Iowa City Restaurant For Sale for $1
If you've ever thought about opening a restaurant, this might be your chance!
The Lark & Owl at 221 S. Gilbert St. in Iowa City is for sale...for $1.
It was a hot spot for a short time after it opened in August 2019, as owner Yi Zhang told the Cedar Rapids Gazette. They wanted to bring authentic Chinese breakfast food to Iowa City and add to the classic nightlife experience of the area.
Now, after a $95,000 investment in the business, it's for sale to a good home, an entrepreneur who wants to take their own chance at opening a business.
As you might guess, Yi Zhang attributes a great deal of the Lark and Owl's lack of success to the COVID-19 pandemic. They were open just seven months before the pandemic hit. The Lark and Owl hasn't seen much profit but Zhang says they'll be ok, thanks to their other restaurant JiangHu Asian Street Food.
About four interested parties have inquired, but the $1 sale price comes with a catch. Many have been concerned about the $5,000 monthly rent as well as payroll and other common expenses that come with such a venture, especially during a pandemic. There's also a karaoke room that hasn't seen much action.
In short, most inquiries have been just as apprehensive about the risk of opening during a pandemic as Yi Zhang has been about operating it. Get in touch with him through his restaurant's Facebook page if you're interested in trying to give it a go.