Restaurant Listings Analysis
A fast-casual smash burger concept in Astoria, Queens hits the industry valuation sweet spot on paper. The age of the business, the staffing math, and an unexplained SDE margin say dig deeper before you wire anything. Educational content — not investment advice.
By Justin K. Sellers · 10 min read · March 7, 2026
A fast-casual burger restaurant in Astoria, Queens is listed at $314,000.
The broker reports $800,000 in annual revenue and $120,000 in cash flow (SDE).
That's a 2.62x valuation multiple on SDE.
According to industry data, restaurants typically transact at SDE multiples of 2.14x to 2.96x. Another valuation source puts the range at 1.5x to 3x SDE depending on location, lease terms, and financial stability.
This listing sits near the middle of that range.
That's not the problem.
The problem is what's underneath the number.
Live Listing — March 7, 2026Disclaimer: This is educational content, not investment advice. Listing availability changes. Financials need independent verification. Listing information summarized here is derived from publicly available marketing materials and may not reflect the full broker listing or current terms. Always conduct your own due diligence and seek qualified professional help before making acquisition decisions.
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- Asking Price: $314,000 - Annual Revenue: $800,000 - Cash Flow (SDE): $120,000 - EBITDA: $100,000 - Established: 2023 (approximately 2 years operating)
- Location: Astoria, Queens County, NY - Size: 750 square feet - Monthly Rent: $4,369 - Lease: Expires October 1, 2034 (~8.5 years remaining) - Seating: Not disclosed - FF&E Value: $175,000 (included in asking price) - Inventory: $6,000 (included in asking price)
- Employees: 9 (6 full-time, 3 part-time) - Hours: Not disclosed - Services: Dine-in, takeout (delivery implied) - Liquor License: Not mentioned - Training: Staff will stay in place; seller will provide training - Reason for Selling: "we have to other location, and cant give this location the love needed."
"Emoji Burger is a popular, well-branded fast-casual burger restaurant known for its bold flavors, fun presentation, and modern design. The business is fully operational, profitable, and requires no additional investment — a true turnkey opportunity for an owner-operator or investor looking to expand in the NYC area."
Key features listed: - Prime Astoria location with unbeatable visibility and outdoor seating - Signature smash burgers, fries, and premium milkshakes - "Over 2 years of consistent sales and streamlined systems in place" - "Strong neighborhood following and excellent online reviews" - Social-media-friendly brand - "potential $1,000,000 plus in sale" (growth claim) - Fully built out with new equipment
- Asking price: $314,000 - Reported cash flow (SDE): $120,000 - Valuation multiple: 2.62x - Revenue multiple: 0.39x ($314,000 / $800,000) - EBITDA multiple: 3.14x ($314,000 / $100,000) - Occupancy cost: 6.5% of revenue ($4,369 x 12 = $52,428 / $800,000)
Industry Benchmark:According to Peak Business Valuation's restaurant industry data, restaurants typically transact at SDE multiples of 2.14x to 2.96x. EBITDA multiples range from 2.80x to 3.65x, and revenue multiples from 0.32x to 0.48x.
A separate valuation source reports multiples typically range from 1.5x to 3x SDE, with location, lease terms, and financial stability influencing where within that range a given restaurant lands.
Occupancy cost benchmarks call for 6–10% of gross sales as the acceptable range.
This listing: 2.62x SDE — 3.14x EBITDA — 0.39x Revenue — 6.5% Occupancy
Every headline metric checks out. This is a fairly priced listing by standard measures. The question is whether the reported cash flow is accurate.
By the numbers, this deal looks fair at first glance. But a 2-year-old restaurant in a 750-square-foot space generating $800,000 in revenue with $120,000 in SDE deserves more than a glance.
What's worth investigating before you move forward?
According to BizBuySell's restaurant valuation benchmark data, median small restaurant sales reached $720,000 in 2024 — reflecting nearly 20 years of market data behind that number. A two-year operating history provides limited comparative data for buyers and lenders.
Translation: "Consistent sales" in a two-year window could mean the business found its floor — or it could mean revenue peaked in year one and has been treading water since. Without the trend, buyers cannot tell the difference.
The question: Can the seller produce monthly revenue figures from opening through today, broken out by year? Level 2 Decision: - PASS if seller provides month-by-month P&L or POS data showing stable or growing revenue from 2023 through 2025 - FAIL if seller provides only a single-year average or declines to show trend dataFast-casual and quick-service restaurants typically see net profit margins of 6–9%. Industry benchmarks for labor cost in limited-service restaurants run at a median of 31.7% of sales, with profitable operators holding closer to 30%. Food cost typically runs 28–35% of revenue.
