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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Restaurant/Pizzeria
(Food & Beverage, Restaurants)
Somerset County, NJ
Listed Price: $ 249,000
Listing ID: REST636

Listing DetailsGross Revenue: $ 725,000
Cash Flow: $ 110,000
FFE: $ 170,000 (Included in Price)
Inventory: $ 1,500 (Included in Price)
Reason for Sale:

The owner retiring after many years of success in the food industry.


Training & Support:

The owner will remain post-closing for 60 days to supply an appropriate transitional period to the new operator.


OperationsYear Established: 1991
Days & Hours of Operation: Mon.-Sun. 11:30am-9:30pm
Non-owner Payroll: $ 13,800
Employees: 10
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 12000
Monthly Rent: $ 6,080
Square Footage: 3200
Facilities:

This very attractive retail facility located in a quant commercial mall and consist of 3,200 square feet with a modern appearance. This mid-size mall has various other active and successful businesses. This opportunity is in Northern New Jersey, Somerset County, on a very active county road which consists of various affluent communities with continued demand for this food product.


SummaryBusiness Description:

Solid business opportunity for this family owned and operated restaurant / pizzeria with a gross income of $725,000 and a consistent yearly net income of $110,000. They use the freshest, flavorful ingredients to prepare their authentic Italian dishes in a family friendly atmosphere and serve lunch and dinner 7 days a week and deliver for their customer’s convenience. The business is also very well known for its convenient location for business meetings or dinner with friends. For the past five decades, this restaurants reputation maintains the highest standards when it comes to the quality of fine Italian cuisine. From hand cut veal and chicken, the Black Angus Beef, the vegetables and seafood that are delivered fresh daily, which is like no other. Beyond the traditional Italian dishes, you will find a variety of other selections with daily specials with their Stuffed Portobello Mushroom, to the Fried Calamari that hundreds of faithful customers swear it is the best in the state. Their pizzeria, not to be outdone by the generous portions has some signature pizza of its own. Besides great food, the restaurant is well known in the community and has sponsored a little league team since 1995. They have donated gift certificates, food, and time in the form of cooking demonstrations to various organizations in the community. They are proud to be known as one of the oldest restaurants in Somerset County. This business has ten full & part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $13,800. The sale has an assignable commercial lease which expires 2030-01-01 plus additional options, with a monthly rent of $6,080, cost per square ft. is $24.32 and rent security $12,000. The business assets have an estimated value of $170,000 and the sale consists of a fully equipped restaurant. The business is active seven days per week, with hours from 11:30 am to 9:30 pm. The business has been valued at $249,000 based on a multiple of the net yearly income and 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 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 confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this 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 business presently has a limited marketing plan, basic web site and if improved can further develop the business net income.


Financing/Terms:

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