Spitz Mediterranean Street FoodFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Spitz Mediterranean Street Food franchise requires a total initial investment of $579K – $1.2M, including a $35K franchise fee and an ongoing 5.5% royalty[2]. Per the 2024 FDD, average unit revenue was $1.9M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $579K – $1.2M
- 36th pct Service Resta…
- Avg gross sales
- $1.9M
- 20th pct Service Resta…
- Royalty
- 5.5%
- 24th pct Service Resta…
- Units
- 20
- 27th pct Service Resta…
- SBA default
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 20 to 10 over 3 years. Investigate why operators are leaving.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
33% cash-on-cash return (based on P&L Bottom Line). Above the 20% threshold most investors target.
Bottom line
- Total investment $579K – $1.2M including a $35K franchise fee, 5.5% ongoing royalty.
- Average unit revenue of $1.9M/year (median $2.0M), with an estimated 33% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 10/100.
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- RADWICK FRANCHISING, LLC
- Predecessor
- or parent companies
- Prior franchisor entity
- Incorporated in
- DE
- HQ
- 1725 Hillhurst Ave, Los Angeles, California 90027
- Auditor
- SingerLewak LLP
- Audited financials
- Franchisor revenue
- $1.5M
- vs $875K prior year
- ⚠ Going-concern note
- Disclosed in FDD 2024
- Status as of 2024; may have been resolved in a later filing we don't yet have.
Overview
About
Franchisees operate fast-casual Mediterranean street food restaurants, managing food preparation, inventory, POS systems, and staffing. Day-to-day operations involve executing standardized menus (likely kebabs, wraps, salads), managing counter service, maintaining food safety standards, and driving local marketing to achieve the $1.87M average revenue benchmark.
- CEO
- Bryce Rademan
- Headquarters
- CA
- Founded
- 2013
- FDD year
- 2024
- States available
- 7
FDD Item 7 · 2024 filing · 42 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Utility Deposits, Fees and Licenses | $500 | $4K | |
| Architectural and Engineering Fees | $15K | $30K | |
| Real Estate Improvements | $2K | $5K | |
| Leasehold/Construction | $300K | $565K | |
| Signage | $10K | $40K | |
| POS System and Software | $4K | $6K | |
| Furniture, Fixtures and Equipment | $130K | $180K | |
| Opening Inventory | $5K | $15K | |
| Beverage License Costs | $5K | $110K | |
| Grand Opening and Initial Advertising Expenditure | $6K | $10K | |
| Spitz Restaurant Premises (3 Months' Rent and one Month's Lease Deposit)not refundable | $28K | $56K | |
| Insurance - Liability & Workers Compensation (initial deposit) | $1K | $4K | |
| Legal Fees/Organizational Expenses | $3K | $5K | |
| Training Expenses (Including Travel and Living Expenses) | $5K | $10K | |
| Initial Franchise Fee | $35K | $35K | |
| Additional Funds (3 months) | $30K | $75K | |
| Utility Deposits, Fees and Licenses (Area Development - 2 to 4 Restaurants) | $1K | $16K | |
| Architectural & Engineering Fees (Area Development - 2 to 4 Restaurants) | $30K | $120K | |
| Real Estate Improvements (Area Development - 2 to 4 Restaurants) | $4K | $20K | |
| Leasehold/Construction (Area Development - 2 to 4 Restaurants) | $600K | $2.3M | |
| Total initial investment | $1.9M | $6.0M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$178K
9.5% margin
Unlevered ROIC
19%
EBITDA / total invested capital
Payback
5.2 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $579K – $1.2M
- Better than avg vs category
- Liquid capital req'd
- $30K – $75K
- Better than avg vs category
- Franchise fee
- $35K – $35K
- Better than avg vs category
- Royalty
- 5.5%
- Gross Revenue · typical 6–8%
- Ad fund
- -n/d
- Total fee load
- 5.5%
- vs 9–13% typical
- Payback period
- 3.0 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Technology fee | $2K |
| Transfer fee | $18K |
| Renewal fee | $18K |
| Inventory (initial) | $5K – $15K |
| Total fee load | 5.5% of rev |
A 5.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $1.9M
- Per unit, per year
- Median gross sales
- $2.0M
- Avg p&l bottom line
- $289K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 33.4%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- Historical
- Sample size
- 8 units
- vs category median 13
- Range (low → high)
- $1.2M→$2.3M
- Cohort dispersion (min → max)
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Spitz Mediterranean Street Food Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 20
- Opened
- 4
- Last reporting year
- Closed
- 0
- Turnover rate
- 0.0%
- Company-owned
- 5
- Corporate units in the system
- % franchised
- 75%
- vs corporate-owned
- Net growth (yr3)
- +36.4%
- Net unit change last year
- 3-yr CAGR
- +87.5%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 4
- Transfers (3yr)
- 0
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 7 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Spitz presents moderate risk with strong unit growth and profitability metrics, but small system size, high capital requirements, and lack of disclosed litigation history make financial projections difficult to validate independently.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $700,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SingerLewak LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: No
Score breakdown · what drove the 10 / 100 rating
- 01MINORHigh initial investment ($579K–$1.15M) with modest franchise fee ($35K) creates substantial operator burden relative to franchisor commitment
- 02MINORRoyalty structure ($125/week minimum) means break-even requires ~$11,700 annual revenue; unclear how this scales with 36.4% YoY unit growth sustainability
- 03MEDOnly 20 units total—limited sample size for validating the $289K average net income claim; 36.4% growth could reverse quickly in emerging concept
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 10 days |
| Curable defaultsℹ | 7 |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 28 hrs
- On-the-job training
- 70 hrs
- Training location
- On-site and at franchisor location
- Site selection
- franchisee
- Franchisor financing
- Offered
- Item 10
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
13 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Spitz Mediterranean Street Food · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Spitz Mediterranean Street Food franchise?
The total investment to open a Spitz Mediterranean Street Food franchise ranges from $579K – $1.2M, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Spitz Mediterranean Street Food franchise owners earn?
According to Item 19 of the Spitz Mediterranean Street Food FDD, the average gross sales per unit is $1.9M. The median is $2.0M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Spitz Mediterranean Street Food's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Spitz Mediterranean Street Food (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Spitz Mediterranean Street Food franchise locations are there?
As of their most recent FDD filing, Spitz Mediterranean Street Food has 20 total units in the United States, including 20 franchised units and 5 company-owned units. 4 new units were opened in the latest reporting year.
Is Spitz Mediterranean Street Food a good franchise to buy?
FranchiseVerdict rates Spitz Mediterranean Street Food as a A-grade franchise with a risk score of 10 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.