Frankie's Italian Restaurant

Undisclosed Address, Rhode Island
Business Opportunity for Sale
Catylist Listing ID: 30350175
Property Subtypes: Food and Beverage
Building Size (RSF): 4,500 SF
Sale Price: $250,000
Name of Establishment: Frankie's Italian Restaurant
Year Business Established: 2016
Gross Revenue: $560,413 (Annual)
Cash Flow: $78,737 (Annual)
Cash Flow Type: EBITDA
Sale Terms: Sale includes business furniture, fixtures, equipment, inventory, goodwill, website and social media accounts.
Last Updated: 1/3/2019

Overview / Comments

Frankie’s Italian Restaurant features authentic Italian cuisine served in a fine dining, bistro atmosphere in its newly renovated location in North Kingstown RI. Frankie’s is known for its fine wines and delicious, high quality food. The hydroponically grown produce comes from urban farms and all of the meats, poultry and seafood are all natural, antibiotic and GMO free. Frankie’s currently
serves dinner 6 nights per week during the hours of 4:30 – 9:00 PM and seats 115 with 26 at the expansive bar. With its team of best chefs, and experienced kitchen, dining, and wait staff this is a perfect opportunity for an ambitious owner/operator to continue to generate immediate and positive cash flow with turnkey sale.

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Additional Details

Industry Segment: Restaurants
Reason for Selling: Other business interests.
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $0
Value of Real Estate Included ($): $0
Real Estate Lease Description: Newly negotiated 5 year lease $7,500/mp including water and all maintenance expires 9/30/2023
Employee/Labor Description: 15 employees
Mgmt/Training Support Description: Owner willing to provide up to one months of onsite training.
Competition/Market Description: Frankie’s is located in North Kingstown, RI which is located on the west side of Narragansett Bay and about a 20-minute drive from Newport or Providence. North Kingstown is also home to the Quonset Development Corporation which is the largest business park in the state of RI. Frankie’s is situated in a high traffic area with many well-known retail stores and within walking distance of a commuter rail which opened in 2012 to provide transportation to South County to locations up and down the northeast corridor. Frankie’s has established a strong reputation and consistent customer base in the South County market and enjoys being the only authentic Italian, fine dining establishment in the area.
Growth/Expansion Opportunities: Frankie’s revenue and cash flow for the first three quarters of 2018 were $560,000 and $79,000 respectively which annualizes to $747,000 and $105,000 in only its second year of operation. This has been accomplished in spite of the restaurant only being open for dinner 6 nights per week from 4:30 – 9:00 and paying for management salary. Tremendous growth/expansion exists just in expanding the hours of service and particularly if an owner/operator were to take the helm. Also, formerly this location was operated as Junction Pizzeria, a highly successful pizza restaurant. The pizza hoods are still on site and available which opens another tremendous opportunity to reintroduce pizza to the local market. Don’t miss out on this fantastic opportunity!
Seller Financing Description: Seller willing to train onsite and finance 50%

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,055 20,947 38,640
Median Age: 41.9 43.9 44.31
Households: 433 8,398 14,886

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