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Business for Sale Summary

Local Italian Restaurant for sale in NY - 34870

Business Type: other eating & drinking places,pizza parlour,seller financing available,restaurant/ cafes/ diners
Owner Financing
Local Italian Restaurant for sale in NY
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Financial Information (non-confidential)

General Information
Asking Price $325,000 Down Payment $50,000
Gross Revenues $800,000 Lease Remaining Register Free to View
Owner’s Cash Flow $100,000 Number of FT Employees Register Free to View

Financing

$50,000 Down and $275k at 5% for 36 months

Business Description

Beautiful old school Italian restaurant located in the flourishing neighborhood of New York County. Been in business for 18 years, this restaurant is a very well known eatery in the neighborhood. With just over 1700 square feet, it seats 64 inside and an additional 12 seats outside. During the summer months, the street is closed to vehicles and they are allowed to add an additional 24 seats. There is a large kitchen with a 14 foot hood, a 12 burner stove as well as a brick oven and a huge prep area. There is an additional 800 sq ft basement. Owner also owns the entire building with 12 apartments so he would stay on as the landlord. He will offer a 10 year lease with rent starting at $12,500. Before covid, they were consistently grossing 1.3 million. Although the gross has dropped to 800k, they are still netting a respectable 100k and the neighborhood is bouncing back. The owner wants to retire from the business but is willing to stay on as a partner. Come check out this slice of the pie! Call Brian Bernstein at 929-969-0007 to schedule an appointment.

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Disclaimer: The financial information in this business listing has been provided by the Seller. Vested Business Brokers, Ltd. (VBB) has not independently verified this information. Therefore, we make no claims as to the accuracy of this financial summary. Vested recommends that you consult with an accountant, attorney and/or other professionals to represent and assist you in any business transaction. One of our associate brokers will arrange a meeting between you, your representatives, and the Seller, but they are not authorized to make any representations or warranties on behalf of the seller or VBB. You agree to hold Vested Business Brokers and its associated brokers harmless for any misrepresentations made by seller.