Price: $1,350,000
Location: Essex County, New Jersey
Industry: Restaurant
Listing ID: REST839
This highly successful thirty-year-old operation consisted of multiple venues, Tapas Restaurant, Lounge, Nightclub and Bakery with a gross yearly income of $2,492,790.12 and a net yearly income of $487,705. This contemporary Spanish eatery serving small & full plates, has a successful lounge with DJs, dancing & hookah. The business also has a full-service bakery which generates a substantial yearly income. The Tapas restaurant, lounge and dance club has gross yearly sales of $1,350,000 and the bakery will evidence gross yearly sales of $875,000. This is considered Iron bound’s finest food and dining restaurant located in Newark, New Jersey. Featuring the largest selection of Spanish tapas from spicy chorizo to shrimp in garlic sauce. Their dishes offer the best quality foods, and the bakery has a full selection of products. 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. The 2022 yearly gross income as represented by the owner is $2,492,790.12 and the business has a yearly net income of approximately $575,402 based on an onsite owner operator which includes any seller discretionary income and prior to any debt service. The 2023 income is expected to be at minimum similar or greater to the previous year and formal due diligence is recommended by broker.
Listing Details
Revenue: $2,492,790
Cash Flow: $486,705
FFE: $450,000 (Included in Price)
Inventory: $25,000
Lender Pre-Qualified?: Yes
Reason For Sale:
The purpose of this business transaction is due to the owner retirement after thirty-five years of success at this location and in this particular industry.
Training & Support:
Training and owner support, the owner is prepared to remain post-closing and will supply an appropriate transitional period to purchaser.
Operation
Year Established: 1975
Days & Hours of Operation: Days Hours of operation; this business is active seven days per week, Bakery 6 am to 8:00 pm, restaurant hours from 11:30 am to 10:00 pm and the club is open until 2:00 am.
Owner Hours Per Week: Full Time
Employees: Regarding employees and payroll; this restaurant and company consist of twenty-one employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and weekly base salary for kitchen staff. The employees are fully expected to remain post-closing, the monthly payroll expense is approximately $46,000.
Location
Security on Lease: Two Months
Lease Option: Yes, Available
Monthly Rent: 20,000
Type of Location: Commercial Avenue
Square Footage: 5,900
Relocatable?: Yes
Facilities Information:
This business opportunity is in norther New Jersey, Newark in the county of Essex on a highly active county road. This business facility consists of approximately 3,800 square feet, three floors, with a modern, and attractive appearance. The business is in a corner property on an active commercial avenue conveniently located for its various customers. The business also has exterior seating when weather permits.
