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Popular Restaurant Lounge For Sale

Union County, New Jersey, United States
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Asking Price$495,000
Revenue$1,334,000 Established2009
Cash Flow$200,000 Employees12 full-time
FF&E$390,000* FranchiseNo
Inventory$2,500* RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Great business opportunity for this popular Restaurant Lounge located minutes off the NJ Turnpike in Union County, New Jersey. This wonderful, highly successful ultra-modern business has a gross income of $1,334,000 with a dependable yearly net income to the present owner operator. The operational income represents 50% liquor and 50% food sales and has a substantial markup. The sale offers a long-term lease with an option to purchase the real estate. This establishment consists of two floors in a free-standing building and has a huge modern bar. The Latin American cuisine is about the richness, variety and vitality of their foods which reflect a wonderful food menu to its customers. The business offers high quality foods, music, laughter and dance. The sale of this establishment consists of a recently remolded fully equipped elegant Restaurant & Lounge which consist of two floors. The sale includes a consumption liquor license, professional 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 upon request. This particular business has twelve employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $16,600. The sale will include a new commercial lease to expire 2025-01-01 plus additional options, an option to purchase the property, with a monthly rent of $7,000, cost per square foot is $28.50 and rent security $10,000. The business is located in a free stranding facility which consists of 6,000 square feet on an active county road and has a capacity for approximately 175 customers. The facility has appropriate private parking on site as part of the commercial lease. The business is active seven days per week, with hours from 12:00 noon to 3:00 am. The sale includes a consumption liquor license, a certificate of occupancy from the particular municipality and the required state &r city licenses to conduct business. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expect to supply a 33% investment return to the owner operator prior to debt service. 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 has been fully upgraded during the past few years with a beautiful ultra-modern image and the facility consist of 6,000 square feet consisting of two floors with private entrances. The facility has an attractive outside balcony which is highly popular to its patrons. The business is located on an active commercial avenue consisting of a county road and minutes from the New Jersey Turnpike. This business opportunity is located in Northern New Jersey, Union County, which consists of various highly populated communities with continued demand for this particular service.
Competition:To the best of our knowledge and due to limited liquor licenses, 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 can be further developed by an increase with onsite management and an improved marketing plan.
Training/Support:The seller / owner will remain post-closing for a minimum of 30 days in order to supply an appropriate transitional period to the new operator. Also, if required the seller will supply additional training at a fair cost to the purchaser.
Seller Financing:Conditionally approved to a qualified buyer.
Sale Reason:The owner is semi absentee and is recently involved in an alternative industry.
Ad #97608
Seller Reference #REST571
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
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