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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Modern Luncheonette/Diner
(Food & Beverage , Restaurants)
Bergen County , NJ
Listed Price: $ 145,000
Listing ID: REST620

Listing DetailsGross Revenue: $ 360,000
Cash Flow: $ 65,000
FFE: $ 125,000 (Included in Price)
Inventory: $ 1,500 (Included in Price)
Reason for Sale:

The sale is due to family illness.


Training & Support:

The owner will remain post closing and supply an appropriate transitional period.


OperationsYear Established: 1999
Days & Hours of Operation: Mon.-Sun. 7am-8pm
Non-owner Payroll: $ 7,300
Employees: 3
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 5000
Monthly Rent: $ 3,300
Square Footage: 1335
Facilities:

The business is located on a busy county road of Northern Bergen County, New Jersey and in an attractive mall center with numerous other businesses in the area. This is a busy urban area with a high population and a large volume of shoppers and workers. The facility which is clean with an attractive new remolded appearance consists of 1,335 square feet with a seating capacity for 48 customers. The business has a large new commercial kitchen and all equipment is one year new and in excellent condition.


SummaryBusiness Description:

Excellent business opportunity for this modern cozy luncheonette / diner which was recently fully upgraded located on an active county road in a business district in the heart of Bergen County, New Jersey. This Luncheonette has been established for many years and is well known within the community for its great food and service. The business is conveniently located and serves breakfast, lunch and dinner. The owner has recently upgraded the facility and now has a family illness which forces the sale of this well-known and highly successful business opportunity. This business has plenty of room for expansion by adding a catering and delivery service. The business assets are estimated at $125,000 based on replacement cost and the sale includes a fully upgraded luncheonette business which consists of displays, shelving, new commercial kitchen, refrigeration / freezer units, POS system, tables, chairs, computers, software for this industry including all the necessary equipment to maintain the day to day business operation. This business has 3 employees who are unaware of the pending sale. Monthly payroll is approximately $7,300. The business has an assignable commercial lease which expires August 31, 2023 plus additional options, with a monthly rent of $3,300, cost per square foot is approximately $23.29, and rent security $5,000. The business is active seven days weekly, hours 7:00 am to 8:00 pm. The sale includes a certificate of occupancy from the particular municipality and license approval from health department. Based on the multiple of the existing net yearly income and value of the newer assets the business value is at minimum $145,000 and seller financing has been conditionally approved to a qualified buyer with an appropriate down payment based on credit and collateral. This is an excellent opportunity to own an established diner business located in a wonderful commercial area of Bergen County, New Jersey. Based on the asking price, required down payment and yearly net income, this business expect to supply a consistent return on investment to the owner operator. 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 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 can be expanded by increasing hours of operation, and improved marketing efforts for delivery services.


Financing/Terms:

Can be considered to a qualified buyer with an appropriate down payment.