Is closing. Today is evidently the last day. Fare the well, you’ll be missed!
Stromboli’s
- Thread starter cowbell88
- Start date
Yep, pretty hard for a Pizza place to stay open that closed at 7:00 pm on the weekends
I don’t think they are closing bc they weren’t making money.
they have been trying to sell the property and retire.
I would hate to have to run a labor-intensive service business of any kind with today's work force.
Stromboli's or Ruby Tuesday's were rare treats when you had a little extra jingle in your pocket. RIP
No kidding.
I had a kid, 19, work here for a brief time. He did not recognize a quarter. He had other problems as well, but cash was a foreign concept.
I loved Stromboli’s in college. Last time I was in town I tried to eat there and they said they no longer do in restaurant dining, only to go orders. Apparently it’s been like that since Covid.
Yep. It's listed for $977,000. All assets included, just over 1/3 acre and 1025sf. It doesn't look like it's had a dime put into it since the 90's. It looks well.. done. Good move for the owners. Used a business to pay for real estate in a good location.
Stromboli's Listing
If weather was nice you could eat at tables behind the restaurant. We ate there after a couple of football games this fall. Sad day
I heard they weren't allowing indoor dining since the rona. Is that true? Are they covidiots?
I
probably worth that long term but I need some cash flow to pay that loan off.
Id consider buying the business if I didn’t have to fork over $1,000,000 for the property.
probably worth that long term but I need some cash flow to pay that loan off.
I realize that Nextdoor is not exactly a representation of the majority, but the job seekers on there always kill me.
Hey guys, I’m new in town and looking for work. Must be able to work from home, M-Th only, and I can only do 9-3. Looking for $40/hr min. Any leads that y’all can recommend??? Thanks!
You could sell pizzas and calzones to raise dough
Since Covid its true they have been dine outside only which makes absolutely no sense at all when you limit yourself to basically warm sunny days. I may be different but takeout from anywhere blows as far as I'm concerned too, you are paying the same amount of $$ (or more if you use a delivery service) for a product that once you get ready to eat is either sweaty and soggy from being in a sealed piece of styrofoam or its cold. If it was served to you like that in the restaurant it would be sent back, I just don't do takeout. There have been times you can drive by there around lunch or dinner and they are closed for no obvious reason. I have heard that there are medical issues involved with the owner so that it somewhat understandable but apparently there was no type of succession available but to close
Yep.
I've looked at more than a handful of deals on restaurants over the last 18 months and I can assure you that Stromboli's is not cash flowing enough money at their food prices to pay for real estate that expensive. That's why its listed as a real estate sale. The business is likely worth very little on its own... But once the real estate sells I bet you could buy the name/goodwill for $5,000 and sit on it until you are ready to open it up in a new spot.
Every time I've been the last 2 years you ordered outside and waited. My guess is they discovered, like many other restaurants, that closing off their dining room really didn't hurt their bottom line. It was cramped anyway so probably gave them more room to work.
If you could by their business and rent their building, I bet it’s worth $300 to $500k
I’d be willing to bet their net income is around $100k a year. $75 to $130 range. After they pay themselves.
Most restaurants are valued at 3 to 5 times net income.
It and the place across from it are crap anyway.
Stromboli's died from Covid.
Stromboli's died from Covid.
If I'm getting in my car to feed myself, my @SS is eating there. Poor business decision IMO.
You are giving them way too much credit methinks. At a 10% net income that would suggest $1MM in revenue. A $1MM pizza shop is well above average revenue for pizza joints. Off the hoof in its hey day I would assume Stromboli's was smaller than average.
Now only operating 11-6, 6 days a week takeout only, it has to be average or smaller imo. As of 2021, the average independent pizza restaurant only hit $450,000 in annual revenue.
There was barely any indoor seating to begin with and it was super cramped. I think while Covid had everything closed to indoor dining they started using that space for extra storage to have more room in the kitchen and didn’t want to give it back up to dining once things calmed down.
I owned a restaurant a few years back, and one of my teenage waitresses could not read an analog clock on the wall. Another one wanted to know if Rhode Island was really an island. By the way, they were public school kids.
It's sobering when you look at all the little places around North Austin and Round Rock that could not adapt to Covid restrictions and died.
I’d guess they were or could do about $700,000.
Low rent and pizza cogs, you could do around 15%. Let’s call it 12.
$625,000 at 12% is $75,000.
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