Price: $1,570,000
Location: Somerset County, New Jersey
Industry: Restaurant
Listing ID: REST820
Owner retiring, for this super prime affluent location of Somerset County New Jersey, The facility consists of six thousand (6,000) square feet restaurant tavern on an active commercial avenue with other highly successful businesses. The business has an average gross yearly income of $1,500,000 plus discretionary income. The restaurant consists of a restaurant and a bar; however, part of this sale consists of the adjoining facility, 2,800 square feet, which can substantially increase the footprint for the entire operation representing a 50% increase in gross sales. The sale includes a very valuable consumption liquor license, and the selling price has been adjusted accordingly. The owner is retiring after forty years in this food industry and will finance the sale to a qualified potential buyer. This is a very usual business opportunity and based on the asking price, with substantial future growth, this business expects to supply a consistent return on investment to the owner.
The business has been priced at a multiple of the net yearly income with consideration to the assets particularly the very valuable consumption liquor license, selling price is $1,570,000 plus the value of the real estate. Also, seller financing is available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
Listing Details
Revenue: $1,550,000
Cash Flow: $225,000
FFE: $775,000 (Included in Price)
Inventory: $5,000 (Included in Price)
Reason For Sale:
The purpose of this transaction is due to the owner retirement after forty years of ownership.
Training & Support:
Training and owner support, the owner will remain post-closing and is prepared to supply a transitional period to the new owner.
Operation
Year Established: 1975
Days & Hours of Operation: Days/ Hours: Days Hours of operation, this restaurant tavern operation is active seven days per week, with hours from 11:00 am to 9:30 pm.
Owner Hours Per Week: Full Time
Employees: Regarding employees and payroll, this tavern / restaurant has approximately fifteen employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and some employees receive a weekly base salary. The staff is fully expected to remain post-closing, also the monthly payroll expense is $17,800.
Location
Security on Lease: Two Months
Lease Option: Yes additional options.
Type of Location: Commercial Avenue
Square Footage: 10,200
Relocatable?: Yes
Facilities Information:
The facility consists of approximately 6,200 square feet, two separate rooms, full commercial kitchen, lots of storage with an attractive appearance. The business is on a highly populated commercial avenue located in an affluent community with various active businesses. This opportunity is in Central New Jersey, Somerset County, which consists of highly populated affluent communities.
Summary
Owner Qualifications:
Also, seller financing is available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
Competition:
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business due to the unavailability of liquor license. 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 developed by opening the adjourning 2,500 square foot room, extending the hours for the tavern, improving the local advertising, and remolding the facility to promote the liquor sales. Additionally, the company has a poor non-optimized web site and if adjusted can further develop the yearly gross sales.
