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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Waterfront Bar & Grill
(Food & Beverage , Restaurants)
Ocean County , NJ
Listed Price: $ 350,000
Listing ID: REST629

Listing DetailsGross Revenue: $ 1,164,457
Cash Flow: $ 100,000
FFE: $ 350,000 (Included in Price)
Inventory: $ 10,000
Reason for Sale:

The purpose of this business transaction is due to the owner absenteeism.


Training & Support:

The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. Also, if required the seller may be available to supply additional training, at a fair cost to the purchaser.


OperationsYear Established: 2014
Days & Hours of Operation: Mon.-Sun. 11am-12am/2am
Non-owner Payroll: $ 20,000
Employees: 25
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 50000
Monthly Rent: $ 11,912
Square Footage: 7000
Facilities:

This successful restaurant consists of three floors including boat slips, totally approximately 7,000 square feet and has a modern professional appearance. The business is on an active river area which leads directly to the Atlantic Ocean near to various other active and successful businesses. This opportunity is in Central New Jersey, Ocean County, which consists of various affluent and highly populated communities with continued demand for this service.


SummaryBusiness Description:

Wonderful waterfront dining experience with an amazing selection of locally sourced fish, fresh seafood, lobster and stone crabs, raw bar specialties, and superb steaks and chops grilled to perfection! This popular Waterfront Bar & Grill is centrally located on a beautiful beach front and overlooking the ocean waterway, which is a fabulous way to enjoy beautiful waterfront views as yachts cruise by your table. The restaurant and pub business consist of three floors, approximately 7,000 square feet and projects a next year (2019) gross income of $1,350,000. The sales represent 50% food and 50% liquor, representing a substantial mark up to the bottom line income. Every afternoon patrons gather to enjoy cocktails and watch magnificent sunsets. Lunch and dinner are served daily, on Sunday the restaurant features brunch, and later in the day a Sunset Party on the patio with live music. The Pub offers a substantial Wine list of different wines and champagnes in a carefully curated collection from around the world to pair with the flavors of the cuisine. A private banquet room is a popular venue available for meetings, luncheons, parties, events, wedding receptions and celebrations. This restaurant on the water and Marina is the best location to enjoy food, drinks and live entertainment in New Jersey and they offer patrons dock and dine slips and amazing river views all season long. The restaurant is the one stop relaxation, dining, drinking and sunset watching destination, transient docking, real beach sand, live outdoor music, palm trees and more. They also offer bridal showers, rehearsal dinners and weddings, just to name a few. For Qualifications purposes, this business opportunity industry requires government licensing approval to purchase or operate due to the state issued consumption liquor license in addition to the standard required municipal licenses. Regarding employees and payroll, this very well-known restaurant company consist of twenty-five full / part time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, the staff is unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $20,000. The business transaction has an assignable commercial lease which also represents the use of the liquor license, expires 2025-01-01, plus additional options available, with a monthly rent of $11,912, plus condo fees, cost per square foot is estimated at $20.47 and rent security of $50,000 which covers the cost of the liquor license, increases rent is $416. The tenant also has the first right of refusal to purchase the property. The liquor license which has a value of $750,000 is part of the lease contract. The business fixed assets has an estimated value of approximately $350,000 which is based on the original equipment and licensing buildout & replacement cost in addition to the multiple of the existing net yearly income. This successful restaurant business operation is active seven days per week, with hours from 11:00 am to 12: midnight and 2:00 am. The business has been valued / priced at $350,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller 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 particular business opportunity.


Competition:

Regarding competition, to the best of our knowledge, due to the water area and various circumstances, 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 by the new operator, presently has a limited marketing plan, no local advertising, basic web site and if improved can further develop the business yearly gross sales.


Financing/Terms:

Seller financing is available to a qualified buyer