“They told me that the first time they met they got set up by a mutual friend while they were all in school here, and this was the meeting place,” Austin said.
After hearing this story, he’s not sure why anyone would want to erase those memories.
Yet the fate of Carolina Coffee Shop is uncertain: The 95-year-old establishment is for sale.
Since 1922, Carolina Coffee Shop has served Chapel Hill residents and students alike as the longest continuously operating restaurant in North Carolina.
Austin, now general manager of the shop, said he was not surprised by the owners’ decision to sell the restaurant. After functioning as “absentee owners” for the past several years, Austin said the ownership group decided to go public with the sale to attract investors.
The sale, which does not include the restaurant’s building, is being handled by National Restaurant Properties, a broker firm based out of the Triangle area. Online postings list the asking price at $145,000.
Neal DePersia, one of the firm’s brokers, said the listing price is in line with similar establishments, which tend to sell from anywhere between $100,000 to $200,000.
“It all depends on equipment, the lease, the location, the assets, the sale and the earnings,” DePersia said.