Iconic Providence Restaurant - over 40 years of success!

Providence, RI
Asking Price:$900,000
Gross Revenue:$1,400,000
Rent:$6,000/Month
Established Year:1973
Cash Flow:$315,000
Inventory:$17,500
FF&E:$75,000
BUSINESS DESCRIPTION

$1.4M Annual Revenue | Growth Potential

Tortilla Flats has been a Rhode Island [and Southern New England] institution on the East Side of Providence, Rhode Island for over 40 years. The restaurant takes pride in serving generations of patrons the finest and freshest Mexican, Cajun, and Southwestern cuisine available.

Affectionately known as “The Flats”, the long-established [1973] eatery and bar, has focused on delivering the best possible experience to its patrons with dedication to consistency, teamwork and exceptional service. Above all else, The Flats values a positive and inviting working and dining experience. The owners and management team have created and sustained a staff with sincere enthusiasm and professionalism that helps to create a unique and memorable experience for each and every customer. Several members of the team have been employed for over 15 years with many others employed for the past 5-13 years. The leadership at Tortilla Flats prides themselves on their open and respectful atmosphere to bring together employees and guests so that each person feels a part of the Tortilla Flats family.

Joanne Vincent began working as a server at Tortilla Flats in 1994, became a floor manager in 1995, and the restaurant’s General Manager in 1996. In the fall of 2006, Joanne and her husband Mat established a Rhode Island corporation – Zale Hospitality, Inc., and purchased the popular restaurant. Joanne and Mat have made many changes and improvements over the last seventeen years. While extensive interior and exterior renovations were made, their focus was to bring consistency to the tried-and-true recipes of the long-standing menu while adding new favorites and to honor the same 30 plus year recipe of their famous margaritas while curating a new tequila and specialty margarita menu. Their efforts to update but not change what makes Tortilla Flats so successful resulted in a 100% increase in annual revenue between 2006 and 2019. Under their ownership. Tortilla Flats has won many Best of RI Polls including The Providence Journal Reader’s Poll for Best Mexican restaurant in 2017, 2018, 2019 and 2021 along with Best Mexican restaurant in the Rhode Island Monthly Reader’s Poll for 3 years and received the Providence Phoenix’s Dynasty Award as a 10 time Best Of winner.


DETAILED INFORMATION
Location
Providence, RI
Inventory
Included in asking price
Real Estate
Leased
Building SF
2,500
Employees
27
Furnitures, Fixture & Equipment(FF&E)
Included in Asking Price
Facilities
Exterior of restaurant is in great condition. Interior - dining room, bar, and kitchen - are all updated, well maintained and in great condition. Furniture, Fixtures, and Restaurant Equipment are well maintained and in very good condition.
Competition
Tortilla Flats iconic Brand provides a competitive advantage! This long-established restaurant is located in a mixture of dense residential neighborhoods and businesses. A competitive priced menu and their famous Margherita [$9 / 16oz] continues to be a big draw and customer favorite! While Greater Providence, Rhode Island, and Southeastern Massachusetts have plenty of great restaurants, Tortilla Flats stands out because of the long history of great fun place with great food and great drinks!
Growth & Expansion
Expand lunch and dinner hours to seven days [currently serving dinner 6 days, and lunch on Friday, Saturday, and Sunday only]. Opening on Monday evenings with special events – live sports on the television, trivia night, ladies’ night, etc., As will adding four additional days serving lunch. Food Delivery Services – plenty of opportunity for new revenue. Five-mile radius around the restaurant is very dense with residential homes, colleges and universities and many businesses that would love to order take-out from The Flats
Support & Training
Negotiable
Reason for Selling
Retirement

BUSINESS LOCATION
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Jim Crisafulli
Jim Crisafulli