Seller Financing Available
Gross Revenue: $600,000
* not included in asking price.
Successful Restaurant & Liquor License
Dependable business opportunity to own this highly successful restaurant with a valuable consumption liquor license located in affluent area of Northern Passaic County, New Jersey. The present owner is retiring and will supply training and financing to a qualified buyer. The restaurant is also known for its wonderful service and it has off premise catering service. The sale includes a fully equipped Restaurant lounge which includes a high production commercial kitchen, various 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 long standing food service business has five employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $6,800. The business has an assignable commercial lease which expires 2022-01-01 plus additional options, with a monthly rent of $4,350 and rent security $4,350. The business is located in a modern commercial mall with various other successful business. The restaurant which consists of 2,000 square feet has a capacity for approximately ninety customers. The facility has appropriate private mall parking on site as part of the commercial lease. The business is active six days weekly, closed Sunday, with hours from 12:00 noon to 10:00 pm, however the operator can develop later hours to 2:00 am. The sale includes a consumption liquor license, certificate of occupancy from the particular municipality and the required city food licenses to conduct its business. This is a dependable business opportunity and based on the asking price, required down payment and yearly net income, this business expect to supply a 34% investment return to the owner operator prior to debt service. The 2015 yearly gross income is $600,000 and yearly net income of $125,000 based with onsite ownership and prior to debt service. The business has been valued at $350,000 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. Please do not disturb business, this sale is absolutely confidential, all viewings are by appointment only and photo may not represent this particular business.
Inventory: Not included in asking price
Furniture, Fixtures, & Equipment (FF&E): Included in asking price
Facilities: This retail restaurant facility consists of 2,000 square feet with a modern physical appearance. The business is in a mid-size mall with various other active and successful businesses. The restaurant has a professional kitchen, modern bar for approximately twenty patrons and seating for an additional eighty. This opportunity is located in Passaic County, New Jersey, which consists of various affluent communities with continued demand for this food service industry.
Competition: Due to the unavailability and highly value of the liquor license, 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 basic web site with a limited marketing plan, and if improved can further developed the business bottom line corporate income. Additionally, the business can be opened Sunday which can further improve the bottom line income.
Financing: Some seller financing is available to qualified buyers.
Support & Training: The owner will remain post-closing for 45 days and supply a transitional period.
Reason for Selling: Relocating and retiring from the industry after many years of success.
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