Charleston Ceviche · 45 John Street

Partnership Proposal · Confidential · 2026

Presented to the Owners of Tinto

Charleston's first
cevichería.

CHS Ceviche is Charleston's first dedicated cevichería, a Latin American concept rooted in Peruvian technique, built around Lowcountry seafood, and designed for a city whose food scene is evolving fast and welcoming new culinary voices with open arms. Built on 14 months of real market data, 50+ pop-up events, and zero outside capital. This proposal presents a structured partnership opportunity at 45 John Street, where CHS Ceviche would operate as the primary concept.

50+

Pop-Up Events

$25–$45

Per-Person Spend Range Y1

Target Daily Covers, Year 1

$520K

Year 1 Revenue Forecast

The Concept

Latin American flavor.
Lowcountry soul.

Charleston's food scene is evolving rapidly, Michelin recognition, James Beard nominations, a growing appetite for bold, authentic, non-traditional concepts. CHS Ceviche arrives at exactly the right moment: a Latin American cevichería rooted in Peruvian technique and built around the exceptional seafood of the South Carolina Lowcountry. Fresh fish, leche de tigre, cumbia on the speakers, and a concept that feels like nothing else in this city.

This is not an imported concept. It was built here, proven here, across 50+ pop-up events over 14 months with zero paid marketing and consistent sell-outs. Every dollar of proof came from the Charleston market, from real customers who came back, brought friends, and kept asking where the permanent location was going to be.

All seafood sourced locally through partners like Cuda Co and others, keeping supply fresh, local, and community-rooted. 45 John Street is the right address: downtown Charleston, existing buildout, full kitchen, and a space that can carry the energy this concept brings. The proposition is clean and the upside is mutual.

What We Are

Latin American cevichería

Peruvian technique. Lowcountry seafood. Latin music, cumbia, salsa, and a good mix. Counter service, fast and experiential. 20 seats supplemental. Throughput is the model.

Executive Chef

Esteban Diaz

Full-time Executive Chef. Sole kitchen authority: menu, training, standards, and daily execution. Service runs noon to 7pm.

CM Concepts — Majority Partner

Conor McMullen

Operating partner and founder. Extensive food and beverage background including work alongside James Beard Award-winning restauranteur and chefs.

Seafood Sourcing

Local Partners

All seafood sourced locally through established Charleston partners. Wholesale pricing active from day one, a key advantage of the permanent location over the pop-up model.

Track Record

14 months.
50+ events. Zero outside capital.

50+

Pop-Up Events

Bottle shops, wine bars, lifestyle retailers, festivals, private dinners across Charleston. Zero paid marketing. All word of mouth and earned media including a feature on Bravo's Southern Charm.

$40

Historical Avg Transaction Value

Observed average across all 50+ events at retail food cost. Real customers, real prices. The permanent location operates on wholesale COGS, a significant improvement over pop-up margins.

High repeat attendance across 14 months of pop-ups: customers returned to multiple events and brought new customers with them. Latin music, leche de tigre shots, fresh fish, and a vibe Charleston has not seen before. That combination, and the retention it drives, is the foundation the brick-and-mortar is built on.

Revenue Forecasting

Built from the market up.
Conservative by design.

The revenue goals below are built on a conservative market estimate building to 60-70 daily covers at $25-$45 per person across the year, researched from local Charleston comp data and reverse-engineered to our menu and price points. This is not a projection based on pop-up transaction values. It is a market-based model.

CHS Ceviche is a counter-service concept. At a comfortable 9 customers per hour over a 7-hour service window, 60 covers per day requires less than two-thirds of what the counter can realistically handle.

Our per-person range of $25-$45 across the year sits at the low end of what Charleston diners already spend at comparable seafood concepts. Industry benchmarks for fast casual single-location concepts put annual revenue between $500K and $900K in strong downtown markets. Our Year 1 forecast of $520K sits at the conservative low end of that range.

Counter Throughput Ceiling

~105 covers/day

15 customers per hour at the counter over 7 hours. Our 60-cover target is 57% of that ceiling, a deliberately conservative baseline.

Target vs Market Capacity

33%→67% utilization

Q1 opens at 33% utilization. Q4 closes at 67%. The ceiling is 105 covers/day, we never model above two-thirds of capacity in Year 1.

Local Market Comp Spend

$40–80/person

Verified diner reviews at 167 Raw ($40-70), Chubby Fish ($59-80), and BAR167 ($45-65 est.). Our Year 1 range of $25-$45 sits below all local comps at every quarter.

Quarterly Ramp, Year 1 Revenue Model

Quarter	Covers/Day	Per Person	Utilization	Monthly Revenue	Quarterly Total
Q1, Months 1-3	35	$25	33%	$21,000	$63,000
Q2, Months 4-6	50	$28	48%	$33,600	$100,800
Q3, Months 7-9	60	$30	57%	$43,200	$129,600
Q4, Months 10-12	70	$45	67%	$75,600	$226,800
Year 1 Total	Ramp Q1-Q2 · Target Q3 · Strong close Q4			$46,350 avg	$520,200

Why this model is conservative: Q1 at 35 covers and $25/person is a genuine ramp, less than one person every 12 minutes at the counter. Q4 at 70 covers and $45/person is 67% of throughput ceiling and still below what Charleston diners already spend at 167 Raw ($40-70) and Chubby Fish ($59-80). The back half of the year makes up the Q1-Q2 ramp gap and carries the full year to $520,200.

