply based on replacement value if it is a newer building.\nIf your comps are credit restaurant tenants with long term leases, then you are in a fantasy world thinking you will match the sales price.\n\nIf it is an older building, it may only be worth the land value to a potential franchise looking to put their own custom building and drive through in place.\n\nPost Covid lots of restaurants were decimated so they aren't eager to start expanding stores again. You might also want to consider dividing the space into 2 smaller stores if possible. 6000 is too large an areas for a lot of food service places now.", "replies": [{"id": "iek058a", "text": "Agree. My first thought was that the size of the space is more than most restaurants can pull off. Definitely looking at a smaller pool of potential buyers for a large  restaurant. \n\nOp: Is the space able to be subdivided? If not, you\u2019ll likely end up at the low end of comps on a $/sf basis. I\u2019d be looking at aggregate sale prices over unit prices for an atypical space.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iejuhkh", "text": "How many similar building close by that are vacant?", "replies": [], "depth": 1}, {"id": "iem1pzq", "text": "lower price", "replies": [], "depth": 1}]