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Broker Name:Ronald Cervelli
Broker Email:contactus@regalconsultants.com
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Chinese Buffet Restaurant
(Food & Beverage , Restaurants)
Hudson County , NJ
Listed Price: $ 225,000
Listing ID: REST610

Listing DetailsGross Revenue: $ 1,181,720
Cash Flow: $ 162,634
FFE: $ 200,000 (Included in Price)
Inventory: $ 1,500 (Included in Price)
Reason for Sale:

The sale is due to the owner is family and children obligations.


Training & Support:

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


OperationsYear Established: 2007
Days & Hours of Operation: Mon.-Sun. 12pm-9pm
Non-owner Payroll: $ 27,000
Employees: 5
Absentee Owner: No
LocationLease Expire: 0000-00-00
Lease Security: 15600
Monthly Rent: $ 15,600
Square Footage: 6000
Facilities:

This successful retail facility which consist of approximately 6,000 square feet has a modern professional appearance. The business is in a large commercial mall with various other active and successful businesses. This opportunity is in Northern New Jersey, Hudson County, which consists of various highly populated communities with continued demand for this industry.


SummaryBusiness Description:

Chinese American restaurant, all you can eat located in a major commercial mall in Northern New Jersey with a gross income of $1,181,720. The business has relationships with numerous tour companies in the New York, New Jersey area which represents approximately 50% of gross sales. These tour operators are all over the east coast that bring in Chinese groups to Manhattan. The operator maintains relationships with the Chinese group industry because it is very different from regular retail and restaurant business. This restaurant has about 3,000 + tour guide contacts, and 50+ tour operators in China and USA that provides referral business to the operator. The operator must maintain a relationship to continue to build up strong relationships with these tour guides and tour operators, more and more groups would be coming. The location that the restaurant is in continues to be very prime for tour groups, they usually have a one-day tour in the city and then stops by this restaurant for dinner before heading back to their hotels. Tours usually end at about 5 pm, arriving at this restaurant in New Jersey about 6:00 pm, then one-hour dining, 30-min shopping before heading back to the hotel. The Chinese American Restaurant offers authentic and delicious tasting Chinese cuisine conveniently located and affordable prices make our restaurant a natural choice for dine-in, take-out meals. The restaurant is known for its variety in taste and high quality fresh ingredients. For Qualifications purposes, this industry does not require government licensing approval to purchase or operate. This company has five full / part time employees who are unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $27,000. The business has an assignable commercial lease which expires 2026-01-01, plus additional options, with a monthly rent of $15,600, cost per square foot is estimated at $26.74, and rent security of approximately $15,600. The business is in a large commercial mall on near to the Lincoln Tunnel and George Washington Bridge. The mall consists of many national retail companies located on a county road, consists of approximately 6,000 square feet and has an estimated capacity for one hundred & twenty-five customers. The business fixed assets has an estimated value of approximately $200,000 which is based on equipment and licensing replacement cost. This transaction consists of a fully equipped restaurant, which includes, Restaurant which includes a commercial kitchen, refrigeration & freezer units, web site, 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 mall parking on site as part of the commercial lease. This popular restaurant operation is active seven days per week, with hours from 12:00 noon to 9:00 pm. The sale includes all required documentation including a certificate of occupancy from the local municipality and the required state or city licenses to conduct its day to day business. The business has been valued / priced at $225,000 based on a multiple of the net yearly income which includes the value of the specific business assets. Also, seller / bank 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 various circumstances, no other new competitors are expected near to this restaurant business. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.


Potential Growth:

The business presently has a limited marketing plan, poor web site and if improved can further develop the business yearly gross sales. However additional relationships with tour company’s and local advertising can further develop gross sales.


Financing/Terms:

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