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Italian Restaurant With Bar And Patio For Sale

Bethel, Connecticut, US
Asking Price:
$374,900
Sales Revenue:
$1,145,227
Cash Flow:
$141,127

News Flash…The lot across the street from this restaurant just got approved for a 121 unit multi-building housing development and a 20,000 s.f. 2 story commercial medical building.

…When completed it should increase lunch and dinner sales – dramatically!...

Description…
This is a full-service table cloth Italian 226 seat restaurant with 80 seats in the dining room, 100 seats in the party room, 8 table seats and 8 stools in the bar, and 30 seats on the patio. The restaurant also has a basement for utilities, dry goods, wine & beer locker, washing machine, and dryer plus employee lockers.
Parking off-street for 83 vehicles.

They also have pizza, liquor, wine & beer during lunch & dinner, and special events.

Restaurant is +/- 7,147 g.s.f.

It’s been in the neighborhood for over 22 years when the Owner decided to build a strip center for a fine dining restaurant and have an investment when he retires. It’s been in this location for 14 years.

Operation…
Hours of operation are: Closed on Monday. Tuesday thru Saturday 11:00 – 10:00, Sunday 1:00 to 10:00. Total 64 open hours. They have 2 part-timers and 8 full-timers including Owner and his wife. Total labor runs +/- $5,914 per week which is 26.8% of sales - below the standard.

Sales averaged $1,085,615/year for years 2017, 2018 & 2019 before the co-vid pandemic and when the pandemic is controlled will probably go back to doing over a million dollars/year again. Using $1,145,227 in the ProForma. The ProForma Owner’s Cash Flow is +/- $141,127 per year.

Detailed financials and Tax Returns available during Due Diligence.

Location…
The restaurant is in a strip center with one other tenant between exit 8 and exit 9 on Route 6 in Bethel, CT between Danbury and Newtown, CT. The neighborhood is commercial, especially along Route 6 with residential condos and townhouses up & down the street. The traffic count is between 12,500 cpd (east) and 22,400 cpd (west).

Rent will be $11,245/month/ $134,943 per year. This is 11.8% of sales and $18.88 psf. The term will be negotiated. The owner will give his tenant a “1st Right Of Refusal” to purchase the Real Estate… in case the Buyer wants to own the real estate someday.

Other…
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, or the location disclosed. Forms are available at this Listing, on our website, (from the link in front of the pictures) or can be e-Mailed to you upon request. 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

Other Information

Related Documents:

Contact Blanket Real Estate

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