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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Banquet Hall & Restaurant
(Food & Beverage , Catering )
Middlesex County , NJ
Listed Price: $ 2,800,000
Listing ID: CATR145

Listing DetailsGross Revenue: $ 1,600,000
Cash Flow: $ 150,000
FFE: $ 1,500,000 (Included in Price)
Inventory: $ 2,500 (Included in Price)
Reason for Sale:

The sale is due to the owner’s retirement after many years in this industry.


Training & Support:

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


OperationsYear Established: 1999
Days & Hours of Operation: Mon.-Sun. 12pm-11pm
Employees: 12
Absentee Owner: No
LocationLease Expire: 0000-00-00
Square Footage: 22000
Facilities:

Appraised Assets Exceed $6,000,000 Positive Business & Cash flow come free with asset purchase. Sale Includes 22,000 SF restaurant and catering facilities on 2.17 valuable Acres in sweet spot of an historic village, Total Seating Capacity of 600+ (large, new Banquet Barn seats 440 seats alone), 2,600 SF Huge Modern Kitchen, Class C Golden Class 32 Liquor License w/ Retail Store (license valued @ $1mm), Ample Parking to accommodate Multiple Large and Small Parties: 124 Parking w/o Valet; double the parking space available, if needed. This opportunity is in central New Jersey, Middlesex County, which consists of various affluent and highly populated communities with continued demand for this industry.


SummaryBusiness Description:

Wonderful business opportunity to own this combination business consisting of a popular restaurant, banquet hall and liquor store. This thriving historically important and flourishing destination site is in the heart of one of the fastest growing housing/business markets in Central N.J. This 1750 Revolutionary War Famous Restaurant & Wedding/Special Events facility and has demonstrated consistent positive cash flow, appreciating real estate values and is poised for significant growth in the profitable wedding/banquet, business meetings and off-site catering. Present owners have long enjoyed an ideal lifestyle and stable cash flow and now desire to semi-retire. Ideal acquisition for other successful banquet operator seeking geographical expansion into the Princeton marketplace, Corporate Executive or Professional Couple looking for a highly satisfying career and life change, or Smart Investor looking for solid growth, asset appreciation and safety. Fast growth business plan already in place. Assumable Mortgage* for the right party. Owners willing to stay on for negotiated period. Established in the mid 1750's, this Historic Restaurant banquet facility continues to function for its original purpose of offering food and drink to people from all over the world. The business is in an ideal location for many types of special functions. Located in the center of the state of New Jersey it is convenient for business & family functions, gatherings of friends, ringing in the New Year and celebrating special occasions. Since colonial times they have been greeting people from all over the world; many of whom use the restaurant as an extension of their home. The business fixed assets has an estimated value of approximately $1,500,000 which is based on equipment and licensing replacement cost. This successful service business operation is active seven days per week, with hours from 12:00 noon to 11:00 pm. The business has been valued priced at $2,800,000 based on a multiple of the net yearly income. The package sale, which includes the business, real estate, and broad c (type 32) liquor license is available at $5,000,000. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent and dependable investment return to the owner operator prior to debt service. Based on a 20-year payout at 5% interest, 20% down payment purchaser would obtain a consistent net yearly income return on investment after debt service. Please do not disturb business, this sale is confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this business opportunity.


Competition:

Limited competitors presently exist in the area and 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. Additionally, no other consumption liquor licenses exist in this municipality.


Potential Growth:

The business presently has a limited marketing plan, acceptable web site which can be improved to further develop the yearly gross sales. While the current business comfortably covers all owner and asset cash flow needs, it is clearly ripe for expansion: Easily triple banquet volume from 1 to 3 events/week, consider raise prices to current market, Introduce off-site catering - presently an untapped and large market, large, untapped business market for Corporate Catering, Ramp-up A La Carte Business, Build Liquor Store Business w/ highly valuable Golden Class 32 Liquor License, Leverage historic "brand" to other hospitality venues. The Princeton-East Windsor Market is one of the fastest growing residential and business markets in New Jersey. Contiguous to Princeton & Corporate America, including some of today's fastest growing companies, the assets alone have appreciated far beyond regional and national standards. This historic brand has broad market appeal to a wide range of psycho-demographics and is ready to move to the next level. It presently competes aggressively with local banquet and restaurant competitors.


Financing/Terms:

Is available to a qualified buyer.