A fast-casual doing $800,000 in revenue with a standard 30% labor cost and 30% food cost already has 60% of revenue consumed in prime cost alone — leaving 40% to cover rent, utilities, insurance, supplies, and profit.
Translation: At 15% SDE margin, this restaurant is outperforming the fast-casual norm. That's possible. It requires either lean operations, owner labor factored into the cost base, or add-backs that inflate SDE above true recurring cash flow. The buyer needs to know which one.
The question: What does a full P&L show for labor cost percentage, food cost percentage, and what owner add-backs were included to arrive at $120,000 SDE? Level 2 Decision: - PASS if seller provides a full P&L showing verifiable prime cost percentages that support the SDE claim - FAIL if SDE is broker-calculated with aggressive add-backs that wouldn't transfer to a new ownerAccording to Toast's restaurant labor analysis, average restaurants employed approximately 6.03 employees in 2024. In New York City's high-minimum-wage environment, labor costs run 3–5 percentage points above national averages.
Translation: Nine employees at NYC fast food wage rates, loaded with payroll taxes, could consume $350,000–$450,000 annually in labor — roughly 44–56% of revenue. If labor runs near that top range, the SDE figure of $120,000 becomes very difficult to reconcile with an $800,000 revenue figure without significant owner add-backs.
The question: What is the total annual labor cost including wages, payroll taxes, and any benefits — and how does that appear on the P&L? Level 2 Decision: - PASS if total labor cost is disclosed and comes in below 35% of revenue with documentation - FAIL if labor cost cannot be verified or comes in above 40% of revenue, making the reported SDE implausibleMulti-unit operators do routinely divest management-intensive locations. That's legitimate. However, the listing simultaneously claims "streamlined systems in place" that make this a "true turnkey" operation. A business running on systems shouldn't require intensive owner involvement to maintain performance.
Translation: The two claims are in mild tension with each other. The reason for sale is plausible — not inherently suspicious. But understanding actual owner involvement will clarify whether the stated reason matches operational reality.
The question: Can the seller describe current owner-operator involvement in weekly hours — and what specific operational gaps exist that require attention? Level 2 Decision: - PASS if the business is genuinely manager-run with minimal owner involvement - FAIL if owner is working significant hours on-site that are not reflected in the SDE calculationThe asking price of $314,000 includes $175,000 in FF&E and $6,000 in inventory — meaning the buyer is paying $133,000 for goodwill, brand, lease, and 2 years of operating history. That's reasonable at this SDE level. But if any equipment carries financing obligations that transfer to the buyer, the effective acquisition cost changes.
Translation: A $175,000 FF&E value in a 750-square-foot restaurant is substantial. Verify all equipment is owned free and clear, and request a full equipment list with purchase dates to validate the depreciated value.
The question: Is all FF&E owned outright by the seller, with no equipment financing, leases, or UCC liens that would transfer to a buyer? Level 2 Decision: - PASS if seller provides a clean equipment list and UCC lien search confirms no encumbrances - FAIL if any equipment carries financing that reduces the effective value of the FF&E inclusionNot generic questions. These are specific to what this listing does and doesn't disclose.
"Can you share month-by-month revenue from the date of opening through the most recent full month — specifically, the comparison between 2023 and 2024 annual totals?"
What you're listening for: - ✅ Good: "Absolutely — 2023 was $X and 2024 was $Y, here's the POS export." - ⚠️ Concerning: "Sales have been consistent" without specific year-over-year numbers. - ❌ Red flag: "We don't have that broken out" or significant revenue decline from year one to year two."Can you walk me through how you arrived at $120,000 in SDE — specifically, what add-backs were applied to net income, and what was the owner's compensation included in that calculation?"
What you're listening for: - ✅ Good: Clear itemized add-backs (owner salary, depreciation, one-time expenses) that a new owner would not need to replicate. - ⚠️ Concerning: Vague reference to "owner benefit" without itemized breakdown. - ❌ Red flag: Add-backs that include owner hours the buyer would need to replace with a paid manager."What was the total annual labor cost — including wages, payroll taxes, and any benefits — as shown on the P&L for the most recent full year?"
