Restaurant Listings Analysis
An 18-year-old fast-food restaurant in one of Illinois's wealthiest counties shows four straight years of revenue — and a two-year decline of 10%. SDE is not disclosed. The $599,000 ask is doing math that isn't in the listing. Educational content — not investment advice.
By Justin K. Sellers · 12 min read · March 13, 2026
A fast-food restaurant in Kendall County, IL is listed for sale at $599,000.
The broker reports four consecutive years of revenue exceeding $1 million. No SDE, no EBITDA, and no cash flow figure is disclosed.
Without a disclosed SDE, a precise multiple cannot be calculated.
But the revenue numbers tell a story the listing doesn't highlight.
Revenue peaked at $1,265,319 in 2022. By 2024, in-store revenue had declined to $1,095,440 — a drop of $169,879, or 13.4%, over two years. Adding third-party delivery, full 2024 revenue was $1,138,606. Full 2025 revenue was $1,149,647. The business has stabilized — but it has not recovered.
According to Peak Business Valuation, restaurants typically transact at SDE multiples of 2.14x to 2.96x. For fast-food restaurants specifically, Peak reports SDE multiples of 1.5x to 2.83x. We Sell Restaurants confirms a range of 1.5x to 3x for most restaurant types.
The headline is high volume. The footnote is a declining trend. The ask of $599,000 assumes a buyer won't read them together.
Live Listing — March 13, 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: $599,000 - Annual Revenue (2025): $1,105,089 (in-store) + $34,290 (DoorDash) + $10,268 (Uber Eats) = $1,149,647 - Annual Revenue (2024): $1,095,440 + $33,520 (DoorDash) + $9,646 (Uber Eats) = $1,138,606 - Annual Revenue (2023): $1,206,980 - Annual Revenue (2022): $1,265,319 - Cash Flow (SDE): Not Disclosed - EBITDA: Not Disclosed - Established: 18 years (current owner: 12 years)
- Location: Kendall County, IL - Size: 1,200 square feet - Monthly Rent: $5,100 - Lease: Not disclosed - Real Estate: Leased - FF&E Value: Not separately stated - Inventory: Not stated
- Employees: Not disclosed - Hours: Not disclosed - Services: Fast food with drive-thru; burgers, Chicago-style dogs, gyros, tacos, burritos, and more; delivery via DoorDash and Uber Eats - Liquor License: Not mentioned - Training: Not disclosed - Reason for Sale: Not stated
"Proven High Volume Business!! SALES: YEAR 2025: $1,105,089+$34,290(DOOR DASH)+$10,268(UBER EATS) YEAR 2024: $1,095,440+$33,520(DOOR DASH)+$9,646(UBER EATS) YEAR 2023: $1,206,980 YEAR 2022: $1,265,319 18 yrs established • 12 yrs same owner Turnkey operation Drive-thru"
Key features listed: - "Diverse menu: Burgers, Chicago-style dogs, Gyros, Tacos, Burritos & More" - "Strong local following" - "Excellent Google reviews" - "High Volume Fast Food Restaurant With Drive Thru"
- Asking price: $599,000 - Reported SDE: Not Disclosed - 2025 total revenue: $1,149,647 - 2022 total revenue: $1,265,319 - Revenue change 2022–2024: −$126,713 (−10.0%)
Industry Benchmark:According to Peak Business Valuation, restaurants transact at SDE multiples of 2.14x to 2.96x. Fast-food restaurants specifically range from 1.5x to 2.83x SDE. We Sell Restaurants confirms 1.5x to 3x for most restaurant categories.
Industry benchmarks for independent fast-food net profit margins run 6% to 9%. On $1,149,647 in 2025 revenue, that implies estimated SDE of roughly $69,000 to $103,000 — before any owner add-backs.
This listing: SDE not disclosed. Estimated 5.8x to 8.7x on implied earnings — two to four times the industry benchmark ceiling.
A $599,000 ask on an undisclosed SDE for a business with 10% revenue erosion over two years is not a value play. It's a pitch that depends on the buyer not doing the math.
There is real business here. Kendall County's median household income is $110,474 — one of the highest in Illinois — and the county's population grew 26.65% since 2010 and is projected to reach 146,175 by 2025. A drive-thru fast-food concept with 18 years of operating history and a diverse menu has market validity. But $599,000 for a declining-revenue business with no disclosed cash flow requires a justification the listing does not provide.
