Restaurant Listings Analysis
A profitable pizza franchise in Florida's fastest-growing county asks $249,999 on $101,000 cash flow — priced at a discount to industry benchmarks. The occupancy cost explains the gap. Educational content — not investment advice.
By Justin K. Sellers · 11 min read · March 7, 2026
A pizza franchise in St. Johns County, Florida is listed for sale at $249,999.
The broker reports $706,648 in annual revenue and $101,000 in owner cash flow.
That's a 2.47x SDE multiple.
According to Peak Business Valuation, restaurant franchises typically transact within an SDE multiple range of 2.74x to 3.36x. This listing is priced below that range.
Discounts below the norm mean one of two things: the seller is motivated, or something is holding the price down.
In this case, there's a clear candidate. The rent is $7,700 per month.
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: $249,999 - Annual Revenue: $706,648 - Cash Flow (SDE): $101,000 - EBITDA: Not Disclosed - Established: 2019 (6 years operating)
- Location: St. Johns County, FL - Size: 2,500 square feet - Monthly Rent: $7,700 - Lease Expiration: July 29, 2029 - Real Estate: Leased - FF&E Value: $249,998 (included in asking price) - Inventory: $8,000 (not included in asking price)
- Employees: 25 part-time - Hours: Not disclosed - Services: Pizza franchise; fast-casual format - Liquor License: Not mentioned - Training: Franchisor training + up to 2 weeks seller transition - Reason for Sale: "Owner focusing on another business venture outside the restaurant industry"
"This established, profitable pizza franchise restaurant presents an exceptional opportunity in Florida's rapidly growing St. Johns County. With more than $700,000 in annual revenue and $101,000 in owner's cash flow, this turnkey operation has been serving a loyal customer base since 2019."
Key features listed:
- "Proven franchise model with established systems and ongoing brand support" - "Favorable lease through July 2029 at $7,700/month" - FF&E valued at $249,998 — included in the asking price - Up to 30% owner financing available over 24 months - NDA required for detailed financials and franchise disclosure documents
- Asking price: $249,999 - Reported cash flow (SDE): $101,000 - Valuation multiple: 2.47x
Industry Benchmark:According to Peak Business Valuation, restaurant franchises typically transact at SDE multiples of 2.74x to 3.36x. We Sell Restaurants reports multiples of 1.5x to 3x for all restaurants, with franchises commanding a premium. For pizza specifically, DealStream reports 2.0x to 3.0x SDE with systematized franchise locations trending toward the higher end.
This listing: 2.47x — below the franchise benchmark midpoint.
The multiple is real and the business is profitable. But 2.47x sits below the franchise benchmark midpoint — and that gap has a specific cause worth examining before you buy.
At 2.47x SDE, this listing is priced below what a healthy pizza franchise typically commands. The seller is offering 30% owner financing, indicating motivation for a relatively quick sale. The location is in one of Florida's fastest-growing counties. And $101,000 in SDE on $706,648 revenue represents a 14.3% margin.
But a below-benchmark multiple on a franchise in a growth market usually has a reason. The most likely one is visible in the listing: $7,700 per month in rent.
What's holding this listing's multiple below the franchise benchmark?
The National Restaurant Association's 2025 Operations Data Abstract reports full-service restaurant median occupancy costs of 5.7% of sales in 2024. The Fork CPAs treats occupancy above 8–9% as a stress zone. At reported revenue of $706,648:
$92,400 / $706,648 = 13.1% of revenue
Translation: Occupancy is running more than double the industry median. At a normalized 6–8% occupancy cost ($42,000–$56,500/year), the owner would capture an additional $35,900–$49,900 annually — pushing adjusted SDE toward $137,000–$151,000. The question: Is $7,700 the all-in occupancy cost including CAM, taxes, and insurance, or are those billed separately on top of the base rent? Level 2 Decision:- PASS if: $7,700 is confirmed all-in with no additional charges - FAIL if: CAM and taxes are billed on top of $7,700 — true occupancy burden may exceed 13.1%
SBA lenders require lease terms matching the loan amortization period — typically 10 years minimum. A lease expiring in 2029 provides only 3.3 years remaining. Without a documented extension option, SBA financing may not be available. Most pizza franchisors also require a minimum remaining lease term as a condition of franchise transfer approval.
