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Restaurant Lounge For Sale

60
Bergen County, New Jersey, United States
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Asking Price$125,000
Revenue$448,459 Established2001
Cash Flow$79,820 Employees4 full-time
FF&E$145,000* FranchiseNo
Inventory$1,500* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Popular thirty-year-old restaurant lounge minutes from the New Jersey Giant Stadium located in southern Bergen County which offers an exceptional service to its many customers. The business presently functions as a successful restaurant; however, it has entertainment approval and can be fully converted to a tavern with a sports theme. The business is conveniently near to the Lincoln tunnel, NJ Turnpike and Teterboro airport. The consumption liquor license is very limited in that area has a substantial value and cannot be easily replaced. The business also offers live jazz Wednesday thru Saturday which can be expanded. This industry does require government licensing approval to purchase or operate due to the New Jersey issued consumption liquor license. This company has four full/part time employees who are unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $6,800. The business has an assignable commercial lease which expires 2025-01-01, plus additional options, with a monthly rent of $3,850, cost per square foot is estimated at $29.50 and rent security of approximately $4,000. Lease terms of the liquor license is $1,000 monthly with a first right of refusal to purchase. The business fixed assets has an estimated value of approximately $145,000 which is based on equipment and licensing replacement cost. The sale consists of a fully equipped Restaurant which includes a commercial kitchen, use of liquor license, refrigeration & freezer units, web site, social media components, POS system, displays, shelving, tables, computers, fire suppression system including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. This successful bar restaurant business operation is active six days per week, closed Sunday, with hours from 12:00 pm to 10:00 pm. The sale includes all required documentation including a certificate of occupancy from the local municipality and the required state or city licenses to conduct its day to day business. The business also has entertainment approval to the next operator. The business has been valued / priced at $125,000 based on a multiple of the net yearly income which includes the value of the specific business assets. Also, the liquor license will be part of this transaction as part of the lease expense. Also, seller financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.
Facilities:The business facility which consist of approximately 1,690 square feet, has an attractive pleasant appearance and can be altered to more of a pub / tavern. The business is located on an active commercial avenue near to State Highway Route 17 and is also near to various successful retail companies. This opportunity is in Northern New Jersey, Bergen County, which consists of various affluent and highly populated communities with continued demand for this industry.
Competition:To the best of our knowledge, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Growth Potential:The business presently has a limited marketing plan, poor web site and if improved can further develop the business yearly gross sales.
Training/Support:The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
Seller Financing:May be available to a qualified buyer with an appropriate down payment.
Sale Reason:The sale is due to the owner’s involvement in an alternative business.
Ad #104241
Seller Reference #REST616
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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