Local Market Context

How CHS Ceviche sits
in the Charleston landscape.

Concept	Format	Avg Spend/Person	Notes
Chubby Fish	James Beard Outstanding Restaurant. Walk-in only. 40 seats. Dinner only.	$59–80	Lines nightly. NYT 50 Best 2025. Source: World's 50 Best, diner reviews.
167 Raw	Seafood restaurant with raw bar. Walk-in only.	$40–70	Consistent sell-outs. Local institution since 2014. OAD recommended 2023-24. Source: verified diner reviews.
BAR167	Mediterranean bistro, seafood crudo, cocktails. Noon to 11pm.	$45–65 est.	Closest format comp to CHS Ceviche. Daytime hours, seafood-forward. No verified per-check data.
CHS Ceviche	Counter-service cevichería. Noon to 7pm.	$30 base model	Modeled below all local comps. Upside as per-person spend matures through Year 1 and into Year 2.

Charleston diners already spend $40-80 per person at comparable no-reservation seafood concepts. CHS Ceviche's $30 per-person model sits at the floor of that range, not the ceiling. The conservative model is intentional. It gives both parties confidence that the numbers are achievable before they become compelling.

Year 1 Forecasting, Food Program

The food program
stands alone.

Monthly P&L — Food Program Only

Revenue (blended monthly average)$43,350

COGS (25%)($10,838)

Gross Profit$32,512

Esteban Diaz, Executive Chef W2 ($110K / 12)($9,167)

FT Line Cook ($38K / 12)($3,167)

FT FOH ($32,760 / 12)($2,730)

Payroll taxes (8%)($1,205)

Rent($5,000)

Utilities($500)

CC processing (2.5%)($1,084)

Insurance($833)

Marketing($2,000)

Admin / POS / supplies($1,000)

Repairs($333)

Licenses / permits($167)

Accounting / CPA($333)

Buffer($1,000)

Total Monthly Costs($39,351)

Monthly Net Profit — Food Only

9.2% net margin

$3,999

Annual Summary, Year 1 Food Program

Gross Revenue (Year 1 blended)$520,200

COGS (25%)($130,050)

Gross Profit$390,150

Total Labor (incl. payroll taxes)($195,220)

Rent($60,000)

Utilities($6,000)

CC processing($13,005)

Insurance($10,000)

Admin / POS / supplies($12,000)

Repairs($4,000)

Licenses / permits($2,000)

Accounting / CPA($4,000)

Marketing($24,000)

Buffer($12,000)

Total Annual Costs($472,275)

Annual Net Profit — Food Only

9.2% net margin

$47,925

COGS modeled at 25% — conservative wholesale through established local sourcing partners. Full operating costs included: payroll taxes, CC processing, insurance, repairs, licensing, and accounting. Net margin of 9.2% is consistent with the fast casual industry range of 6-10%.

$18–$25

Estimated Breakeven Per-Person Spend

Based on wholesale COGS and lean staffing. Final breakeven confirmed once wholesale pricing is locked with local sourcing partners.

9.2%

Year 1 Net Margin, Food Program

At 60 covers, $30/person, 25% wholesale COGS. Full Executive Chef salary and all operating costs included.

Year 1 Forecasting, Beverage Program

A second revenue stream
focused on beverage experiences.

CHS Ceviche will operate a full beverage program under its own license. Pisco sours, leche de tigre cocktails, wine, and beer, served during lunch and pre-dinner rush service.

$240

Est. Daily Beverage Revenue

At 25% attach rate during lunch service and 50% during the pre-dinner rush. $12-14 average drink spend. Conservative estimate based on industry attach rate benchmarks.

$5,760

Est. Monthly Beverage Revenue

$240/day across 24 operating days per month. Grows proportionally as covers increase through Year 1 and into Year 2.

$69,120

Est. Annual Beverage Revenue

At 75% gross margin, the beverage program produces an estimated $51,840 in annual gross profit. Entirely additive to the food program net.

Year 1 Combined Picture

Food and beverage together.
The full revenue story.

Food Program

$47,925

Annual net profit · 9.2% margin · full cost model

Beverage Program

$51,840

Annual gross profit · 75% margin · conservative attach rate assumptions

Combined Year 1

$99,765

Combined annual net · before catering revenue · before Year 2 volume growth

Food Revenue

$520,200

Blended Year 1 quarterly ramp

Beverage Revenue

$69,120

Est. at conservative attach rates

Total Revenue

$589,320

Food and beverage combined · catering not included

Catering — Additional Revenue Opportunity

Charleston is a $14 billion tourism market with an active private event and corporate catering scene. Event hosts in Charleston spend between $35 and $100 per guest. CHS Ceviche's pop-up history, built through private events, brand partnerships, and lifestyle venues — is direct proof of catering demand. This revenue channel is not included in any of the figures above and represents meaningful additional upside as the brick-and-mortar establishes itself.

