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THE RESTAURANT: This causal full service American restaurant serving breakfast, lunch and dinner. Operating under same name and core menu for nearly 40 years.It is a local favorite because of service, quality and price that brings guests back often. The restaurant features an outside patio as well as a beer and wine license. Owner has added some traditional Italian favorites as well as the American dishes, this restaurant has revived itself of the past few years with sales increasing each year from $323,000 in 2016 to $555,000 in 2018 AND 2019 $577,447 with beginning of 2020 still higher (until Covid 19 shutdown) Currently sales are returning since opening dining room. That's a great sign the business is gaining momentum and the best time to buy is when sales are going up and to continue the trend.
THE NUMBERS: This business has verifiable tax returns and just passed a SBOE audit with flying colors (getting a refund). 2018 Revenues were $554,870 with an adjusted owner working cash flow of $122,000+, making this a great buy at the $349,000 price giving this an incredible 2.3 multiple. Buyer should perform their own financial verification due diligence. With 2019 numbers in and sales of $577,447 and an adjusted net profit of $134.500+.
SBA LOAN: Since this business has good tax returns, we're able to obtain an SBA loan with 20% down or just $75,000. Your payment would be about $3,410 a month for 10 years, leaving an annual after debt service cash flow of about $93,580.
LEASE: Lease expires in 2025 plus a 10 year option, so you'll feel secure with having plenty of time left on the lease. The Total Rent is only about $5,500 for 1,680 Sq. Ft. plus about 200 Sq. Ft. of patio.
LOCATION: Located in a shopping center with plenty of parking, this end-cap unit may only be 1,680 Sq. Ft. but it seats 38 patron inside and another 24 outside, making it an efficient use of leased space. The demographics are strong as well with a 3 mile population of 45,000, Amgen and many other companies are just across the road, and average household income of nearly $105,000.
REASON FOR SELLING: Seller is considering a move to San Diego to be closer to his son and family.
|2014 Total Population||45,315||80,308|
|2010 Number Of Households||15,076||28,066|
|2010 Persons Per Household||2.93||2.77|
|Median House Value||$576,600||$532,168|
|Income Per Household||$104,665||$99,899|
|2009 Number Of Businesses||1,167||2,091|
|2012 Number Of Employees||0||29,790|
|2012 Total Annual Payroll||$0||$896,297,000|
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