Diner - Restaurant – Pizzeria - Sandwich Shop

Norwalk, CT
Fairfield County


Asking Price: Annual Revenue:
$675,000 $1,800,000

Food & Beverage: Restaurants, Fast Food, Deli


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RE: Diner - Restaurant – Pizzeria - Sandwich Shop Broker: C. J. (Charlie) Vlahos
License #: 245545

Quick Facts

Asking Price: $675,000
Annual Revenue: $1,800,000
Net Profit: Not Disclosed
Cash Flow: $260,000
Total Debt: Not Disclosed
FF&E: Not Disclosed
Real Estate: Not Disclosed
Year Established: 1998
Employees: 18
BBN Listing #: 12622770
Broker Reference #: 419

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Business Overview:

This Business is "On Deposit" - but will continue to show.

This is a sit-down, take-out, and delivery diner, restaurant, pizzeria, and sandwich shop expecting to do over $1,800,000 this year in American, Italian, and a little Greek cuisine. They also do catering. The business has been in the area for over 24 years - 9 years in its present corner location.

The restaurant has indoor seating for 50 and outdoor seating for 50. Sales this year are projected to top $1.8 million. At that volume, Owners Cash Flow of +/- $260,000 is expected.

...+/- 70% of their business is take-out and delivery. 63% comes from their phone number, the rest from delivery services like Uber, Door Dash, Grub hub, and Delivery.com. This business also have their own drivers

Being on Main Street, the neighbors are mostly commercial and “1 back” - residential. Within 1 mile there are over 1,525 businesses with more than 11,590 employees and a residential population of 19,922 people and 8,651 housing units (more demographic info will be in the executive summary which you will be sent after you fill out and return the Confidentiality Agreement & Questionnaire).

Business has 2,386 square feet on the ML and 2,386 square feet in the LL. There is also a canopy outside over the front and side of the building covering tables outside (820 square feet) Total Gross square feet is 5,592 square feet.

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Property Features and Assets:

The lease will need to be negotiated with the Owner. The terms of the lease will be dependent on negotiations but will center around a 5-year lease with a 5-year or more option(s). The base rent will start out as $11,728/mo ($140,736/year) or $28.15 per square feet. The nets will include at least the real estate taxes, water/sewer, CAM charges, and an amortized amount of any extraordinary required or improvements the Landlord might make. Total rent would be the base rent plus $2,009 for taxes, and $263 for sewer/water which equals $2,272 per month. Total rent would be $14,000/month ($167,992) or $33.60 per square feet. The rent/total sales ratio at the present volume is 9.3% which is very good. Increases to be worked out but would be something to do with a cost of living index (COLA) - (using Sales @ $1.8MM). Sales in 2018, 2019, 2020, 2021 and expected 2022 were: $1,631,810, $1,584,653, $1,559,378, $1,681,108 and $1,807,000. Adjusted Owner’s Cash Flows (SDE) for these years are: $139,811, $180,284, $167,198, $134,050 and $260,818.

Market Competition and Expansion:

What you can do to expand this business: Currently, the business is doing no (at the most… a little) advertising. Doing more advertising and promotion should increase sales and profits. Recurring Revenue Streams? Yes. The people who stop in the morning will continue to do so if the price, service, and taste remain good. That is your recurring revenue stream.

Reason for Selling:

Mother retiring and daughter having another baby.

Additional Details:

  • The property is owned.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

Documents:

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