Translation: The lease is the most underexplored risk in this listing. "Favorable" is not a substitute for reviewing the actual document. The question: Is there a written renewal option? At what rate, for how long, and is it assignable in a franchise transfer? Does the franchisor have minimum lease term requirements for transfer approval? Level 2 Decision:- PASS if: Lease includes a documented renewal option at a defined rate, and franchisor confirms approval with current terms - FAIL if: No renewal option exists or it requires new landlord negotiation with no binding obligation
Pizza franchise royalty fees typically run 5–8% of gross sales, with marketing contributions of 1–5% on top. On $706,648 in revenue, combined fees at 7% total $49,465 annually; at 13%, $91,864. The SDE figure is only meaningful once you know how much the franchisor is already taking from the top.
Translation: Without the FDD, you cannot verify the SDE math. The buyer must also be approved by the franchisor — a process with its own timeline, capital minimums, and transfer fee not reflected in the asking price. The question: What is the franchise brand? What are the ongoing royalty and marketing fees as a percentage of gross sales? What is the transfer fee, and what are the franchisor's buyer qualification requirements? Level 2 Decision:- PASS if: FDD is provided under NDA and all franchise fees reconcile accurately with the disclosed $101,000 SDE - FAIL if: SDE cannot be reconciled with the actual franchise fee structure in the FDD
We Sell Restaurants' franchise valuation guidance identifies owner-operator labor as one of the most critical SDE quality checks. 25 part-time workers across a 2,500 sq ft fast-casual pizza franchise implies multiple dayparts, 7 days a week — without a full-time manager, unless the owner is filling that role.
Translation: If the current owner works 40+ hours per week and their labor is not separately reflected in costs, the $101,000 SDE includes the owner's management work. The U.S. Bureau of Labor Statistics reports the median annual wage for food service managers was $65,310 in May 2024. A buyer who hires a manager at or near that rate would see effective SDE drop to approximately $36,000 — cutting usable cash flow by more than half. The question: Is the owner currently working in the restaurant? How many hours per week? Is a manager's salary already included in expenses, or would a new buyer need to add one? Level 2 Decision:- PASS if: A manager salary is already in expenses, the $101,000 SDE is verified passive, and operating hours confirm a reasonable labor model - FAIL if: The owner is the primary manager — a non-operator buyer's effective SDE could be well below $101,000
Per Peak Business Valuation, a meaningful portion of a franchise restaurant's asking price typically reflects goodwill — value above and beyond physical assets. When listed FF&E equals virtually the entire asking price, it implies zero goodwill premium for six years of operating history and $101,000 in annual SDE. The IRS classifies most restaurant kitchen equipment under a 5–7 year MACRS recovery period, meaning equipment placed in service in 2019 is at or past the end of its depreciable life for tax purposes.
Translation: The $249,998 figure may be based on original purchase price or replacement cost — not fair market value. If actual equipment value is $100,000–$150,000, the implied goodwill is $100,000–$150,000. That's reasonable at 2.47x SDE, but worth knowing explicitly rather than obscured behind the FF&E label. The question: Is there an independent fair market appraisal? What methodology was used — original cost, replacement cost, or fair market value? Level 2 Decision:- PASS if: An independent appraisal at fair market value confirms FF&E is worth $150,000+ - FAIL if: The figure is based on original cost or broker estimate with no supporting documentation
- Lease has no documented renewal option and the franchisor requires minimum remaining term for transfer - CAM and other costs are billed on top of $7,700, pushing true occupancy cost significantly above 13% - FDD franchise fees cannot be reconciled with the disclosed $101,000 SDE
PROCEED to Level 3 if:- Lease renewal option is documented at a defined rate - FDD confirms royalty and marketing fee structure consistent with reported SDE - Owner's role is clearly defined — with or without manager add-back disclosed
Not generic questions. Specific to this listing's five red flags.
