1059 Buyers Online Now
Buy Business Sell Business Business Brokers My Account
Photos Website Map
Asking Price$1,200,000
Revenue$2,300,804 Established2005
Cash Flow$410,140 Employees20 full-time
FF&E$819,000* FranchiseNo
Inventory$35,000 RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Highly successful ultra-modern Restaurant, Lounge and banquet facility located in a major franchise Hotel Northern New Jersey. The business has a 2015 gross yearly income of $2,300,804 and a consistent net income to the owner operator. This business is also located on a state highway close to highly populated and affluent metropolitan areas. The facility has an ultra-modern banquet facility which can accommodate 300 patrons and an attached, attractive patio for outdoor events. The restaurant has a private entrance and an additional entrance from the hotel lobby. The restaurant offers upscale, contemporary American and Asian inspired cuisine and boasts of a wide variety of steak, seafood and sushi choices. The business also services the hotel for all of its food room service, which represent a yearly income to the restaurant of approximately $500,000. The business also has available live entertainment approval and occasionally offers live music. Their philosophy is Simplicity” and as the menu offers, delectable selections inspired by fresh, simple, unadulterated flavors. Their customers indulge their senses at one of North Jersey’s best restaurants who offer a wide selection of fine dining options including New York Strip Steak, Filet Mignon, Pan Roasted Salmon and Angry Lobster - just to name a few. Their Sushi is also delectable and you haven't lived until you've tried many of their specials and the restaurant is opened for lunch, happy hour and dinner. At this restaurant & lounge they have something delicious to suit every palate, their steaks are mouthwatering, the seafood is fresh and their sushi is top notch. The restaurant also has an attractive full bar with signature cocktails, beer on tap and an excellent selection of wines to choose from. If you browse their lunch and dinner menus you’re sure to find something you like! Their Wine Cellar is a private area separate from our Main Dining Room with music control capabilities and can accommodate Private Parties up to 16 people or a Romantic Dinner for Two. Their Catering Menus are filled with fantastic Lunch & Dinner options to suit all of your special needs & tastes. They can also accommodate Weddings, Rehearsal Dinners, Cocktail Parties, Baby Showers, Bridal Showers, Christenings, Bar & Bat Mitzvah's, Business Dinners, Birthday Parties, Graduation Parties, Wine Tastings or just a Party. The business offers to the general public quality Restaurant and Banquet services in Northern New Jersey. The assets of this business transaction consists of a fully equipped modern restaurant & banquet facility with an estimated asset value of approximately $819,000 which includes POS & accounting system, tables, computers, software, modern kitchen, liquor license, 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. The company has twenty full & part time employees who are unaware of the pending sale and fully expected to remain post-closing and the monthly payroll is approximately $65,000. The sale includes an assignable commercial business lease which expires 2050-01-01 plus additional options, with a modest monthly rent of $12,000 which represents a very low cost per square foot and rent security of $36,000. The restaurant & lounge has a capacity for 160 patrons, the banquet room has a seating capacity of 300 and additional areas for the outdoor patio. The restaurant has substantial private parking at the facilities which is part of the commercial lease agreement. The business is active based on a seven-day work schedule with hours from 6:00 am to 11:00 pm which includes the hotel room service. This business transaction includes a New Jersey state consumption liquor license, live entertainment approval and the certificate of occupancy from the particular municipality, including other required city licenses to conduct its day today business. The company’s marketing system is appropriate and consists of various venues including internet ads, etc. with an average budget of $21,000 yearly. The customer base represents the general public and none of the base customers represents more than 1% of the business income. This is an unusual business opportunity which represent a dependable net cash flow to the owner operator. A snapshot of the firm’s recent revenue history is as follows: 2014 $2,494,901; 2015 $2,300,804. The company’s 2015 net yearly income was $410,140 based with an onsite / owner operator and prior to any debt service. The business has been valued at $1,200,000 based on a multiple of the net yearly income along with the value of the specific business assets additionally bank & seller financing can be considered to a qualified buyer with the appropriate down payment, collateral and credit rating. Inventory dollar for dollar. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo may not represent this particular business.
Facilities:The business is located in a modern national hotel franchise and consists of multiple rooms for separate services which includes the main restaurant, lounge, banquet hall and outdoor patio. The facility is 10,000 square feet and has a total customer capacity of approximately 350 patrons. The restaurant business is located on a state highway in Northern New Jersey which services various highly populated affluent communities.
Competition:Due to the unique location, in a highly successful hotel chain limited competitors will be a factor to this business transaction. Also to the best of our knowledge, no other new competitors are expected near to this business and the owner has agreed to supply a long term, non-compete agreement to the purchaser.
Growth Potential:The restaurant presently has an acceptable marketing plan and an excellent web site, however the income can be further improved with onsite ownership. Additionally, approximately 10% of the income represents banquet services, which can be substantially increased with appropriate marketing.
Training/Support:The owner will do their best to supply post-closing training & a transitional period to the new operator.
Seller Financing:Seller financing is available to qualified buyers.
Sale Reason:The present owners represent an absentee partnership group.
Ad #80649
Seller Reference #REST429
The information in this ad has been provided by the business seller or representative stated on this ad. BuyBusiness.com has no stake in the sale of this business, has not independently verified any of the information about the business, and assumes no responsibility for its accuracy or completeness. Please read our Terms of Service before responding to any ad on our website.
Contact This Seller
Ron Cervelli
Regal Consulting Corp.
Email Address