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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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High Volume Restaurant
(Food & Beverage , Restaurants)
Essex County , NJ
Listed Price: $ 695,000
Listing ID: REST630

Listing DetailsGross Revenue: $ 1,688,632
Cash Flow: $ 409,811
FFE: $ 285,000 (Included in Price)
Inventory: $ 2,500 (Included in Price)
Reason for Sale:

Owner is relocating out of the state.


Training & Support:

The staff is unaware of the pending sale; the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.


OperationsYear Established: 2012
Days & Hours of Operation: Mon.-Sun. 11am-11pm
Non-owner Payroll: $ 30,000
Employees: 20
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 27000
Monthly Rent: $ 10,706
Square Footage: 3000
Facilities:

This retail facility is in a highly successful commercial area which consist of three floors and approximately 3,000 square feet with an ultra-modern appearance. The restaurant has a wonderful outdoor patio with a seating capacity for fifty customers. The business is on an active avenue with many other businesses which attract many shoppers and workers. This opportunity is in Northern New Jersey, Essex County, which consists of various affluent and highly populated communities with continued demand for this product.


SummaryBusiness Description:

Unique, high volume restaurant located in a wonderful area of Essex County New Jersey. This highly successful business opportunity offers a gross yearly income of $1,688,632 and a consistent yearly net income of $409,811. The restaurant has an incredible reputation and offers the highest quality food products and service to its many customers. Their specialized wood burning brick oven has been designed as the center piece of the kitchen and produces wonderful dishes. Staying true to Neapolitan style, their handmade pizzas are light and airy due to the traditional cooking technique. The restaurant has also become a destination for birthday, corporate and general party celebrations and for larger groups, they will provide a customized menu tailored to meet the customers’ needs and budget. On Saturday nights the restaurant offers popular dance music with a “supper club” like atmosphere. Like many establishments in the area, this is a BYOB establishment however they also offer a convenient delivery service from a local liquor store directly to your table. The existing owner continues to be semi absentee due to his out of state business obligations. Additionally, the restaurant offers valet parking to its customers. For Qualifications purposes, this business opportunity industry does not require government licensing approval to purchase or operate other than the standard municipal licenses. Regarding employees and payroll, this restaurant company routinely has twenty full / part time employees who are unaware of the pending sale. The payroll is based on job description, with salaries and an hourly basis. The staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $30,000. The business transaction has an assignable commercial lease which expires 2024-01-01, plus additional options available, with a monthly rent of $ 10,706, plus a percentage of real estate taxes, cost per square foot is estimated at $43.00, and rent security of approximately $27,000. The business fixed assets has an estimated value of approximately $285,000 which is specifically based on the original equipment and licensing replacement cost. This long standing and successful restaurant business operation is active seven days per week, with hours from 11:00 am to 11:00 pm. The business has been valued / priced at $695,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller / bank financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and the photo does Not represent this business opportunity.


Competition:

Regarding competition, there are numerous restaurants throughout the city, however, to the best of our knowledge, due to limited vacancies, no other new competitors are expected near to this business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.


Potential Growth:

The business can be further expanded with a full-time on-site owner operator, and an improved marketing plan to increase the luncheon sales.


Financing/Terms:

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