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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Restaurant Bar with Live Entertainment
(Food & Beverage , Restaurants)
Richmond County , NY
Listed Price: $ 495,000
Listing ID: REST631

Listing DetailsGross Revenue: $ 1,145,843
Cash Flow: $ 133,869
FFE: $ 385,000 (Included in Price)
Inventory: $ 3,500 (Included in Price)
Reason for Sale:

Due to the partners separation and absentee ownership.


Training & Support:

The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.


OperationsYear Established: 2016
Days & Hours of Operation: Tues.-Sun. 5pm-11pm/2am
Non-owner Payroll: $ 16,600
Employees: 20
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 25000
Monthly Rent: $ 13,777
Square Footage: 3200
Facilities:

This business opportunity is in Southern New York State, Richmond County, which consists of a highly populated city with continued demand for this industry. This successful retail facility which consist of approximately 3,200 square feet, three floors, elevated building has an ultra-modern appearance. The bar restaurant business also has multiple outdoor seating / smoking areas for its customers. This business is in a larger commercial mall with various national retail businesses.


SummaryBusiness Description:

Very unusual business opportunity for this highly successful ultra-modern lounge restaurant in a wonderful area of Richmond County New York. This unique high-end lounge which services an affluent group of customers, has a gross income of $1,145,843 which represent 70% liquor sales, 30% fusion style foods and a yearly net income of $133,869. This three-year young, Italian fusion style restaurant and nightclub combination with an Asian influence has it all with the best food, drink and service. The restaurant is located in a highly popular active outdoor commercial mall with many other successful retail businesses which attract a high volume of customers. The business is approved for entertainment which offers live music weekly. This restaurant has multiple outdoor areas for dining, drinking and smoking which increases the available customer venue. For qualification purposes, this business opportunity / industry requires New York State government licensing approval to purchase or operate due to the consumption liquor license, in addition to the standard required municipal licenses. Regarding employees and payroll, this Lounge Restaurant business routinely has 20 full / part time employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, the staff is fully expected to remain post-closing, and the monthly payroll expense is approximately $16,600. The business transaction has an assignable commercial lease which expires 11/08/2026, plus additional options available, with a monthly rent of $13,777, all in, cost per square foot is estimated at $51.66 and rent security of approximately $25,000. The restaurants fixed assets has an estimated value of approximately $385,000 which is specifically based on the original equipment and licensing replacement cost in addition to the net yearly income. This successful lounge restaurant business operation is active six days per week (Closed Monday), with hours from 5:00 pm to 11:00 pm and 2:00 am weekends, Permitable hours is to 4:00 am. The sale includes all required documentation including a certificate of occupancy from the local municipality, liquor license and the required state or city licenses to conduct its day to day business. The company routinely has approximately $3,500 of marketable inventory and the purchaser will be responsible for that cost at time of closing, based on wholesale value. 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 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 on-site owner operator. The business presently has a poor marketing plan and no local advertising, and limited hours and if improved can further develop the business yearly gross sales.


Financing/Terms:

Seller financing is available to qualified buyer