Price: $495,000
Location: Bergen County, United States New Jersey
Industry: Restaurant
Listing ID: REST729
Long Standing restaurant with liquor license in the Heart of Bergen County New Jersey. Owner retiring after many successful years in this industry. The restaurant is known as a casual style, tin-ceilinged venue with patio and serves Italian standards & a lunch buffet. This is a dependable safe business opportunity for the purchase of this business 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. Additionally, the seller will supply an option for the real estate and purchaser can obtain a consistent profitable net yearly return on investment after debt service.
Listing Details
Revenue: $1,200,000
FFE: $270,000 (Included in Price)
Inventory: $1,000 (Included in Price)
Form of Ownership:
Corporate
Reason For Sale:
The purpose of this business transaction is due to the owner retirement out of the state of New Jersey.
Training & Support:
Training and owner support, the owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator. Also, if required the seller may be available to supply additional training, at a fair cost to the purchaser.
Operation
Year Established: 1975
Year of Last Acquisition: 1975
Days & Hours of Operation: Days Hours of operation, this restaurant operation is active seven days per week, with hours from 11:30 am to 9:00 pm.
Owner Hours Per Week: Full Time
Employees: Regarding employees and payroll, this restaurant lounge consist of fifteen full / part time employees who are unaware of the pending sale.
Location
Security on Lease: Two months
Lease Option: Fifteen years
Monthly Rent: $6,000 triple net
Type of Location: commercial
Square Footage: 3000 square feet, two floors, plus basement.
Relocatable?: Yes
Facilities Information:
This restaurant is approximately 3,000 square feet have a pleasant attractive and professional appearance. The business is in a mid-size commercial mall with various other active and successful businesses. This opportunity is in Northern New Jersey, Bergen County, which consists of various affluent and highly populated communities with continued demand for this industry.
Summary
Competition:
Regarding competition, to the best of our knowledge, due to various circumstances, no other new competitors are expected near to this business. 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 expanded by the new operator by improving the existing marketing plan and the required local advertising. Additionally, the company has a limited poor non-optimized web site and if adjusted can further develop the business yearly gross sales.
Financing/Terms:
Seven year term 5% interest, personal guarantee, 35% down payment.
