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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Tavern Restaurant
(Food & Beverage , Bars, Taverns, and Night Clubs)
Essex County , NJ
Listed Price: $ 295,000
Listing ID: BAR735

Listing DetailsGross Revenue: $ 572,000
Cash Flow: $ 80,000
FFE: $ 245,000 (Included in Price)
Reason for Sale:

Sale is due to owners illness and inability to maintain the business operation.


Training & Support:

Training and owner support, if required the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.


OperationsYear Established: 2016
Days & Hours of Operation: Tues.-Sun. 3pm-2am
Non-owner Payroll: $ 8,250
Employees: 7
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 11600
Monthly Rent: $ 5,833
Square Footage: 2800
Facilities:


This full upgraded retail facility which consist of approximately 2,800 square feet has an attractive and modern appearance. The business is located on a highly populated commercial avenue in an urban city with various other active and successful businesses. This opportunity is in Northern New Jersey, Essex County, which consists of various affluent and populated communities with continued demand for this industry.


SummaryBusiness Description:

Best location for this ultra-modern Tavern Restaurant that has been fully upgraded during the past few years. The business assets have a substantial value equal to the selling price. The business yearly sales represent 65% food sales and remaining liquor consumption. The business has a live entertainment license which if developed can further improve the gross sales. The Tavern has a cozy, rustic image serving wonderful foods, cheeses, seasonal entrees and a large selection of wines. For Qualifications purposes, this business opportunity requires New Jersey State government licensing approval to purchase due to the liquor license in addition to the standard required municipal licenses. Lease and terms, the business transaction will offer an assignable commercial lease which expires 2026, plus additional options available, with a monthly rent of $5,833, cost per square foot is estimated at $25 and the required rent security of approximately $11,600. Day of operation, this successful Tavern business is active six days per week, closed Monday with hours from 3:00 pm to 2:00 am. The 2018 yearly gross income represented by the seller owner is $572,000 and the business has a yearly net income of approximately $80,000 based on an onsite owner operator and prior to any debt service. Due to the possibility of non-disclosed income, a formal due diligence is recommended by the purchaser. The business has been valued / priced at $295,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller financing may be available 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 particular business opportunity.


Competition:

Regarding competition, to the best of our knowledge, due to the unavailability of liquor licenses, 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:

Regarding growth and expansion, the business opportunity can be further expanded with a new operator by improving the existing marketing plan and the required local advertising. Additionally, the company has a limited poor non-optimized web site and if adjusted can further develop the business yearly gross sales.


Financing/Terms:


Seller financing is available to qualified buyers.