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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Restaurant Lounge
(Food & Beverage , Restaurants)
Bergen County , NJ
Listed Price: $ 395,000
Listing ID: REST639

Listing DetailsGross Revenue: $ 2,265,956
Cash Flow: $ 114,211
FFE: $ 330,000 (Included in Price)
Inventory: $ 1,500 (Included in Price)
Reason for Sale:

The purpose of this business transaction is due to partners separation.


Training & Support:

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


OperationsYear Established: 2012
Days & Hours of Operation: Mon.-Sun. 11am-1am
Non-owner Payroll: $ 30,868
Employees: 60
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 25000
Monthly Rent: $ 9,500
Square Footage: 4600
Facilities:

The business is located on a six-lane state Highway in Bergen County, Northern New Jersey. The restaurant is in a highly successful corporate franchise hotel with lots of daily customers. This restaurant lounge facility consists of forty-six hundred square feet (4,600) with a large bar, full dining room, office, separate breakfast room, outdoor bar and a full commercial kitchen. The restaurant seating capacity consist of one hundred seventy-five patrons. The business is five years new and has been fully renovated with all updated equipment and is in excellent condition.


SummaryBusiness Description:

High-Volume Restaurant Lounge in a National franchise Hotel located in Northern New Jersey, Bergen County on a state highway. The business facility is 4,600 square feet with a full food menu and offers room service to the hotel customers. The facility has been fully upgraded during the past few years, is very attractive with a huge bar, separate breakfast room, a large outdoor patio / bar and a seating capacity for 185 customers. The business is located on a major highway with thousands of drives by vehicles and the restaurant services a large business clientele. The business also has entertainment approval for live music. This wonderful restaurant is in Northern NJ and can be considered a premiere NYC style lounge. The business offers quality dining, drinks & entertainment and excellent service. Regarding employees and payroll, this restaurant lounge maintains approximately sixty 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 $30,868. The business transaction has an assignable commercial lease which expires 2027-01-01, plus additional options available, with a monthly rent of $9,500, ($5,000 plus $4,500 cam), cost per square foot is estimated at $24.78, rent security of approximately $25,000. The business fixed assets has an estimated value of approximately $330,000 which is specifically based on the equipment and licensing replacement cost. This successful Restaurant Lounge business operation is active seven days per week, with hours from 11:00 am to 1:00 am. The business has been valued / priced at $395,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible 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 the photo does Not represent this 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 and limited liquor licenses area available. 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 operator with an onsite owner operator, improved marketing plan, improved web site, entertainment which can further develop the business yearly gross sales.


Financing/Terms:

Available to a qualified buyer with an appropriate down payment.