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Restaurant Lounge For Sale

9/wk
Bergen County, New Jersey, United States
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Asking PriceUndisclosed
Revenue$3,300,000 Established1991
Cash Flow$500,000 Employees22 full-time
FF&E$885,000* FranchiseNo
Inventory$7,500* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Restaurant Lounge located in Northern New Jersey in the County of Bergen, conveniently near various state highways. This two-acre site with an 8,900 square foot restaurant lounge has a yearly gross income of $3,200,000 and a substantial net income to the owner operator. Since 1977, this restaurant has been serving a wide variety of freshly prepared food, all made to order. They offer everything from authentic Brick Oven Pizzas to their Signature Sizzling Burger, mouth-watering Barbeque (BBQ) Specialties, homemade desserts & soups, wraps, steaks, salads, sea foods and so much more. The restaurant consists of various attractive rooms and they have a capacity for groups from 30 to 135 including a Hugh bar area. This well-known family restaurant has an excellent reputation for its great food and drinks in a relaxed, comfortable atmosphere. The business is open for lunch, dinner, cocktails, Sunday Brunch, private parties and off-premises catering and the restaurant also hosts live music every Thursday, Friday, and Saturday night. The restaurant has seating for 270 people and is available for any type of event you might need, Showers, Repasses, Rehearsal Dinners, Corporate Venues, & meetings, Reunions, Fund Raisers, Team Dinners, Birthday Parties & Anniversaries Etc. They are able to do Buffets, or Sit down meals and they also use their outdoor facilities to cater any type of event. This restaurant pub also has areas for live music and DJ’s. They provide custom catered solutions for business functions, family gatherings, school events, and all sorts of other events. Just about every item on our menu can be ordered in larger serving sizes for your special event needs. They create a customized menu for your special event depending on the number of adults and children and the type of event and the catering offers a wide variety of dishes, including Beef Steak and delicious Lobster dinners. From September through Father's Day, they provide a Sunday Brunch Buffet, Upscale Cocktail Parties, Barbeques and Pig Roasts! The business assets have an estimated value of $880,000 based on replacement cost and consist of a valuable consumption liquor license and equipment. The real estate has an apprise value of approximately $3,450,000. The sale consists of a fully equipped Pub Restaurant which includes a huge 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. This business has twenty-two full & part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $29,000. The business is located in a free stranding facility which consists of 8,900 square feet has a capacity for approximately two hundred and seventy customers. The facility has appropriate private parking on site for approximately 128 vehicles as part of the transaction. The business is active seven days per week, with hours from 11:30 am to 1:00 pm and later on weekend. Sunday Bruch begins at 10:30 am. The sale includes a consumption liquor license, a certificate of occupancy from the particular municipality and the required state or city licenses to conduct its day to day business. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a dependable investment return to the owner operator prior to debt service. The 2015 yearly gross income is $3,300,000 and the business has a yearly net income of $500,000 based on an owner operator and prior to debt service. The yearly Real estate property tax is approximately $48,500. The business has been valued based on a multiple of the net yearly income plus the value of the specific business assets and the real estate. Seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. 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 highly popular retail restaurant consists of 8,900 square feet with an attractive clean appearance. The business is a free standing structure, on two acres, just off a major NJ State highway. This restaurant business opportunity is located in Northern New Jersey, Bergen County with a huge affluent population and continued demand for this particular food service.
Competition:To the best of our knowledge due to 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 a limited marketing plan, basic web site and if improved can further develop the business gross income.
Training/Support:The owner will remain post-closing in order to supply an appropriate transitional period to the new operator.
Seller Financing:Seller financing is available to qualified buyers.
Sale Reason:The owners are retiring after many successful years in this industry.
Ad #88545
Seller Reference #REST463
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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