Seller Financing Available
Gross Revenue: $725,000
Rate/Sq. Ft.: $24.32
* not included in asking price.
Great business opportunity for this family owned and operated Restaurant / pizzeria with a 2015 gross income of $725,000 and a consistent yearly net income of $120,000. They use the freshest, flavorful ingredients to prepare their authentic Italian dishes in a family friendly atmosphere. Located on an active county road in Somerset County New Jersey and serves lunch and dinner 7 days a week and delivers for their customer’s convenience. The business is also very well known for its convenient location for business meetings or dinner with friends! For the past five decades, this restaurant reputation maintains the highest standards when it comes to the quality of fine Italian cuisine. From hand cut veal and chicken, the Black Angus Beef, the vegetables and seafood that are delivered fresh daily, which is like no other. Beyond the traditional Italian dishes, you will find a variety of other selections with daily specials with their Stuffed Portobello Mushroom, to the Fried Calamari that hundreds of faithful customers swear it is the best in the state! Their pizzeria, not to be outdone by the generous portions has some signature pizza of its own, the biggest and most famous is their one slice meal, layered and prepared fresh daily. Besides great food, the restaurant is well known in the community and has sponsored a little league team since 1995. They have donated gift certificates, food, and time in the form of cooking demonstrations to various organizations in the community. They are proud to be known as one of the oldest restaurant in Somerset County. The business assets have an estimated value of $170,000 and the sale consists of a fully equipped Pizzeria & Restaurant which includes a commercial kitchen, 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 business has ten full & part time employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $13,800. The sale has an assignable commercial lease which expires 2030-01-01 plus additional options, with a monthly rent of $6,080, cost per square ft. is $24.32 and rent security $12,000. The business is in a popular commercial mall which consists of 3,200 square feet has a capacity for approximately eighty customers. The facility has appropriate private mall parking on site as part of the commercial lease. The business is active seven days per week, with hours from 11:30 am to 9:30 pm. The sale includes a certificate of occupancy from the municipality and the required state or city food licenses to conduct its day to day business. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent investment return to the owner operator prior to debt service. The 2015 yearly gross income is $725,000 and the business has a yearly net income of $120,000 based on an owner operator and prior to debt service. The business has been valued at $275,000 based on a multiple of the net yearly income and 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 confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo does Not represent this business opportunity.
Inventory: Not included in asking price
Real Estate: Leased
Building Sq. Ft.: 3,200
Lease Expiration: 1/1/2030
Furniture, Fixtures, & Equipment (FF&E): Included in asking price
Facilities: This very attractive retail facility located in a quant commercial mall and consist of 3,200 square feet with a modern appearance. This mid-size mall has various other active and successful businesses. This opportunity is in Northern New Jersey, Somerset County, on a very active county road which consists of various affluent communities with continued demand for this food product.
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, basic web site and if improved can further develop the business net income.
Financing: Seller financing is available to qualified buyers.
Support & Training: The owner will remain post-closing for 60 days to supply an appropriate transitional period to the new operator.
Reason for Selling: The owner retiring after many years of success in the food industry.
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