Latin Restaurant & Lounge

Essex County, NJ

Seller Financing Available
Latin Restaurant & Lounge
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Asking Price: Get Financing: $750,000

Cash Flow: $190,000

Gross Revenue: $1,475,000

EBITDA: N/A

FF&E: $175,000

Inventory: $2,500

Lease Rate: $30 /SF/Year

Established: 1962

Latin Restaurant & Lounge

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Business Description

This beautiful Latin American restaurant/club is fully equipped as a highly profitable business. The facility has loft style ceilings, marble top bar and mosaic design which offers a wonderful experience. The business has seating capacity for 300 patrons inside and approximately 75 patrons for its outside patio. This is an urban area and a perfect location for any establishment with constant walk by and drive-by traffic. The location is blocks from Path, Bus and all major highways. The business offers excellent Dining and Nightlife with an Unparalleled Atmosphere where their friendly staff will make you feel comfortable and right at home in their full service, Spanish-American restaurant. The business is owned and independently operated by the originator restauranteur who has elected to retire. Since 2011, the business has broken the local mold and paved a new road in excellent dining and nightlife. The business has an average gross yearly income of $ 1,475,000 and a consistent net yearly income based with an onsite owner operator. The income consists of 70% liquor and 30% food. 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 business also offers an option to purchase the property and based on a 25-year payout at 5% interest, approximately 20% down payment purchaser would obtain a consistent net yearly income return on investment after debt service. This industry requires government agency approval to purchase due to the New Jersey state issued consumption liquor license. This company has fifteen full / part time employees who are unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $26,000. This business opportunity offers a commercial lease which expires 2027-01-01, plus additional options, an option to purchase the real estate, monthly rent of $10,000, plus taxes, cost per square foot is estimated at $30.00, and rent security of approximately $20,000. The business fixed assets has an estimated value of approximately $175,000 which is based on equipment and licensing replacement cost. The sale consists of a fully equipped Club Restaurant. The business hours consist of a six-day operation, with hours from 11:00 am to 2:00 pm. The sale includes all required documentation including a certificate of occupancy from the local municipality and the required state or city licenses to conduct its day to day business. The business has been valued / priced at $750,000 based on a multiple of the net yearly income which includes the value of the specific business assets. Also, seller / bank financing has been conditionally 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 particular business opportunity.

Attached Documents


Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building SF:
4,000
Lease Expiration:
N/A
Employees:
15
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The facility which consist of approximately 4,000 square feet has an attractive modern appearance. The business is on an active commercial avenue with various other successful businesses. This opportunity is in Northern New, Essex County, which consists of a highly populated urban city with continued demand for this industry.
Competition:
To the best of our knowledge, due to various circumstances, 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.
Growth & Expansion:
The business presently has a limited marketing plan, poor web site and if improved can further develop the business yearly gross sales.
Financing:
Is available to a qualified buyer with an appropriate down payment.
Support & Training:
The owner will remain post-closing and is prepared to supply an appropriate transitional period to the new owner / operator.
Reason for Selling:
The sale is due to the owner’s retirement.
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(from currently available funds)
 
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Ron Cervelli

Business Listed By:
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Regal Consulting Corp.

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