*"The listing shows $7,700/month in rent. Is that the all-in occupancy cost — including CAM, property taxes, and insurance — or are those billed separately?"*
What you're listening for:- ✅ Good: "$7,700 is NNN all-in. Here's the lease confirming no additional charges." - ⚠️ Concerning: "The base rent is $7,700. CAM and taxes are estimated at an additional $X per month." - ❌ Red flag: "I'd need to check the lease on the CAM breakdown." (The broker should know this number before listing it as a selling point.)
*"The lease expires July 2029. Is there a written renewal option in the current lease? If so, what is the renewal term, the rent rate, and what conditions apply? And does the franchisor have a minimum remaining lease term for franchise transfer approval?"*
What you're listening for:- ✅ Good: "Yes, there's a formal 5-year option at a fixed rate. The franchisor requires 3 years remaining and we comfortably clear that." - ⚠️ Concerning: "We're planning to negotiate an extension as part of the sale process." (Means no formal option currently exists.) - ❌ Red flag: "The landlord is open to renewal but we haven't formalized it." (No binding option + franchisor transfer requirement = a closing risk buried in the listing.)
*"What is the name of the franchise? Once I sign an NDA, can I receive the FDD along with financials? I need to verify the royalty rate, marketing fund contribution, and franchise transfer fee."*
What you're listening for:- ✅ Good: The brand name, a clean FDD with royalty/marketing rates that reconcile with the $101,000 SDE, and a clearly stated transfer fee. - ⚠️ Concerning: "The transfer fee is separate but it's a standard amount." (Get the number. Don't assume.) - ❌ Red flag: "The franchisor handles the FDD directly — we don't have a copy." (Every broker representing a franchise listing should have the FDD or immediate access to it.)
*"Is the owner currently working in the restaurant? How many hours per week, and in what capacity? Is a manager's salary already reflected in operating expenses, or is the owner's labor embedded in the $101,000 SDE?"*
What you're listening for:- ✅ Good: "The owner works about 10 hours per week. A general manager is on payroll at $X per year, already reflected in expenses." - ⚠️ Concerning: "The owner works part-time — maybe 20–25 hours. No manager, but you could hire one and still be cash flow positive." - ❌ Red flag: "The owner runs the place full-time. That's why the SDE is so strong." (Full owner labor embedded in $101,000 changes the picture for a buyer who won't be working the line.)
*"The listing values FF&E at $249,998. What is that figure based on — original purchase cost, replacement cost, or an independent fair market appraisal? Is there documentation supporting that number?"*
What you're listening for:- ✅ Good: "We had an independent equipment appraiser assess fair market value. Here's the report." - ⚠️ Concerning: "That's based on the original equipment purchase price from when the franchise opened in 2019." (Six-year-old equipment is not worth its original cost.) - ❌ Red flag: "That's a standard franchise buildout estimate." (Not an appraisal — a placeholder number that can't be relied on in any negotiation.)
If broker answers all 5 questions AND occupancy is confirmed all-in AND lease renewal is documented AND FDD confirms franchise fees consistent with disclosed SDE AND owner's labor role is clearly defined:
→ Schedule site visit and request three years of tax returns + full P&L
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.
This is a real business with real cash flow in a real growth market. The discount to franchise norms is not a mystery — it's math.
St. Johns County is Florida's fastest-growing county, with population up 26.1% since 2019 and job growth that has outpaced the national rate by 18.6 percentage points. A profitable pizza franchise in this market with six years of operating history is a legitimate opportunity.
