Sophie Bolich

Mykonos Restaurant For Sale

Large Greek restaurant on huge lot near 85th and Capitol seats 215 people.

By - Aug 30th, 2022 03:54 pm
Site of Mykonos restaurant. Photo taken August 30, 2022 by Alison Peterson.

Site of Mykonos restaurant. Photo taken August 30, 2022 by Alison Peterson.

After more than 30 years in business on Milwaukee’s northwest side, the Greek breakfast-and-lunch establishment Mykonos is seeking new owners.

The 5,000-square-foot restaurant, 8501 W. Capitol Dr., is located in a free-standing building adjacent to a 75-space parking lot. The property that surrounds the restaurant is 31,052 square feet and would be included in the sale. It is listed for $799,000.

The property itself is assessed at $505,900, though that number doesn’t factor in the business potential of the turnkey restaurant.

Ilias Demolas bought the restaurant and property in 1999 from Kit Partnership. Throughout the past two decades, he leased the business to multiple owners, but most recently a liquor license for the business lists Demolas as the sole owner with Ted Eliades as the agent.

Demolas previously owned the now-closed Mykonos Gyro & Cafe at 1008-1014 N. Van Buren St., but sold the restaurant to his sister in 2003 due to his plans to move out of state. He now resides in Las Vegas, Nev., according to the liquor license. Eliades lives in Milwaukee.

The restaurant on Capitol Dr. was established in 1991 and contains 215 seats. It is recently renovated, according to the listing. It is marketed as having new fixtures and mechanical systems —the latter being especially notable as it was replaced in 2019 after a thief jumped the back fence and destroyed the restaurant’s two air conditioning units, stealing the copper refrigerant lines and causing $40,000 in damages.

The restaurant will maintain regular hours for dine-in and takeout until the sale, according to Demolas. Mykonos is open daily from 7:30 a.m. until 2 p.m.

Interested parties can reach out to Peter J Poulopoulos, whose contact information is available via the listing website.

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