Well situated Italian Restaurant for Sale with $1.9 Million in Annual

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Asking Price:
$599,000

Gross Revenue:
$1,906,074
Cash Flow:
$199,711
(Seller's Discretionary Earnings)

EBITDA:
 Not Disclosed
Inventory:
 Not Disclosed

FF&E:
 Not Disclosed
included in asking price

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Business Description

Long-time Italian restaurant for sale with vintage charm is generating annual sales of $1.9 million! Owner is making over $200,000 annually. This 4.5-star location has every bell and whistle you need to run a fine dining location.
Located in Hauppauge, NY and close to the Business Park , this Italian restaurant for sale is well located for both corporate and residential customers. With over 20,000 hungry residents with a 2016 estimated average household income of over $108k in the local hamlet this restaurant is situated to serve both them and the 55,000 + who work in the industrial park.
Offering comfortable seating for 120 , a catering room that can accommodate 100 and a dance floor ,this Restaurant for Sale offers the flexibility to cater for all types and sizes of parties .
Bookings are solid and it will be your vision that will keep people coming back to this prime location.
Due to the location , access from the Long Island Expressway is fast and easy . This restaurant for sale is minutes from the Northern State Parkway your guests will be able to make use of the included parking . For those wishing to enjoy the night and take the train , the local LIRR is a quick 9 minute taxi or Uber ride from the location .
With current sales of $1.9 million p.a this 6,000 square foot restaurant has the location , size , flexibility and potential customer base to cover the $15,000 per month rent.
The lease is 5 years with two 5-year options. If you wish there is an option to buy the building and this is something that can be discussed.
Although the owner is ready to retire after 38 years he will be willing , if you wish , to assist you for two to four weeks as you make this space yours.

About the Business

Location:
Hauppauge, New York
Year Established:
1981
Number of Employees:
18
Real Estate:
Leased
Building Sq. Ft.:
6,000
Rent:
$15,000.00 Per Month
Lease Expiration:
1/1/2024
Facilities:
Fully equipped Kitchen Hood Grease trap flat top grill stove refrigerator freezers prep coolers prep tables Walk in boxes small appliances pots and pans small ware
Website:
www.wesellrestaurants.com
Market Outlook/
Competition:
Pros Great centralized location Very loyal customer base Authentic Italian food Cons Multiple restaurants in the surrounding area
Growth & Expansion:
Pros Catering and event parties Delivery options targeted growth within industrial area Cons local competition
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About the Sale

Reason For Selling:
Retirement
Training/Support:
2-4 weeks

Listing Info

ID:
1622836
Ad Detail Views:
603

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Business Listed by

Michael Kelly

We Sell Restaurants

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Sponsoring Broker:

Eric Gagnon
We Sell Restaurants
License# H49152


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