Industry data shows restaurant franchises typically transact at 2.74x to 3.36x SDE. At 2.47x, this listing is priced below that range. The occupancy cost is the likely explanation: $92,400 per year on $706,648 in revenue is 13.1% of sales — more than double the industry median of 5.7%.
Most likely scenarios:- The listing is fairly priced given the lease structure. The below-benchmark multiple reflects the rent drag, not a fundamental problem with the business. A buyer who can manage the occupancy cost and lock in a lease extension is buying a solid operating unit at a reasonable price. - The owner is embedded in the SDE. If the current owner works full-time and no manager salary is deducted, the $101,000 is only achievable if the new buyer also works in the restaurant. The BLS reports the national median wage for food service managers at $65,310 annually. A buyer expecting passive income who hires at or near that rate would see effective SDE drop to approximately $36,000. - The lease creates a ceiling on valuation. With 3.3 years remaining and no disclosed renewal option, a buyer cannot finance this at full franchise multiples without confirming the extension first. The price reflects this risk. - The growth trajectory supports upside. St. Johns County's ongoing development — new housing, apartments, schools — directly matches the listing's demand drivers. A buyer who locks in a lease extension now may own a materially more valuable business in five years as the trade area densifies.
Before making any offer:Get the FDD and reconcile the franchise fees against the disclosed SDE. Review the actual lease document — not the broker's summary — to confirm whether a renewal option exists and at what rate. Request three years of tax returns and clarify the owner's weekly hours before signing an LOI.
Fair value estimate (if all checks out):IF verified SDE holds at $101,000 and a lease extension is documented:
Fair value: $277,000–$339,000 (2.74x–3.36x on verified SDE)At $249,999 asking, you're getting an 8–26% discount to the franchise benchmark — because the rent is high and the lease is short.
Your job: Figure out whether those problems are fixable before you buy.[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.*
1. Peak Business Valuation. "Valuation Multiples for a Restaurant Franchise." November 2024. https://peakbusinessvaluation.com/valuation-multiples-for-a-restaurant-franchise/
2. 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
3. DealStream. "Pizza Restaurant Rules of Thumb." https://dealstream.com/industry-guides/pizza-restaurants/rules-of-thumb
4. Zachos Realty & Design Group. "Florida's Top 5 Fastest Growing Counties in 2030." October 2025. https://zachosre.com/floridas-top-5-fastest-growing-counties-heading-into-2030-a-data-driven-relocation-guide/
5. National Restaurant Association. "Restaurant Occupancy Costs Were More Than 5% of Sales in 2024." 2025 Restaurant Operations Data Abstract. https://www.restaurant.org/research-and-media/research/restaurant-economic-insights/analysis-commentary/restaurant-occupancy-costs-were-more-than-5-of-sales-in-2024/
6. The Fork CPAs. "The Ideal Percentage Rent for Your Restaurant." May 2024. https://theforkcpas.com/negotiating-the-ideal-percentage-rent/
7. Franchise Transparency. "Pizza Franchise Cost: A Comprehensive Guide." December 2024. https://www.franchisetransparency.org/pizza-franchise-cost-a-comprehensive-guide-to-investing-in-pizza-franchises/
8. PizzaForno. "What Pizza Franchise Is the Most Profitable?" https://pizzaforno.com/blog/what-pizza-franchise-is-the-most-profitable-1
9. St. Johns County, FL Economic Development. "Q4 2024 Economy Overview." February 2025. https://www.sjcfl.us/wp-content/uploads/2025/02/q4-2024-sjc-economic-overview.pdf
10. BizBuySell. Ad #2423057. Accessed March 2026.
11. U.S. Bureau of Labor Statistics. "Food Service Managers: Occupational Outlook Handbook." May 2024. https://www.bls.gov/ooh/management/food-service-managers.htm
12. Internal Revenue Service. "Publication 946: How To Depreciate Property." 2024. https://www.irs.gov/publications/p946