Price: $795,000
Location: Passaic County , New Jersey
Industry: Catering
Listing ID: CATR173
Wonderful business opportunity to own this combination three-year-old business consisting of a popular restaurant, banquet hall, special events, and bar lounge. This opportunity business opportunity with a long-term lease or with the real estate and to include an option. The owner will finance this transaction with a moderate down payment and at a fair rent. The opportunity is poised for continued significant growth due to the industry demands. Ideal acquisition for other successful banquet operator seeking geographical expansion into the North Jersey marketplace, corporate executive or professional couple looking for a highly satisfying career and life change, or smart investor looking for solid growth, asset appreciation and safety. The business opportunity is an ideal location for many types of special functions. The business fixed assets have an estimated value of approximately $378,000 which is based on replacement cost, representing equipment, licensing, etc. The accurate value of the assets will be calculated during the allocation period. This transaction consists of a fully equipped commercial catering operation and restaurant which includes, required municipal licenses, liquor license, web site, social media venues, delivery vehicles, full commercial kitchen, vehicles, shelving, POS system, computers & software including all the necessary equipment to maintain the daily business operation and a list of assets will be supplied to purchaser upon request.
Listing Details
Revenue: $1,500,000
Cash Flow: $225,000
FFE: $375,000 (Included in Price)
Inventory: $2,000 (Included in Price)
Reason For Sale:
The purpose of the sale is due to partners retirement.
Training & Support:
Training and owner support, the owner is fully prepared to remain post-closing and will supply an appropriate transitional period to purchaser.
Operation
Year Established: 2021
Year of Last Acquisition: 2021
Days & Hours of Operation: Days Hours of operation; this business is presently active four days per week, with hours from 4:00 pm to 12:00 pm.
Owner Hours Per Week: absentee
Employees: Regarding employees and payroll, this food service company consist of twelve employees who are unaware of the pending sale. The payroll is primarily based on a weekly base salary, and the staff is fully expected to remain post-closing, the average monthly payroll expense is approximately $26,000. Whether the service is a wedding reception, anniversary party, birthday party, sweet sixteen or a corporate event, the professional staff continues to be available to assist and guide their clients through the menu and planning process. The professional staff provides guests with exceptional food and service, from inception to completion for all social events.
Absentee Owner?: Yes
Location
Security on Lease: Two months
Lease Option: Yes additional options.
Monthly Rent: 7,500
Type of Location: Commercial Avenue
Square Footage: 12,000
Relocatable?: Yes
Facilities Information:
This business opportunity is in north New Jersey, Passaic County conveniently located for customer services near to various highways. This business facility has been recently upgraded with an attractive image and consists of a 2,600 square feet restaurant lounge with a private entrance. The banquet hall is 12,000 square feet, seating for two hundred & twenty-five (225) and consists of a large stage and private entrance. The sale also included a state of the are modern commercial kitchen, for high volume food production. The business is in a free-standing facility conveniently located for its various customers.
