Looking for that needle-in-the-haystack restaurant opportunity? A turnkey, established restaurant that doesn’t include franchise fees or the risk of fluctuating lease payments?
How about a restaurant within a high traffic area and a walkable downtown with a WALK SCORE (R) of 74 situated within one of the most picturesque, thriving small cities in Upstate New York?
How about an Italian restaurant that is known for freshly prepared food, cozy ambiance, excellent service and endorsed by the community with three Annual Pizza Challenge awards in 2016, 2017 and 2018?
The Italian Feast at 40 W. Main Street in Little Falls, NY is one such property. It’s a rare opportunity to own a thriving 75-seat family restaurant with two dining rooms, a 10-seat bar, all fixtures, equipment and the 3500 sq ft retail building with a separate take-out entrance and entire upper level ready for expansion.
The restaurant has been completely remodeled over the past five years with separate heating and cooling for the dining rooms, new paint throughout, new trusses, and a subfloor and flooring completed in just the past two months. The current owners also added a new Vollroth mixer and recently upgraded the Manitowoc ice maker.
The business is strategically located within the heart of the historic downtown district, just off New York State Route 5 with a 2017 combined traffic volume of 24,530 vehicles from nearby intersections less than a quarter of a mile away including: Route 5 & West Main (8,590), State Hwy 167 & W Mill Street (4,700), State Hwy 167 & State Hwy 5 (6,820), Main & 2nd (2,550) and Gansevoort & N. Ann streets (1,870).
The population of the city, from a 2014 census, is 4,846 with a median age of 40 years. From 2000 to 2016 the city experienced a 67% increase in household income and a 54% increase in home values; solid indicators for business investors. Little Falls is well known regionally for its year-around historic and cultural tourism. Tourism amounts to $7.5 million each year in direct spending for local businesses and accounts for a total of 208 full-time jobs.
Open 25-hours a week and closed on Mondays during the winter months, this family restaurant business with its beer and wine license has experienced a consistent year-over-year increase in sales over the last 5 years. Current revenue is running half a million a year, working only part-time hours.
It’s the perfect family business with limited competition, great location and a strong reputation within the community. Imagine what could be done with expanded hours to include lunches, adding a full bar, capitalizing on the existing high demand for catering and finishing out the upper floor for additional seating or special events like graduations, birthdays and weddings?
When you consider that independently owned pizzerias represent 65% of all pizza restaurants and the average American eats 46 slices of pizza a year…more than 3 billion pizzas sold every year…purchasing an Italian restaurant with a strong and growing pizza business can be a lucrative investment.
This is one opportunity you will want to see. Call Brandon Mosher today at (315) 868-4596 for investment details and your private tour of the property.