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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Latin/Asian Style Restaurant
(Food & Beverage , Restaurants)
Bergen County , NJ
Listed Price: $ 250,000
Listing ID: REST638

Listing DetailsGross Revenue: $ 855,000
Cash Flow: $ 90,000
FFE: $ 120,000 (Included in Price)
Inventory: $ 1,500 (Included in Price)
Reason for Sale:

The sale is due to the owner’s alternative responsibilities.


Training & Support:

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


OperationsYear Established: 2008
Days & Hours of Operation: Tues.-Sun. 11am-10:30pm
Non-owner Payroll: $ 15,000
Employees: 12
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 3600
Monthly Rent: $ 2,700
Square Footage: 1600
Facilities:

This restaurant opportunity is in Northern New Jersey, Bergen County which consists of various affluent and highly populated communities with continued demand for this industry. The business is minutes from the New Jersey Giant Stadium and close to the New York Lincoln Tunnel. This successful retail facility which consist of approximately 1,600 square feet plus additional outdoor seating for forty has an attractive warm appearance. The business is on an active commercial avenue with a great deal of walk by shoppers and other active and successful businesses.


SummaryBusiness Description:

Wonderful business opportunity for this highly successful Latin/Asian style restaurant with a 2017 gross income of $855,000 and a net yearly income of $90,000. The business has been designed to experience a welcoming, fun environment, and to feel tropical touches of Cuban charm. This Cuban/Asian style restaurant was established in 2008 and continues to have a cultural flare with a background of Caribbean and Chinese. They specialize in authentic Cuban cuisine as well as other popular Latin dishes from Spain, Argentina, Dominican Republic, and Puerto Rico. Equally impressive are their wide selection of loose-leaf teas in full teapot service. With over 40 different varieties to choose from, this establishment could easily become a premier spot for tea connoisseurs. The “Combo of foods can also be seen in the eclectic décor. They offer Lunch, Dinner, Gluten-Free, Party Menus, Catering Menu, Student Lunch Specials, and Kids Menu. They are a BYOB and they provide the mixes to convert your bottle into Sangria, Mojito, and Pina Colada. This company has twelve full / part time employees who are unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $15,000. The business has an assignable commercial lease which expires 2025-01-01, plus additional options, with a monthly rent of $2,700, cost per square foot is estimated at $20.25, and rent security of approximately $3,600. The business fixed assets has an estimated value of approximately $120,000 which is based on equipment and licensing replacement cost. The restaurant business operation is active six days per week, with hours from 11:00 am to 10:30 pm. The business has been valued / priced at $250,000 based on a multiple of the net yearly income which includes the value of the specific business assets. Also, 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 photo does Not represent this particular business opportunity.


Competition:

Due to the style of menu, limited competitors presently exist, 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 presently has a basic marketing plan, appropriate web site however the income can be improved with additional advertising.


Financing/Terms:

Can be available to a qualified buyer with an appropriate down payment.