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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Popular Tapas Restaurant
(Food & Beverage , Restaurants)
Bergen County , NJ
Listed Price: $ 350,000
Listing ID: REST634

Listing DetailsGross Revenue: $ 796,400
Cash Flow: $ 188,000
FFE: $ 145,000 (Included in Price)
Inventory: $ 2,000 (Included in Price)
Reason for Sale:

The owner has an alternative restaurant and elects to reduce his responsibility.


Training & Support:

The seller / owner will remain post-closing in order to supply an appropriate transitional period to the new operator.


OperationsYear Established: 213
Days & Hours of Operation: Tues.-Sun. 4pm-9pm
Non-owner Payroll: $ 11,800
Employees: 5
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 5000
Monthly Rent: $ 3,818
Square Footage: 1330
Facilities:

This is a quant and attractive restaurant which consist of 1,330 square feet with a modern appearance and located on an active commercial avenue in upper Bergen County New Jersey. The general area consists of many affluent communities with various active and successful businesses.


SummaryBusiness Description:

Popular Tapas style restaurant with a gross income of $796,400 and a net yearly income of $188,000, located in wonderful city in Northern New Jersey and in the County of Bergen. This successful restaurant strives to create an atmosphere full of vitality and fun. They aim at crafting a memory between friends and family and they will leave a lasting impression with their customers by producing a sensory experience through both their food and quality service. They deliver a special atmosphere for their customers to feel warm and welcome as they choose from their eclectic menu that highlights their global culinary influences. The staff’s greatest objective is to nourish their community and guests. The restaurant has 5 employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $11,800. This sale includes an assignable commercial lease which expires 2025-01-01 plus additional options, with a monthly rent of $3,818, cost per square foot is $34.45 and rent security of approximately $5,000. The business assets have an estimated value of $145,000 which is based on replacement cost. The business is active six days per week, with hours from 4:00 pm to 9:00 pm. The business has been valued at $350,000 based on a multiple of the net yearly income including the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. This is a wonderful / dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent investment return to the owner operator prior to debt service. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.


Competition:

To the best of our knowledge, due to various circumstances, 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 restaurant business has a semi absentee owner, has a limited marketing plan, poor web site and if improved can further develop the business income.


Financing/Terms:

Is available to a qualified buyer.