Price: $599,899
Location: Somerset, New Jersey
Industry: Restaurant
Listing ID: REST847
Wonderful opportunity, Owner retiring, for this super prime affluent location of Somerset County New Jersey, The facility consists of five thousand eight hundred (5,800) square feet restaurant and tavern on an active commercial avenue with other successful businesses. The business has an average gross yearly income of $1,250,000 which includes discretionary income. The business consists of a restaurant and a bar; full commercial kitchen and two separate entrances. The pub is presently not in use due to the owner’s age and is available for immediate operation with a $10,000 weekly additional projected gross income and an estimated gross income of approximately $2,000,000. The sale includes the use of a very valuable consumption liquor license, and the selling price has been adjusted accordingly. The owner is retiring after forty years in this food industry and will finance the sale to a qualified potential buyer. This is a very usual business opportunity at the best possible location and based on the asking price, with substantial future growth, this business expects to supply a consistent return on investment to the owner operator.
Listing Details
Revenue: $2,000,000
Cash Flow: $190,000
FFE: $190,000 (Included in Price)
Inventory: $5,000
Form of Ownership:
C Corp
Reason For Sale:
The purpose of this transaction is due to the owner’s retirement after forty years of ownership.
Training & Support:
Training and owner support, the owner will remain post-closing and is prepared to supply a transitional period to the new owner.
Operation
Year Established: 1995
Days & Hours of Operation: Days Hours of operation, this restaurant tavern operation is active seven days per week, with hours from 11:00 am to 9:30 pm.
Owner Hours Per Week: Full Time
Non-Owner Payroll: $17,000
Employees: Regarding employees and payroll, this tavern / restaurant has approximately fifteen employees who are unaware of the pending sale. The payroll is primarily based on an hourly basis, and some employees receive a weekly base salary. The staff is fully expected to remain post-closing, also the monthly payroll expense is $17,800.
Location
Security on Lease: Two Months
Lease Option: Yes Available
Monthly Rent: 7,500
Type of Location: Commercial
Square Footage: 5,800
Relocatable?: Yes
Facilities Information:
The facility consists of approximately 5,800 square feet, two separate operations, full commercial kitchen, lots of storage with an attractive appearance. The business is on a highly populated commercial avenue located in an affluent community with various other active businesses. This opportunity is in Central New Jersey, Somerset County, which consists of highly populated affluent communities.
Summary
Historical Summary:
This is a forty-year-old full-service restaurant.
Owner Qualifications:
For Qualifications purposes, this business opportunity and industry requires New Jersey State government licensing approval to purchase or operate due to the consumption liquor license, in addition to the standard required municipal licenses.
Competition:
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business due to the unavailability of liquor license. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Potential Growth:
Regarding competition, to the best of our knowledge, no other new competitors are expected near to this business due to the unavailability of liquor license. Additionally, the owner has agreed to supply an appropriate non-compete agreement to the purchaser.
Financing/Terms:
Also, seller financing may be available to a qualified buyer with an appropriate down payment, collateral, and credit rating.