What's missing from this listing — and what does the revenue trend actually say?
QSR traffic declined 3.5% nationally in Q1 2024 compared to the same period in 2023, according to Revenue Management Solutions. Fast-food burger chains grew total sales by just 1.3% in 2024 while sandwich chains declined 3.25%. The National Restaurant Association reported that as of January 2026, 55% of restaurant operators still reported lower traffic year-over-year — marking 12 consecutive months of decline.
Some of this revenue decline is industry-wide. But 10% over two years is steeper than the national QSR average. In 2025, the business partially stabilized — in-store revenue edged up $9,649 year-over-year, from $1,095,440 to $1,105,089. A buyer needs to know whether that represents a true floor or a temporary pause.
The question: What caused the 2022–2024 revenue decline? Did average ticket hold while traffic fell, or did both decline? What changed operationally between 2022 and 2024? Level 2 Decision: - PASS if: The decline is documented as industry-driven, verifiable by category-level data, and 2025 trends confirm stabilization - FAIL if: The seller cannot explain the cause of decline, or if 2025's partial recovery is attributable to a one-time factorWe Sell Restaurants identifies SDE as the primary valuation metric for owner-operated restaurants and the basis SBA lenders use for underwriting. Peak Business Valuation notes that SDE multiples are the standard tool for valuing small, single-location restaurants. Listing a restaurant at $599,000 without disclosing the earnings figure is equivalent to listing a rental property for $600,000 without disclosing the rent.
At a 6–9% net margin on $1,149,647 in revenue, estimated SDE falls in the range of $69,000 to $103,000. At the industry benchmark of 2.14x–2.83x SDE, a fair market value range would be approximately $148,000 to $292,000. The $599,000 ask is 2.1x to 4.1x the implied fair value range. That gap must be explained by something — a documented SDE well above benchmark margin, a real estate component, or seller motivation mismatch.
The question: What is the actual annual SDE? Can the seller provide three years of tax returns? Is there an owner's salary add-back that materially increases SDE above the estimated range? Level 2 Decision: - PASS if: Tax returns document SDE of $200,000 or more, bringing the multiple into a defensible range - FAIL if: SDE confirms the 6–9% margin range, placing fair value well below the ask with no justificationSBA lenders typically require remaining lease terms matching the loan's amortization period — generally 10 years minimum. A drive-thru location is a physical infrastructure asset; its value is inseparable from the lease. The occupancy cost calculation is straightforward: $5,100/month = $61,200/year ÷ $1,149,647 in 2025 revenue = 5.3% of sales — within the industry benchmark range of 5–10%. The rent itself is not a problem. The unknowable lease term is.
At 18 years of operation in a leased 1,200-square-foot drive-thru location, the business has likely survived at least two lease cycles. What the current term looks like — and whether a buyer can finance it — is information a $599,000 listing must provide.
The question: When does the current lease expire? Is there a written renewal option, at what rate, and for how long? Is the lease assignable on sale without landlord consent? Level 2 Decision: - PASS if: Lease has 5+ years remaining or a documented renewal option, and is confirmed assignable - FAIL if: Lease expires within 24 months with no formal renewal option — the drive-thru location risk is unacceptable at this priceWe Sell Restaurants identifies undisclosed exit reason as a key due diligence flag — particularly when the seller has a long ownership history. A 12-year owner exits for reasons. Those reasons affect valuation. Retirement or health are legitimate. A lease expiration, a declining neighborhood, or competitive encroachment are different conversations entirely.
The listing emphasizes volume repeatedly. It does not explain why someone who has successfully operated this location for 12 years is walking away. A buyer has the right to know.
