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Diner Restaurant Pizzeria Sandwich Shop For Sale

Norwalk, Connecticut, US
Asking Price:
$675,000
Sales Revenue:
$1,800,000
Cash Flow:
$260,000

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 breakfast menu has 6 different omelets, 7 kinds of eggs benedict, 5 kinds of eggs & meats, 6 types of pancakes, 2 of waffles, 2 of french toast, and of course, egg sandwiches, breads, muffins, and sides.

For lunch & dinner, you can have any breakfast item you want plus all kinds of hot subs and grilled sandwiches, hot and cold sandwiches, a gazillion different wraps and paninis, pasta and baked dishes along with 20 different kinds of wood fire brick oven pizzas & calzones.

The catering menu has 11 appetizers, 11 BBQ picnic items, 8 salads, 15 pasta dishes, 9 chicken items, 3 Greek items, 3 seafood items, and 9 meat dishes. They even have more items – check their menu if you are planning a special event (before you buy).

See why I call this business a restaurant, pizzeria, and sandwich shop. Oh, I forgot to mention for dinner they have 18 different entrees with 5 Greek specialties.

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.

I can't wait to show you this business - but one more interesting tidbit...
...+/- 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.

Note that when this business uses their drivers for deliveries they pay 50% less than if the delivery service used their drivers. Confusing? The bottom line is… they save a lot of money!

Asking Price:
$675,000 + Inventory (+/- $10,000)

Location:
Norwalk, CT (Fairfield County)

Real Estate:
Owned by current Owner and will be leased to Buyer (see Lease details further down in this report).

Neighbors:
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).

Parking:
There are 28 parking spaces on this property. There is also street parking up and down Main Street.

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

Facilities:
The building is on the near corner and has entrances/exits on both street fronts. Customers enter from the parking lot and both the front and the side street. They walk into the dining area and order counter. There is also a small bar with 5 stools, 3 TVs, 2 beverage coolers, a dessert refer and the pizza oven.

I’ll list the areas here and the detail of the equipment in these areas will be in the Flyer I’ll send to you after you return the Confidentiality Agreement & Questionnaire.

Other Areas: Cashier’s Station, Kitchen, Bar Area, Dishwashing Area, Prep area & Storage, Basement & Outside Patio.

Lease:
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/yr) or $28.15 psf. 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 psf.

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).

Employees:
There are 2 full-time family members, 7 other full-timers, and 9 part-timers plus the FT Owner. Annual Labor is +/- $549,422 which is a +/- 30.4% Labor/Sales ratio. This is right on target.

Furniture, Fixtures, & Equipment (FF&E):
Included in the asking price. When your signed Confidentiality Agreement & Questionnaire is received you will be sent a complete list of the equipment included in the sale. All equipment will be in working order.

Competition:
There are several delis and a few franchised eateries in the area. Take a ride when you get a chance and look around.

Growth & Expansion:
Don’t look at sales to see what years Co-vid was around – you won’t be able to tell! Sales hardly dropped at all. As a matter of fact, they haven’t dropped below $1,550,000 in sales since 2018 – maybe even longer (I don’t have figures for years before 2018). Why is this? - location? menu? delivery? prices? the food tastes good? Probably all these.

Hours Of Operation:
Monday to Thursday & Sunday 6 – 9. Thursday to Saturday 6 - 10.

Support & Training:
The current Owner will assist in the transition for up to 2 weeks.

Sales & Owner’s Cash Flows (SDE):
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.

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 - time to retire too!

Financing:
No Owner financing will be available.

Interested buyers MUST sign our Confidentiality Agreement and fill out the Questionnaire before any additional information is received or a meeting is scheduled to view the business, attached) or the location disclosed. Detailed financial information showing the ability to purchase and proof of funds may be required before a meeting or conference call is scheduled.

Property Information

Real Estate:

Lease

Leasehold Rent:

$167,992 per annum

Business Operation

Reasons for selling:

Mother retiring and daughter having another baby - time to retire too!

Employees:
18
Years established:
24

Other Information

Support & training:

Owner will assist in the transition for 2 weeks

Inventory / Stock value:
$10,000
Related Documents:

Contact Blanket Real Estate

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