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Asking Price$575,000
RevenueUndisclosed Established1977
Cash Flow$189,200 Employees22 full-time
FF&E$455,000* FranchiseNo
Inventory$100,000* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Owner retiring from the industry after many years of success for wonderful business opportunity to purchase this long standing and highly successful Restaurant Lounge minutes from the New Jersey Giants Stadium and Xanadu malls. The business has a gross yearly income of $1,434,674 and a substantial and consistent yearly income of $189,200 to the owner operator prior to debt service. The facility consists of 6,000 square feet, multiple floors, with a seating capacity for two hundred and forty-five customers. The facility has a huge dining room, separate areas for private parties, a full bar with substantial capacity and a clean attractive image. This ten-year young business has a dependable yearly gross income as a safe investment for an onsite owner. The sale includes a valuable consumption liquor license with an irreplaceable value of $325,000 and a fully turnkey operation. The owner has multiple businesses out of the general area and has elected to reduce his work responsibility. This is the perfect example of a restaurant that is right for any occasion. You feel like you are out and about in NYC or Hoboken until you realize you're still in Bergen County. Whether it’s a quick lunch snack with a coworker, a happy hour adventure with a friend, or a night out with a lucky girl and some pals, this place is a hit! The seller will supply a 20-year lease at fair rental value and an option to purchase the real estate. The business assets are estimated at $310,000 and the sale includes, a valuable consumption liquor license, full commercial kitchen, refrigeration, freezers, POS, accounting system, including various equipment required for this particular industry. The building has a legal capacity for 245 customers, 6,000 sq. ft., on multiple floors with a large basement used for storage. This retail food business has twenty-two employees who are unaware of the pending sale and fully expected to remain post closing. This business location has substantial private parking on the site and part of the lease. The restaurant is operational six days weekly with hours from 11:30 am to 12:00 am. The business sale includes a valuable New Jersey consumption liquor license and municipal Certificate of Occupancy for this location. The sale will include a new 20-year commercial lease with a monthly rent of $8,000. Based on the asking price, required down payment and net income this business should supply a consistent return to the owner operator prior to debt service. The business gross yearly income is $1,434,674 and a yearly net income of $189,200 based on an onsite owner and prior to debt service. The purchase price has been set at $575,000 based on a multiple of the net yearly income, liquor license and the business assets, also owner financing is available to qualified buyer. Please do not disrupt the business, the seller is absentee. Because the sale of this business is confidential to the employees and public, all viewings are by appointment only.
Facilities:The facility consists of 6,000 square feet on multi floors in a warm attractive and modern setting. The entrance leads you to a huge bar area with a substantial capacity including various seating areas for the customer’s choice. The facility has a professional commercial high volume kitchen, modern lavatories and private & municipal parking. This business is located in an urban area of Bergen County, NJ, minutes from the Giant Stadium and various shopping malls, on an active county road close to numerous state highways including the NJ Turnpike.
Competition:This general area has limited competitors and the seller has agreed to supply a long term non-compete agreement to the new operator.
Growth Potential:With an onsite ownership and an improved marketing plan this food business can be further developed representing a greater net profit to the owner operator.
Training/Support:The seller will remain post closing and supply an appropriate transitional period.
Seller Financing:Owner & Bank financing are available to qualified buyers.
Sale Reason:Alternative businesses and has elected to reduce his work responsibility.
Ad #86775
Seller Reference #REST448
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
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