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300K+ Cash Flow 24/7 Diner

Forsyth County, NC

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

Asking Price:$550,000

Cash Flow:$325,000

Gross Revenue:$1,450,000

EBITDA:$1,400,000

FF&E:$200,000

Inventory:$7,000

Lease Rate:$5,675 /Month

Established:1974

300K+ Cash Flow 24/7 Diner

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Business Description

GREAT CASH FLOW!

Very busy (about 16,000 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. The best assumable lease you could imagine: 16 years (1+5+5+5) left, with the next year 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. Rare 60+% cash business. 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

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
5,000
Lease Expiration:
9/1/2034
Employees:
40
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
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. Everything is continuously well-maintained. A newer 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: 16-year assumable lease in 5 year options. Rent is only $5675 over next year 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 $1.25M, not counting business.)
Competition:
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. Kernersville is a very thriving area and area continues to grow dynamically. And where summer is slower for many restaurants, this diner just had a record month in July: $138,000, and another record in December. The best in their history.
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. 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.
Support & Training:
Buyer will receive comprehensive training for up to four weeks if necessary on all aspects of the business, from the POS, ordering inventory, to managing cash flow and employees. Afterwards, Seller will be available for questions by phone.
Reason for Selling:
Relocation for Health Reasons.

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Business Listed By:
Ben Haines

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