Price: $75,000
Location: Passaic County, New Jersey
Industry: Restaurant
Listing ID: rest842
For lease and sale for this wonderful business opportunity to own this combination three-year-old business consisting of a popular restaurant and bar lounge. This opportunity business opportunity with a long-term lease with an option for the property. 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 2023 gross income is $360,000 and a 2024 projected gross income of $1,000,000 resulting in a consistent net yearly income based on an onsite owner operator and prior to any debt service. A formal due diligence is recommended by broker. Owner financing is available to a qualified buyer. The business transaction has been priced at $75,000, which is based on projected gross income with consideration for the particular business assets.
Listing Details
Revenue: $360,000
Cash Flow: $70,000
FFE: $75,000
Inventory: $1,000
Reason For Sale:
Absentee owner and landlord.
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 five days per week, with hours from 4:00 pm to 9:00 pm.
Owner Hours Per Week: Part time
Employees: Regarding employees and payroll, this food service company consist of six 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 $16,000. The professional staff provides guests with exceptional food and service, from inception to completion for all social events.
Location
Security on Lease: Two Months
Lease Option: Yes, Available
Monthly Rent: 5,500
Type of Location: Commercial Avenue
Square Footage: 2500
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 sale also included a state of the are modern commercial kitchen, for high volume food production.
Summary
Owner Qualifications:
For Qualifications purposes; this business opportunity requires New Jersey state government to purchase due to the consumption liquor license in addition to the standard required municipal licenses related to the food service industry.
Competition:
Regarding competition, based on the size and unavailable liquor license, to the best of our knowledge, no other new competitors are expected to affect this company. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Potential Growth:
Regarding growth and expansion, this company has no marketing system and a very poor website, non-optimized, which is required to develop this style of operation.
