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Restaurant & Banquet Facility For Sale

Somerset County, New Jersey, United States
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Asking Price$950,000
RevenueUndisclosed Established2014
Cash Flow$950,000 Employees8 full-time
FF&E$325,000* FranchiseNo
Inventory$2,000* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Fully upgraded modern restaurant lounge & banquet facility with live entertainment in an active community of Somerset County, NJ. This sixty-five hundred square foot facility is which is presently closed, consists of three attractive rooms, a stunning fifteen hundred square foot modern lounge with a capacity for 75, a 2,000 square foot attached restaurant with a seating capacity for 85 and a 2,500 square foot banquet / club with a capacity for one hundred and twenty-five. The sale also includes a second floor five room residential unit with a $17,000 yearly rental income. The facility which is one year young has been fully upgraded and is now available to be purchased due to a partnership separation. The business had a gross yearly income of $950,000 without the banquet facility and the sale includes a valuable liquor license and the real estate to a qualified buyer. The commercial lease also includes a six room residential unit which is presently rented at $1,500 monthly. This specialized opportunity has a capacity for a huge income by further developing its various venues. The sale includes a valuable liquor license, full commercial kitchen, refrigeration & freezer units, 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. The facility has a legal capacity for 385 plus customers in three separate rooms consisting of 6,500 square feet, on one main floor with a full basement. The facility has substantial municipal parking in the immediate area. This restaurant lounge business is presently operational six days per week with hours from 4:00 pm to 12:00 am (2:00 am). The business has a New Jersey State issued liquor license, a municipal certificate of occupancy and entertainment approval. The sale includes the real estate, closed business, liquor license. This particular business has eight full and part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $6,800. Based on the asking price, required down payment, and present net income this business will supply a consistent return to the owner operator prior to debt service. The business had a $950,000 yearly income based on the additional income from the banquet facility. This business opportunity has been valued at $950,000 based on the value of the liquor license / assets, closed business and real estate. 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 an affluent community of Somerset County, New Jersey on an active county road close to various highways. The business is adjacent to a commercial mall with numerous national retailers as anchor tenants including a highly successful theater. The facility consists of a 6,500 square feet recently remodeled facility with a modern image. The facility has multiple sections with a separate lounge / bar restaurant area and a private catering room.
Competition:Although this business is in highly populated city, due to the limited liquor licenses, no similar competitive restaurant Lounges are expected or available.
Growth Potential:The business is new and requires time to develop, also with an improved marketing system and a web site this business can be substantially developed to obtain a greater cash flow to the owner operator.
Training/Support:The owner will remain post-closing in order to supply an appropriate transitional / training period to the new operator.
Seller Financing:Seller financing is available to qualified buyers.
Sale Reason:The sale is due to Bank Short sale.
Ad #88409
Seller Reference #REST462
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
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