Commercial Unit for small restaurant
My family is looking at a specific spot. The current tenant runs a small diner in there. He claims 1500 sq feet but it seems less to me. The kitchen is quite small and would need to be extended and since we are looking to potentially have beer and wine,  the bathroom, which is also small, would need to be remodeled to ada standards.

We are meeting with an architect on saturday and I'm in a position where we are looking to get this place functional ... need vs want ... we aren't looking for all the bells and whistles at this time. How can one communicate a tight budget? The current tenant is asking too much for the business which he wont get so we need to find a price for the remodel that balances off the cost of getting in (would need to offer less than asking). Has anyone experienced anything like this?
[{"id": "fejgk8a", "text": "Not specifically but I've been in the Restaurant business. Don't feel bad by going under asking price, it's the nature of the beast...unless it is a STAPLE in the community typically small restaurants aren't worth much more than the equipment inside. Especially if it's being leased.", "replies": [{"id": "fejjz92", "text": "They're asking 120k but there needs to be some work. Family would offer probably half that asking since reno work needs to be done plus equipment is old needs replacing.", "replies": [], "depth": 2}], "depth": 1}]