What Tinto Earns

A structure built for
mutual benefit.

CHS Ceviche operates independently in the space. Tinto retains full control of the lease and the asset. Beyond the financial structure, this partnership is designed to be framed to the Charleston market as an evolving collaboration — one where the Tinto owners remain very much part of the story, the vision of the space grows, and CHS Ceviche establishes its brick-and-mortar foundation in Charleston. This is not a closure. It is an evolution.

Preferred Structure

Scenario A, Sublease with Optional Equity Participation

Tinto retains lease and full control of physical assets · CHS Ceviche operates independently · Equity option in CHS Ceviche overall

Terms

Tinto's roleLease holder, space, physical assets

CHS Ceviche's roleFull operations, brand, all revenue programs

Monthly rent$5,000/month

UtilitiesCovered within rent structure

Equity optionEquity stake in CHS Ceviche overall, covering this location, future expansions, catering, and brand growth. In exchange for working capital contribution and operational cost offset. Percentage and terms to be negotiated.

Tinto branded productsTinto gelato and/or coffee on the CHS Ceviche menu. Revenue from those items flows to Tinto after offsetting associated costs. Tinto brand present in the space.

Market positioningPartnership framed publicly as an evolution of the space. Tinto owners remain part of the story.

Tinto operational roleNone required. Fully passive.

Landlord consentRequired before execution

Tinto Year 1 Earnings, Scenario A

Fixed rent (12 × $5,000)$60,000

20% equity in CHS Ceviche overallTBD

Lease liability offset($60,000)

Tinto Benefit — Scenario A

Rent, equity in CHS Ceviche overall, Tinto branded product revenue

Rent + equity upside

If Tinto takes the optional 20% equity stake, their distributions grow with CHS Ceviche revenue. By Year 3 at 85 covers, 20% of net profit represents $76,600+ annually, in addition to rent and beverage revenue.

Alternate Structure

Scenario B, Revenue Share Pilot with Path to Full Partnership

Rent offset as equity consideration · 20% stake at 45 John Street · Brand presence in the space · Clean exit option

Terms

TermSep 1, 2026 – March 31, 2027

Months 1-3 (Q1 ramp)$2,500/month fixed rent plus 5-8% of gross food revenue. Acknowledges the ramp reality. Tinto's income scales with CHS Ceviche performance.

Months 4-7 (full operation)$5,000/month fixed rent. Revenue share converts or drops off as both parties assess performance data.

Tinto branded productsTinto gelato and/or coffee on the CHS Ceviche menu. Revenue flows to Tinto after offsetting associated costs. Tinto brand presence maintained throughout.

Market positioningFramed publicly as an evolution. Tinto owners actively part of the brand narrative going forward.

At March 2027If pilot performs, both parties move into Scenario A: equity in CHS Ceviche overall, working capital contribution, full partnership. If either party prefers to exit, clean exit with 30 days notice.

No equity commitment requiredScenario B is a 7-month decision with full optionality. No permanent commitment until both parties have real operating data.

Tinto Benefit — Scenario B

Q1 rent (3 × $2,500)$7,500

Q1 food rev share (5-8% of ~$63,000)$3,150–$5,040

Q2-Q3 rent (4 × $5,000)$20,000

Tinto branded product revenueTBD

Tinto Benefit — Pilot Period

Rent plus revenue share, scaling with CHS Ceviche performance

$30,650–$32,540

Scenario B requires no equity commitment from Tinto. It is a 7-month pilot with real performance data at the end. If it works, both parties move into Scenario A with full information. If not, everyone exits cleanly at lease expiration.

Proposed Timeline

September 1 to March 2027.
A clean runway for everyone.

July – August 2026

Agreement and Setup

Scenario selected. Terms finalized. Sublease agreement executed. Landlord consent confirmed. Health permits and licensing confirmed. POS systems and beverage rev share structure agreed.

September 1, 2026

CHS Ceviche Opens

CHS Ceviche opens. Service runs noon to 7pm. Pre-dinner rush program active from day one. Ramp phase begins at 35 covers per day.

Nov – Dec 2026

Performance Review

Mid-point review of covers, food revenue, and beverage performance. All parties assess against projections with full transparency.

March 2027

Lease Decision

With 7+ months of real operating data, all parties decide the path forward, renewal, full acquisition, or clean exit. Nobody is deciding blind.

Charleston's firstcevichería.

Latin American flavor.Lowcountry soul.

14 months.50+ events. Zero outside capital.

Built from the market up.Conservative by design.

How CHS Ceviche sitsin the Charleston landscape.

The food programstands alone.

A second revenue streamfocused on beverage experiences.

Food and beverage together.The full revenue story.

A structure built formutual benefit.

September 1 to March 2027.A clean runway for everyone.