Seller Financing Available
Gross Revenue: $500,000
Lease Rate/Sq. Ft.: N/A
Italian / Latin Restaurant Summit, NJ
Highly successful Italian / Latin Restaurant in the city of Summit, New Jersey and in an affluent commercial area. This restaurant has recently been upgraded with a modern attractive image and also had recently obtained a wine license. The business assets have an estimated value of $250,000 and the sale consists of a fully equipped Pub Restaurant which includes a full commercial kitchen, Wine license, refrigeration & freezer units, POS system, displays, shelving, tables, computers, fire suppression system including all the necessary equipment to maintain the day to day business operation and a list of assets will be supplied to purchaser upon request. This particular business has seven full and part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $10,500. The business has an assignable commercial lease which expires November 31, 2034 plus additional options, with a monthly rent of $6,900 and rent security $12,600. The business is located in on an active commercial avenue and has a capacity for approximately eighty customers. The facility has appropriate municipal parking on site as part of the commercial lease. The business is active seven days per week, with hours from 12:00 noon to 10:00 pm. The sale includes a certificate of occupancy from the particular municipality, wine license and the required state or city licenses to conduct its day to day business. This is a dependable business opportunity and based on the asking price, the required down payment and yearly net income, this restaurant expects to supply a consistent investment return to the owner operator prior to debt service. The 2015 yearly gross income is $500,000 and the business has a yearly net income of $95,000 based on an owner operator and prior to debt service. The business has been valued at $265,000 based on a fair multiple of the net yearly income including the value of the specific business assets and seller financing has been approved to a qualified buyer with an appropriate down payment, collateral and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this particular business opportunity.
Inventory: Included in asking price
Real Estate: Leased
Building SF: 1,950
Lease Expiration: 11/30/2034
Furniture, Fixtures, & Equipment (FF&E): Included in asking price
Facilities: This attractive commercial facility consists of 1,950 square feet with a modern appearance. The restaurant business is located on an active commercial avenue with various other active and successful businesses. This opportunity is located in the city of Summit, Union County, New Jersey, which consists of various affluent communities with continued demand for this particular product and service.
Competition: To the best of our knowledge due to various circumstances, no other new competitors are expected near to this business and the owner has agreed to supply a long term non-compete agreement to the purchaser.
Growth & Expansion: The business presently has a limited marketing plan, no web site which must be implement in order to further develop the business cash flow.
Financing: Seller financing is available w/ 75% down.
Support & Training: The owner will remain post-closing in order to supply an appropriate transitional period to the new operator.
Reason for Selling: The sale is due to owner’s illness and to reduce his workload.
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