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Successful Restaurant Lounge For Sale

62/wk
Union County, New Jersey, United States
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Asking Price$450,000
Revenue$1,079,000 Established1970
Cash Flow$118,000 Employees12 full-time
FF&E$335,000* FranchiseNo
Inventory$2,500 RelocatableNo
Real EstateUndisclosed Home-basedNo
* Included in Asking Price
Successful highly profitable restaurant lounge with a yearly gross income of $1,079,000 and a dependable net yearly income of $118,000 to the owner operator. The business sales income consists of 45% liquor, 55% food and the business is extremely well known for its wonderful foods and great service. The seller owns the property and will supply the purchaser with a long commercial lease at a modest rent with an option to purchase the property. This business consists of two sections, a popular restaurant / wine bar with a Spanish / American flavor and a separate highly successful bar restaurant. The restaurant offers a wonderful menu and has a highly successful reputation throughout the county and general area. From high quality dishes to basic sandwiches, they offer it all. The industry requires state approval in order to obtain the consumption liquor license. This particular business has twelve employees who are unaware of the pending sale and fully expected to remain post closing, monthly payroll is approximately $19,500. The sale will include a commercial lease which expires 2026-01-01 plus additional options, with a monthly rent of $6,000, cost per square foot approximately $21.81 and rent security $6,000. The business is 3,300 square feet consisting of three separate rooms with a capacity for forty at the bar, 90 & 50 in the two separate dining rooms. The business asset value based on replacement cost is $335,000 and the sale includes a valuable consumption liquor license, commercial kitchen, large bar area, refrigeration / freezer units, POS system, tables, chairs, computers, software for this industry, accounting software, including all the necessary equipment to maintain the day to day operation. 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 pm to 11:00 pm. The sale includes a NJ state issued liquor license, certificate of occupancy from the municipality and live entertainment approval. The business has a consistent markup resulting in a solid net income to the onsite owner operator prior to debt service. 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. Please do not disturb the business or staff, this sale is absolutely confidential, all viewings are by appointment only and photo may not represent this particular business.
Facilities:The facility consists of 3,300 square feet with a huge bar area and capacity for 60 sixty customers and two separate dining rooms with the capacity for ninety and fifty customers. The facility has a full commercial kitchen with high capacity production. The business is located in an active urban city with a large population in Union County, New Jersey with continued demand for these services.
Competition:To the best of our knowledge no other new competitors are expected near to this business due to the non-availability of a liquor license and the owner has agreed to supply a long term non-compete agreement to the purchaser.
Growth Potential:The owner is absentee, the business presently has a basic marketing plan, limited web site and if improved can further developed the business income.
Training/Support:The owner will remain post closing for 30 days to supply an appropriate transitional training period to the new operator.
Seller Financing:Available to qualified buyers.
Sale Reason:The owner has alternative businesses and wants to reduce his responsibilities.
Ad #97611
Seller Reference #REST572
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Contact This Seller
Ron Cervelli
Regal Consulting Corp.
973-837-0808
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