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Latin Restaurant & Lounge

Essex County, NJ

Seller Financing Available
Latin Restaurant & Lounge
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Asking Price: N/A

Cash Flow: $146,199

Gross Revenue: $951,893

EBITDA: N/A

FF&E: $175,000

Inventory: N/A

Real Estate: N/A

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 restaurateur 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 income consists of 70% liquor and 30% food. This company consists of approximately 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, plus additional options, an option to purchase the real estate through sellers’ realtor, monthly rent of $10,000, plus taxes, cost per square foot is estimated at $30.00, and rent security of approximately $20,000. The 2017 (July 1, 2017-June 30, 2018) yearly gross income is $951,893 and the business has a yearly net income of approximately $146,199 based on an onsite owner operator and prior to any debt service. The business has been valued 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. This is a dependable business opportunity. 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

Location:
Essex County, NJ
Real Estate:
Owned
Building SF:
4,000
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:
Available to a qualified buyer.
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:
Customer Service

Regal Consulting Corp.

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