The question: Why is the current owner selling after 12 years? Is there a timeline or urgency driving the sale? Are there any pending lease renegotiations, competitive openings, or infrastructure issues not reflected in the listing? Level 2 Decision: - PASS if: Reason is clearly personal (retirement, relocation, health), verifiable, and unrelated to business performance - FAIL if: Broker cannot provide a specific reason, or the reason relates to lease status, competitive threat, or business performanceA 1,200-square-foot drive-thru operation with a diverse menu — burgers, gyros, tacos, burritos, Chicago-style dogs — implies meaningful labor complexity across multiple dayparts. We Sell Restaurants identifies owner-operator labor as one of the most critical SDE quality checks: if the owner works the line, their labor is embedded in the earnings figure and must be accounted for. The U.S. Bureau of Labor Statistics reports the median annual wage for food service managers was $65,310 in May 2024. If the current owner is the de facto manager, a buyer who hires a replacement reduces effective SDE by that amount.
A "turnkey operation" with no disclosed staffing details is not a due diligence package — it's a marketing headline. Before evaluating a $599,000 price, a buyer must know how many people are employed, how many hours the operation runs, and whether the business can function without the current owner in the building.
The question: How many employees does the restaurant have, and what is the breakdown between full-time and part-time? What are the operating hours? Is there a manager currently on payroll, or does the owner serve in that role? Level 2 Decision: - PASS if: A manager is on payroll, key staff plan to stay, and documented operating hours support the revenue figures - FAIL if: The owner is the primary operator — effective SDE drops materially once a replacement manager is addedNot generic questions. Specific to this listing's five red flags.
*"The listing shows revenue declining from $1,265,319 in 2022 to $1,138,606 in 2024 — a drop of about $127,000, or 10%, in two years. What drove that decline? Was it traffic, average ticket, reduced hours, or something else? And what specifically changed between 2024 and 2025 to produce the stabilization?"*
What you're listening for: - ✅ Good: "Traffic was down industry-wide. Our in-store ticket held steady. We've seen the trend reverse — 2025 in-store was up $9,600 and delivery grew. Here's the month-by-month breakdown." - ⚠️ Concerning: "The whole industry was down. We weren't any different." (True but incomplete — doesn't answer what changed in 2025.) - ❌ Red flag: "The revenue speaks for itself — we've done over a million every year." (Deflects the question. The decline is the question.)*"The listing shows a $599,000 asking price with no SDE, EBITDA, or cash flow disclosed. What is the owner's actual annual discretionary earnings? Can you provide three years of complete tax returns showing full P&L?"*
What you're listening for: - ✅ Good: "SDE is $X annually. Here are three years of returns. The owner takes a salary of $Y, which adds back to get to $Z in total SDE." - ⚠️ Concerning: "We prefer to share financials after an NDA." (Acceptable for a larger deal — but for a $599K listing, SDE should be disclosed in the listing itself or on first inquiry.) - ❌ Red flag: "The seller doesn't track it that way. Revenue has always been strong." (Revenue is not SDE. If financials aren't available, there is no basis for the price.)*"The listing shows $5,100 monthly rent but no lease expiration or renewal terms. When does the current lease end? Is there a written renewal option? Is the lease assignable on sale without landlord approval?"*
What you're listening for: - ✅ Good: "Lease runs through [date], 5-year renewal option at fixed escalation, fully assignable." - ⚠️ Concerning: "We'd need to negotiate a new lease as part of the sale. The landlord has been easy to work with." - ❌ Red flag: "Lease is month-to-month. The owner has a good relationship with the landlord." (At $599,000, a month-to-month lease on a drive-thru is a terminal disqualifier for conventional financing.)*"The listing doesn't state a reason for sale. After 12 years of ownership of a $1.1M revenue business, why is the current owner selling now?"*
What you're listening for: - ✅ Good: "Owner is 67, retiring to Florida. His kids aren't interested in taking over. He wants a clean exit by summer." - ⚠️ Concerning: "He's ready for his next chapter. Exploring other opportunities." - ❌ Red flag: "The lease is coming up and he didn't want to negotiate another term." (Exactly the answer that changes everything about the $599,000 price.)*"The listing describes a turnkey operation but doesn't disclose employee count, operating hours, or training terms. How many full-time and part-time employees? What are the hours? Is there a manager on payroll, or does the owner run day-to-day?"*
What you're listening for: - ✅ Good: "Seven employees — two full-time, five part-time. There's a shift manager who's been here six years. Open 10am–10pm daily. Owner will train for 4 weeks." - ⚠️ Concerning: "The owner is flexible. He's there most days but the staff is solid." - ❌ Red flag: "The owner handles most of it himself. He'd train you for a couple weeks." (At $599,000, an owner-operator exit with no manager on payroll means you're buying a job, not a business.)→ Schedule site visit
If broker won't answer OR answers confirm problems:→ 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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The revenue trend is the story the listing doesn't tell.
