Profitable Family Restaurant Looking for New Owners

Baldwinville, MA (Worcester County)

Seller Financing Available
Dining Area
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Asking Price: $299,000

Cash Flow: $76,000

Gross Revenue: $335,000

EBITDA: $145,000

FF&E: N/A

Inventory: N/A

Real Estate: $320,000

Established: 1988

Profitable Family Restaurant Looking for New Owners

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Business Description

Baldwinville Village District

This family owned Restaurant includes the Business AND Property and is the go to Restaurant of choice in the area. It’s been run by the same family for over 30 years. Owners came from Greece. Once in the US, Dad worked in high end restaurants in San Francisco and Cruise Ships. Finally settling down in beautiful Baldwinville to grow their family and create their restaurant.

This restaurant has a full menu of Italian/Greek Dishes, Seafood, Pizza & Subs, Beer & Wine Liquor License along with great big take-out business. Dad runs the kitchen, Mom runs the front and Daughter and one other wait staff work the floor. They started in business back in 1988 with over thirty years of proudly serving the area.

The business has grossed over $335,000/yr with a NOI of over $76,000 (with discretionary earnings adjusted) over the last three years with plenty of room for growth. A new owner with a clear vision can grow the income substantially. Current owners have health issues and have to close two and one half days/week as well as the month of July for family vacation. Just by adding back these 151 days/year (at the current rate/day) can increase the gross income by over $236,000/year or more than 70%

Detailed Information

Location:
Baldwinville, MA
Inventory:
Included in asking price
Real Estate:
Owned
Included in asking price
Building SF:
2,862
Employees:
4
Facilities:
Property and business to be purchased together and is priced to help the new owner get started! Property is approx. 2862 sf on two floors in very nice condition. Roof replaced 2012, Windows in 2017, Furnace in 2014. Upper Level consist of Kitchen, (2) baths and seating for approx. 50. Lower level has storage, coolers and office space. Lot is 0.17+/- acres with approx. ten (10) on-site parking spaces as well as plenty of on-Street parking.
Competition:
There are three (3) competitors in the immediate area. This Restaurant is superior to the competition because they have a great reputation for high quality food. The other restaurants do not open all day, have full menus, or a Beer or Wine License. Full Liquor license may also be available from Town.
Growth & Expansion:
This will require a hands-on Owner who will work the business. Restaurant experience preferred. Sellers will stay on for a negotiated amount of time to train new Owners. Growth Opportunities: • Re-open 7 Days/week • Re-open for the month of July • Create and implement a Marketing Plan o Create advertising for local businesses o Create advertising for local residences • On-line Coupon sites like Group-on, Uber Eats and Grub-Hub.
Financing:
Seller financing may be arranged for highly qualified buyers.
Support & Training:
Current Owners willing to stay on to train and help get started.
Reason for Selling:
Retiring & Health Issues
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Business Listed By:
Rick Perkins

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