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Type State Town Real Estate
Inc.?
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72 Seat Restaurant With Bar And 56 Seat Patio
"Deposited"
 
CT  Ridgefield  No  Yes  N/A 

$199,900

 

Description:
This business is "On Deposit" This is a 72 seat restaurant with bar and 56 seat patio serving an Italian Cuisine.

Located in a busy retail and office park in Ridgefield, CT.

Open for lunch on Friday & Saturday (another opportunity for a new Owner) and serves dinner 7 days a week.

This location was a Chinese restaurant for a long time. Then a new Owner started serving Italian cuisine. Eventually closed and remained closed for 7 months until the current Partnership bought the business in 2015. Business has been growing ever since.

This is a restaurant/bar where you feel comfortable whether you come with friends or by yourself. The Patio seats 56 and is always busy in nice weather. The catering business has been expanding and becoming very popular. Note an interesting ratio – 40% of the business is from the sales in the bar and 60% from the dining room (without catering).

Because of health reasons the Owner can only work a few days per week. (Opportunity for a full time Owner/Operator).

The friendly atmosphere, the good service and food along with the popular patio makes this restaurant a frequent eating/drinking place.

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Operation:
Hours of operation are: Monday – Thursday 4-9, Friday 12-10, Saturday 12-10, Sunday 4-8. A Partner works 3 – 4 days a week and the chef and bar tender take care of operations when the Partner isn’t there.

Even without a full time partner on the premises, sales are expected to increase over last year. Catering keeps growing and is already increasing this year over the previous year. (Imagine the business that could be done with a full time Owner/Operator always at the business).

It is estimated a new Owner/Operator should have Cash Flow exceeding $100,000 per year from this location.

The location also lends itself to other concepts should a Buyer wish to change.
 
Location:
The restaurant is located in a office/retail park on the south side of Danbury Rd in the affluent town of Ridgefield, CT. Traffic count on the road is +/- 17,600 vehicles per day.

There is never a problem with parking because in the evening most of the other businesses and offices are closed in the complex.

The current lease term ends 8/31/19 and has 2 - 5 years options to renew. Rent is now $6,094/month gross.

The restaurant has 2,500 s.f. so the price/s.f. is $29.25. Rent to sales is estimated at +/- 9.1%. Rent will be $6,402/month gross in 9/1/19 and will increase 2.5%/year every year in the option years.

The usual equipment is included in the sale. Some items of interest are: a 10 and 6 burner stove, dessert freezer, grill warmer. A Walk-In Refer that is there is not working. It is only being used for storage.

*1 - Estimates are for a new Owner/Operator. 

Monthly Rent: $6,094/month/gross  Remaining Term: 11 years w/ options 
Total SQ FT: 2,500 s.f.  Rent Increases:
Rent will be $6,402/month gross in 9/1/19 and will increase 2.5%/year every year in the option years.
 
Retail SQ FT:  
Office SQ FT:   Est'd FMV of Equip.:
Est'd investment was +/- $180,000. Current value of this investment is +/- $150,000.
 
Warehouse SQ FT:  
Est'd Sales +/- $15,000/week est'd for a new Owner  Terms:
If qualified & with security, the Owner will consider financing with $100,000 down and the balance financed over 3-5 years at +/- 7% interest.
 
Gross Profit:  
Oper. Expenses:   ROI:  
Est'd Owners Cash
Flow:
+/- $100,000 *1  Payback:  

Reason For Sale:
Partner owns a business in NY. Other Partner was supposed to manage this restaurant full time but hurt her back and can no longer work full time. Now only working 3-4 days in the business.

Business is Semi Absentee and few Restaurants can operate efficiently with Semi Absentee management. This is bad for them – but good for a working owner!
 
Comments:
Interested buyers MUST sign our Confidentiality Agreement and Questionnaire before any additional information is received. Forms are available at this Listing on our website (www.BlanketRe.com) from the link in front of the pictures, or will be e-Mailed to you upon request. You must show your ability to purchase before a meeting or conference call is scheduled.
 

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