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Saloon For Sale Parsippany NJ

57/wk
Morris County, New Jersey, United States
Photos Website Map
Asking Price$295,000
Revenue$600,000 Established2015
Cash FlowUndisclosed EmployeesUndisclosed
FF&E$300,000* FranchiseNo
InventoryUndisclosed RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Unusual business opportunity to own this closed Saloon / Restaurant in a wonderful area of Morris County, Parsippany, NJ on a major state highway of US 46, with tens of thousands of drive by vehicles. This modern turnkey restaurant is presently closed and is available to lease with, no key funds other than to purchase 50% ownership of the liquor license. The previous owner has an alternative restaurant and could not efficiently maintain both business locations. This casual restaurant business income consisted of 60% liquor and 40% food sales represented a substantial mark up and a moderate food cost. They have an attractive bar featuring an extensive list of alcoholic beverages, 18 of today’s most popular craft draft beers. This is a most unusual business opportunity which can represent a wonderful long term investment. Due to the shared liquor license ownership state government approval is required to purchase. This wonderful business opportunity is located in Northern New Jersey, Morris County, on US State highway 46. The area consists of various highly populated affluent communities with continued demand for this particular food product. This retail facility which consist of approximately 4,000 square feet has a modern attractive appearance. The business is presently adjoined with an alternative noncompetitive restaurant and will require minor separation to separate toilet facilities. This business transaction will offer a new fifteen-year commercial lease which expires 2031-01-01 plus options, with a monthly rent of $8,250 and rent security $16,000. The business is located in a free stranding facility which consists of 4,000 square feet with no basement and has a capacity for approximately one hundred & twenty customers. The business assets have an estimated value of $300,000 and consists of use of a consumption liquor license, modern fully equipped commercial kitchen, including displays, shelving, tables, computers, software 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 facility has appropriate private parking on site as part of the commercial lease. The business can be active seven days per week, with hours from 11:00 am to 12:00 am, The sale includes a certificate of occupancy from the particular municipality, 50% ownership of a consumption liquor license and the required state or city licenses to conduct its day to day business. The owner will remain post-closing for thirty days in order to supply an appropriate transitional period to the new operator. The present owner has an alternative restaurant and cannot continue to maintain the demands of this business. The business presently has an absentee owner, a limited marketing plan, basic web site and if improved can further develop the business bottom line net income. To the best of our knowledge due to the limited liquor licenses available and various circumstances, 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. The 2015 yearly gross income was approximately $600,000 and a substantial net yearly income to the owner operator and prior to debt service. The purchase price of this business opportunity has been valued at $295,000 based on half the value of the liquor license which included the value of the various assets. 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 does Not represent this particular business opportunity.
Facilities:This wonderful business opportunity is located in Northern New Jersey, Morris County, on US State highway 46. The area consists of various highly populated affluent communities with continued demand for this particular food product. This retail facility which consist of approximately 4,000 square feet has a modern attractive appearance. The business is presently adjoined with an alternative noncompetitive restaurant and will require minor separation to separate toilet facilities.
Competition:To the best of our knowledge due to the limited liquor licenses available and various circumstances, 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 business presently has an absentee owner, a limited marketing plan, basic web site and if improved can further develop the business bottom line net income.
Training/Support:The owner will remain post-closing for thirty days in order to supply an appropriate transitional period to the new operator.
Seller Financing:Some owner financing is available to qualified buyers.
Sale Reason:Alternative restaurant and cannot continue to maintain.
Ad #88114
Seller Reference #BAR611
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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