Price: $795,000
Location: Bergen, New Jersey
Industry: Restaurant
Listing ID: REST843
High volume restaurant with a valuable consumption liquor license in a prime area of Bergen County and Northern New Jersey. This modern steak house has a yearly gross income of $2,023,981 and a solid net yearly income to the present owner operator. The restaurant as a steak house, specializes in the finest USA prime dry aged steaks, premium seafood, and Italian specialties. The goal is to offer quality food with only the finest food products and the best possible service with an outstanding staff. Their clients Indulge in the ultimate carnivorous experience at Lets Meat Steakhouse. Their prime cuts are aged to perfection, ensuring every bite is a savory delight. From tender filet mignon to robust ribeye, their selection caters to every steak lover’s palate. Prepared by their expert chefs, each steak is grilled to the exact preference, delivering unparalleled flavor and juiciness. Complement your steak with mouthwatering sides, from loaded baked potatoes to crisp, and garden-fresh salads. Their clients pair their meal with a selection from an extensive wine list or choose from our array of craft cocktails and beers, curated to elevate your dining experience. Whether it is a special occasion or a casual night out, our warm ambiance and attentive staff ensure a memorable dining adventure for you and your loved ones. SBA bank and seller financing is available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating. This is a wonderful safe business opportunity with an excellent return on investment. The 2022 yearly gross income as represented by the owner was $2,023,981 and the business has a yearly net income of approximately $284,000 based on an onsite owner operator which includes any seller discretionary income and prior to any debt service. 2023 was similar and the 2023 income is expected to be possibly greater than the previous year, also a formal due diligence is available for this transaction.
Listing Details
Revenue: $2,023,981
Cash Flow: $284,000
FFE: $225,000 (Included in Price)
Inventory: $7,500
Lender Pre-Qualified?: Yes
Form of Ownership:
C Corp
Reason For Sale:
The purpose of this business transaction is due to the owner noncompetitive alternative restaurant business.
Training & Support:
The purpose of this business transaction is due to the owner noncompetitive alternative restaurant business.
Operation
Year Established: 2019
Days & Hours of Operation: Days Hours of operation, this business is active five days per week, closed Sunday & Monday, with hours from 4:00 pm to 10:00 pm.
Owner Hours Per Week: Full Time
Employees: Regarding employees and payroll, this operation consists of twelve employees who are unaware of the pending sale. The payroll is based on an hourly basis and a portion represents a weekly base salary, The staff is unaware of the pending sale, is fully expected to remain post-closing, and the kitchen has a separate staff who maintains the food quality.
Location
Security on Lease: Two Months
Lease Option: Yes Available
Monthly Rent: 13,000
Type of Location: Commercial
Square Footage: 2,800
Relocatable?: Yes
Facilities Information:
This business opportunity is in northern New Jersey, Bergen County, conveniently located on an active county road and servicing various municipalities in the Northern New Jersey area. This restaurant business facility consists of approximately 2,800 square feet with a modern, attractive appearance consisting of a free-standing structure conveniently location for its various customers.
Summary
Historical Summary:
This is a long-standing Restaurant which includes consumption liquor license.
Owner Qualifications:
For Qualifications purposes, this business opportunity requires New Jersey State
government licensing approval to purchase because of the consumption liquor license.
Competition:
Regarding competition, to the best of our knowledge, 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. Also, no other liquor licenses are currently available in this city.
Potential Growth:
Regarding growth and expansion, this retail company can be further developed by increasing the number of days of operation, improving the marketing and local advertising. Additionally, the company has a limited non-optimized web site and if adjusted can further develop the business yearly gross sales.
Financing/Terms:
SBA bank and possible seller financing is available for this transaction to a qualified buyer with an appropriate down payment, collateral, and credit rating.
