Price: $395,000
Location: Bergen, New Jersey
Industry: Restaurant
Listing ID: REST854
High-volume restaurant lounge 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, and is very attractive with a huge 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 wonderful restaurant is 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. The business fixed assets have 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 2019 yearly gross income represented by the selling groups corporate tax returns is $1,969,124 and the business has a consistent net income based on the owner operator and prior to any debt service. Also, due to a percentage of non-disclosed income, formal due diligence is recommended to the purchaser.
Listing Details
Form of Ownership:
C Corp
Operation
Year Established: 1975
Year of Last Acquisition: 2021
Days & Hours of Operation: This successful Restaurant Lounge business operation is active seven days per week, with hours from 11:00 am to 1:00 am.
Owner Hours Per Week: Absentee
Non-Owner Payroll: $30,000
Employees: This restaurant lounge 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.
Absentee Owner?: Yes
Location
Security on Lease: Two Months
Lease Option: Yes Available
Monthly Rent: 8,500
Type of Location: Commercial
Square Footage: 5,250
Relocatable?: Yes
Facilities Information:
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’s seating capacity consists 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.
Summary
Owner Qualifications:
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.
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:
Also, possible seller financing has been conditionally approved to a qualified buyer with an appropriate down payment, collateral and credit rating.
