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Italian Restaurant & Pizzeria
(Food & Beverage , Pizzeria)
Essex County , NJ
Listed Price: $ 395,000
Listing ID: PZZA699

Listing DetailsGross Revenue: $ 1,070,000
Cash Flow: $ 170,000
FFE: $ 475,000 (Included in Price)
Inventory: $ 2,500 (Included in Price)
Reason for Sale:

The owner is retiring after many successful years in this service industry.


Training & Support:

The owner will remain post-closing for 30 days and supply a transitional period.


OperationsYear Established: 2001
Days & Hours of Operation: Mon.-Sun. 11am-11pm
Non-owner Payroll: $ 28,000
Employees: 12
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 13900
Monthly Rent: $ 6,950
Square Footage: 4200
Facilities:

This outstanding Italian Restaurant facility consist of 4,200 square feet with a new attractive and modern appearance. The business consists of two floors, fully equipped for high volume production. The first floor is a fully equipped restaurant with a seating capacity for 55 customers, a large walk up counter and a professional kitchen. The basement has a huge prep kitchen including walk in boxes and storage areas. The business is in Essex County, New Jersey, which consists of a substantial population and various affluent communities with continued demand for this food service industry.


SummaryBusiness Description:

Italian Restaurant & Pizzeria business fully upgraded located in Essex County, New Jersey. This high-volume restaurant is located on a highly active and convenient county road with substantial traffic flow. The facility has a 2017 gross income of $1,070,000 plus discretionary income and a yearly net income of approximately $170,000. The business income is originated from the sit down casual restaurant, deliveries and catering however most of income is derived from food delivery and pick up and catering and only 25% represent sit down dinning. Highly successful family business which was established in 1908 and has developed into a business that specialize in personalized service, diversified Italian cuisine and uncompromising quality. All of their recipes were inherited, and they have a tantalizing array of dishes, representing the cooking of several regions of Italy and international menus with selections to satisfy the discriminating palate. This business has twelve employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $28,000. The sale will include a 10-year lease, plus five-year option, monthly rent of $6,950 all in, two months’ rent security, 3% rent increases, cost per square foot is $21.42. The sale includes an option to purchase the real estate which has two ultra modern second floor residential units with private entrances. Landlord responsible for all outdoor work, snow removal, landscaping out door electric. The business transaction includes a fully equipped Italian Restaurant Pizzeria including a newer commercial kitchen, refrigeration & freezer units, POS system, delivery van, prep kitchen, various kitchen equipment, displays, shelving, tables, computers, 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 business is active seven days per week, with hours from 11:00 am to 10:00 pm. The sale includes a certificate of occupancy from the municipality to conduct business at this facility and the required city licenses to conduct its day to day business. The business has been valued at $395,000 based on a multiple of the net yearly income along with the specific value of the assets and seller financing has been approved to a qualified buyer with an appropriate down payment. This is a dependable business opportunity which offers seller financing to a qualified buyer. Based on the asking price, required down payment and yearly net income, this business expects to supply a substantial investment return to the owner operator prior to debt service. Please do not disturb business, this sale is absolutely confidential, all viewings are by appointment only and photo may not represent this particular business.


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.


Potential Growth:

The business has a strong delivery / pick up service and catering income, however with additional efforts the restaurant can be further improved which can further develop the business bottom line corporate income.


Financing/Terms:

Is available to a qualified buyer with an appropriate down payment.