What you're listening for: - ✅ Good: A specific dollar figure that, when divided by $800,000, lands at or below 35%. - ⚠️ Concerning: An unusually low labor cost percentage that doesn't match the 9-employee headcount. - ❌ Red flag: Refusal to disclose labor costs, or a figure that makes the $120,000 SDE mathematically implausible."How many hours per week is the current owner working on-site, and what would a new buyer need to do differently to maintain current performance?"
What you're listening for: - ✅ Good: "The owner is not involved day-to-day — we have a manager and the systems run the operation." - ⚠️ Concerning: "Owner comes in a few days a week to help with operations." - ❌ Red flag: Owner is working full-time hours not reflected in the SDE add-back."Is all equipment owned free and clear by the seller, and can you confirm there are no UCC financing statements or equipment leases that would transfer to a buyer?"
What you're listening for: - ✅ Good: "Everything is owned outright — here's the equipment list and we can run a UCC search." - ⚠️ Concerning: "Most equipment is owned, but we have a POS lease." - ❌ Red flag: Undisclosed equipment financing that reduces the effective $175,000 FF&E value.→ Schedule a site visit and request 2 years of tax returns
If broker won't provide P&L, revenue trend, or SDE breakdown:→ WALK AWAY
Disclaimer: This is educational content, not investment advice. Listing availability changes. Financials need independent verification. Listing information summarized here is derived from publicly available marketing materials and may not reflect the full broker listing or current terms. Always conduct your own due diligence and seek qualified professional help before making acquisition decisions.
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Emoji Burger is priced fairly on paper. The 2.62x SDE multiple, the occupancy cost of 6.5% of revenue, and the revenue-to-asking-price ratio all sit comfortably within industry norms. This is not a desperation listing. This is a seller asking a reasonable market price for what appears — on the surface — to be a viable fast-casual operation in a strong NYC neighborhood.
Industry data shows restaurants typically transact at 2.14x to 2.96x SDE. This listing is squarely in that range. So the question isn't whether the price is fair. The question is whether the financials behind the price are real.
Most likely scenarios: 1. The business is genuinely performing as described, the SDE is clean, and this is a solid acquisition for an operator who wants a proven Astoria location with a strong brand and a long lease. The 2-year track record is short, but some buyers will accept that risk at this price. 2. The SDE has been calculated with aggressive add-backs that include owner labor the buyer would need to replace — making the real cash flow materially lower than $120,000. In that case, fair value adjusts downward significantly. 3. Revenue is real but trending down from a stronger year-one launch. Without trend data, the $800,000 figure could represent peak performance rather than run-rate. A buyer paying 2.62x on peak SDE instead of run-rate SDE may be overpaying. 4. The business is genuinely manager-run and the seller legitimately cannot focus on this location because of two others. This is the best-case scenario and would support the asking price. Before making any offer:Request two full years of tax returns, monthly POS revenue data, and a fully itemized P&L with labor cost line items broken out. Do not rely on the broker's SDE figure until you can verify the add-backs line by line. Given the NYC wage environment and a 9-person staff in 750 square feet, the labor math is the critical number to confirm.
Fair value estimate (if all checks out):IF the SDE of $120,000 is verified as clean and recurring, and revenue trend is stable: - Fair value: $257,000–$355,200 (2.14x–2.96x on $120,000 SDE) - At $314,000 asking, the buyer is paying at the midpoint of the industry range
IF SDE adjusts down to $90,000 after removing owner-labor add-backs: - Fair value: $192,600–$266,400 (2.14x–2.96x on adjusted SDE) - At $314,000 asking, that's a 20–60% premium over adjusted fair value
Your job: Verify the SDE before you fall in love with the brand.
[BROKER_CARD]
This analysis uses publicly available listing information for educational purposes. It applies the evaluation framework from How to Buy a QSR Restaurant: The Complete Buyer's Guide. For a broader look at what any listing won't show you before you dig, see What a Restaurant Listing Doesn't Tell You.
Research conducted March 7, 2026.
For corrections: justin@qsrresearchhub.com
*This listing was active at time of publication. Listing links may expire after sale or withdrawal — this is expected for active market listings.*
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3. BizBuySell. "Restaurant Business Valuation Multiples & Financial Benchmarks." 2024. https://www.bizbuysell.com/learning-center/valuation-benchmarks/restaurants/
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8. Netchex. "Average Payroll Cost for Restaurant: Benchmarking, Optimization, and Strategic Labor Management." 2025. https://netchex.com/average-payroll-cost-for-restaurant-benchmarking-optimization-and-strategic-labor-management/