Most likely scenarios:1. The decline is real and the ask reflects 2022, not 2025. The broker leads with $1,265,319 in 2022 revenue. The 2025 reality is $1,149,647. That's a $115,672 gap the listing headline obscures. A buyer who anchors to the peak is paying for a business that no longer exists at that volume.
2. The SDE gap cannot be papered over. At a 6–9% net margin on 2025 revenue, estimated SDE is $69,000–$103,000. A $599,000 ask on $100,000 in earnings is 5.99x — nearly double the ceiling of any recognized fast-food benchmark. To justify the price, documented SDE must reach $200,000 or more. That requires an owner salary add-back of $100,000+ on top of margin earnings. The seller needs to show those numbers, not assert them.
3. The owner's exit changes the math. If the 12-year owner is the primary operator, his departure costs a buyer $65,310 in replacement management wages — subtracted from SDE before any multiple is applied. A "turnkey operation" run by its owner is only turnkey if there's a team underneath him. That team has not been disclosed.
4. The lease is the hidden variable. If the drive-thru lease expires within 24 months with no renewal option, the $599,000 ask is for an operating business with an expiration date. That changes everything about the valuation.
Before making any offer:Demand three years of tax returns before any further conversation. If the broker cannot produce SDE documentation within 48 hours of a serious inquiry, that is the answer. Also review the physical lease document — not the broker's summary — and confirm both the remaining term and assignability before any LOI is signed.
Fair value estimate (if all checks out):IF verified SDE is $200,000 (above the implied margin range, but possible with documented add-backs): - Fair value: $428,000–$566,000 (2.14x–2.83x on verified SDE) - At $599,000 asking: a modest premium, potentially justifiable with a secured lease and documented trend reversal
IF verified SDE is $100,000 (midpoint of implied 6–9% margin): - Fair value: $150,000–$283,000 (1.5x–2.83x on verified SDE) - At $599,000 asking: a 112–300% premium over fair value with no justification
The business could be worth $599,000. It could also be worth a third of that. The difference lives entirely in the tax returns the listing chose not to share.
Your job: Get the returns before you fall in love with the drive-thru.
[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 13, 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.*
1. Peak Business Valuation. "Valuation Multiples for a Restaurant." November 2024. https://peakbusinessvaluation.com/valuation-multiples-for-a-restaurant/
2. Peak Business Valuation. "Fast-Food Restaurant Valuation Multiples." 2025. https://peakbusinessvaluation.com/fast-food-restaurant-valuation-multiples/
3. We Sell Restaurants. "How to Value a Restaurant Business in 2025." 2025. https://blog.wesellrestaurants.com/how-to-value-a-restaurant-business-in-2025-a-practical-guide-for-buyers-and-sellers
4. Toast POS. "What Is the Average Fast Food Profit Margin?" 2025. https://pos.toasttab.com/blog/on-the-line/fast-food-profit-margin
5. World Population Review. "Kendall County, Illinois Population 2025." 2025. https://worldpopulationreview.com/us-counties/illinois/kendall-county
6. PYMNTS. "Are Consumers 'Done With Fast Food' as Prices Climb?" May 2024. https://www.pymnts.com/restaurant-roundup/2024/are-consumers-done-with-fast-food-as-prices-climb/
7. Restaurant Business Online. "The Fast-Food Market Is Tanking." August 2025. https://www.restaurantbusinessonline.com/financing/fast-food-market-tanking
8. National Restaurant Association. "Same-Store Sales and Customer Traffic." January 2026. https://restaurant.org/research-and-media/research/restaurant-economic-insights/economic-indicators/same-store-sales-and-customer-traffic/
9. The Fork CPAs. "The Ideal Percentage Rent for Your Restaurant." May 2024. https://theforkcpas.com/negotiating-the-ideal-percentage-rent/
10. U.S. Bureau of Labor Statistics. "Food Service Managers: Occupational Outlook Handbook." May 2024. https://www.bls.gov/ooh/management/food-service-managers.htm