Popular Diner in High Traffic Area

Forsyth County, NC

Seller Financing Available
Cash Flow & Location, Location, Location!

Asking Price:$595,000

Cash Flow:$300,000

Gross Revenue:$1,450,000




Real Estate:$1,000,000*


*not included in asking price.

Popular Diner in High Traffic Area

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Business Description


Recently-renovated, very busy (14,000 customers/mo.) and highly-profitable Diner/Restaurant on a prime landmark stand-alone corner location at the intersection of two major highways with plenty of parking. This has been a diner/restaurant for 41 years and is a 24/7 full “breakfast anytime” menu with lunch and dinner operation. 150 seats with 2 dining rooms and a sit-down service counter. A huge kitchen that cost $225K when completely re-done in 2000 has been continually maintained, and would be perfect for catering. $8K was recently spent on improving the grease trap lines. The best assumable lease you could imagine: 18 years (3+5+5+5) left, with the next 3 years at $5675 a month for the approx. 5,000 sq. ft. space, then increases of 10% or CPI, whichever is greater, for the next 5-year option period. A working family could put a good portion of the approx. 30% payroll ($450,000) into their pockets: Just replacing the two prep girls, a dishwasher and a line cook with family would mean another $2K a week or $104K/yr. for Buyer. Rare 60+% cash (cash cow) business. Consistently 14,000+ customers a month at an $8+ plus ticket average. Turnkey: Everything is included and has been very well maintained and nothing needs to be improved. New roof in 2013, upgraded HVAC units, new swamp coolers for kitchen, outdoor lighting and large signage with a popular, well-branded business name. Absolutely one of the best and most profitable deeply-established restaurants opportunities that can be found in the greater Piedmont Triad NC area.

Detailed Information

Included in asking price
Real Estate:
Not included in asking price
Building SF:
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
A huge impressive kitchen with two lines, multiple walk-ins and work areas and private back office—easily $500,000 to rebuild kitchen from scratch, and $1Million for the whole place new, not counting the real estate. Front of the house has 150 seats with booths, tables, counter and two dining rooms which fills up every day at lunch. New roof and lots of other recent improvements, Including 3 new “swamp coolers” just installed in kitchen ($8500). Everything is continuously well-maintained. A new POS system and lots of hidden cameras. Tight oversight system in place of which Buyer would be trained, has all but eliminated shrinkage and loss and protects this strong cash flow. Lease: 17-year assumable lease in 5 year options. Rent is only $5675 over next 2 years, and then only goes up 10% or the CPI (Consumer Price Index), whichever is greater for the next 5-year option period. If desired, the real estate is available for purchase as a separate transaction by the property owner. (Asking $1M, not counting business.)
This Diner is on a very busy corridor with many other eating options, and even a national chain diner across the street; but the loyal locals largely prefer to patronize this independent diner, which also has a better menu and decor than the place across the street. This is a very thriving area, and just one exit up, an empty building on the same amount of land (.6 acres) just sold for for $3 million, and it is going to be torn down and a new mattress store built. So, for the land here to be available for 1 million, and the business for 650K, it is a great comparable as to real estate values in the area. Someone will need cash, as the way the business has been structured, its tax returns have not been bank financable, but it is just a two year return of investment (ROI). There is also a lot next door to this landmark, excellent location, and if acquired, a major expansion could be made, or the combined lots would be attractive to a Walgreens, who go after llarge hot corner locations.
Growth & Expansion:
Though very busy, there is still room for more business and customer traffic, especially for dinner and late night. No advertising at present—just great word of mouth and regular repeat business of over 14,000 customers a month. Sales have reached a high plateau; averaging about $120,000/mo. Huge kitchen with plenty of room for outside catering operation could bring more growth. Also, there is not a website and that should be a first order of business. In addition, more volume could be added by simply putting a family/party order to go section on the menu and establishing outside catering out of this very large kitchen.
Some Seller Financing Could be Available
Support & Training:
Buyer will receive comprehensive training for up to four weeks if necessary on all aspects of business, from the POS, ordering inventory, to managing cash flow and employees. Afterwards, Seller will be available for questions by phone.
Reason for Selling:
Retirement in Florida and Health Reasons.

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