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Hotel Restaurant Lounge
(Food & Beverage , Bars, Taverns, and Night Clubs)
Bergen County, NJ
Listed Price: $ 450,000
Listing ID: REST607

Listing DetailsGross Revenue: $ 2,523,956
Cash Flow: $ 114,212
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: 2013
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 with entertainment approval 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 Hugh 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 is the wonderful restaurant location in Northern NJ and can be considered a premiere NYC style lounge. The business offers quality dining, drinks & entertainment and excellent service. 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. For Qualifications purposes, this business opportunity and industry requires state government licensing approval to purchase or operate other than the standard municipal licenses due to the consumption liquor license. 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.
Regarding employees and payroll, this restaurant lounge company 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. This business opportunity is in a free stranding commercial hotel facility, on an active state highway, consists of approximately 4,600 square feet and has an estimated capacity for one hundred seventy-five customers. The business fixed assets has an estimated value of approximately $330,000 which is specifically based on the equipment and licensing replacement cost. This transaction consists of a Pub Restaurant which includes a commercial kitchen, refrigeration & freezer units, web site, use of a consumption liquor license, social media components, POS system, displays, shelving, tables, web site, computers, fire suppression system including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. The facility has appropriate private parking on site as part of the commercial lease. This successful Restaurant Lounge business operation is active seven days per week, with hours from 11:00 am to 1:00 am. The sale includes all required licenses including a certificate of occupancy from the local municipality and the required state / city licenses to conduct its day to day business. The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. The purpose of this business transaction is due to partners separation. 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. 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. The 2017 yearly gross income represented by the selling groups corporate tax returns is $2,523,956 and the business has a yearly net income of approximately $114,212 based on an onsite owner operator and prior to any debt service. Also, due to a percentage of non-disclosed income, a formal due diligence is recommended to the purchaser. The business has been valued / priced at $450,000 which is based on a multiple of the net yearly income and includes the value of the specific business assets. Also, possible seller / bank financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating. 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:

 

 

 

Seller financing is available to a qualified buyer