Latin Style Restaurant

Bergen County, NJ

Seller Financing Available
Latin Style Restaurant
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Asking Price: Get Financing: $250,000

Cash Flow: $90,000

Gross Revenue: $855,000

EBITDA: N/A

FF&E: $120,000

Inventory: $1,500

Lease Rate: $20.25 /SF/Year

Established: 2008

Latin Style Restaurant

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Business Description

Wonderful business opportunity for this highly successful Latin Restaurant with a 2017 gross income of $855,000 and a net yearly income of $90,000. Their business philosophy was the idea that fresh, tasty food in good portions served in a local neighborhood atmosphere by friendly people would help them to realize the American Dream. Their goal has always been to create a friendly, casual atmosphere where people can enjoy amazing food, wonderful service in the Northern New Jersey area. The business has been designed to experience a welcoming, fun environment, and to feel tropical touches of Cuban charm. This Cuban Restaurant and Asian style was established in 2008 and continues to have a cultural flare with a background of Caribbean and Chinese. They specialize in authentic Cuban cuisine as well as other popular Latin dishes from Spain, Argentina, Dominican Republic, and Puerto Rico. Equally impressive are their wide selection of loose-leaf teas in full teapot service. With over 40 different varieties to choose from, this establishment could easily become a premier spot for tea connoisseurs. The “Combo of foods can also be seen in the eclectic décor. They offer Lunch, Dinner, Gluten-Free, Party Menus, Catering Menu, Student Lunch Specials, and Kids Menu. They are a BYOB and they provide the mixes to convert your bottle into Sangria, Mojito, and Pina Colada. This industry does not require government licensing approval to purchase other than the required municipal permits. This company has twelve full / part time employees who are unaware of the pending sale, fully expected to remain post-closing, and the monthly payroll expense is approximately $15,000. The business has an assignable commercial lease which expires 2025-01-01, plus additional options, with a monthly rent of $2,700, cost per square foot is estimated at $20.25, and rent security of approximately $3,600. The business is in commercial facility, on an active county road, consists of approximately 1,600 square feet and has an estimated capacity for sixty customers plus exterior seating. The business fixed assets has an estimated value of approximately $120,000 which is based on equipment and licensing replacement cost. This transaction consists of a fully equipped restaurant, which includes, required licenses, 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. The facility has appropriate municipal parking on site as part of the commercial lease. The restaurant business operation is active six days per week, with hours from 11:00 am to 10:30 pm. The sale includes all required documentation including a certificate of occupancy from the municipality and the required state or city licenses to conduct its day to day business. The business has been valued / priced at $250,000 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. This is a dependable safe business opportunity and based on the asking price, required down payment and yearly net income, this business expects to supply a consistent return on investment to the owner operator. 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:
1,600
Lease Expiration:
12/1/2022
Employees:
12
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This restaurant opportunity is in Northern New Jersey, Bergen County which consists of various affluent and highly populated communities with continued demand for this industry. The business is minutes from the New Jersey Giant Stadium and close to the New York Lincoln Tunnel. This successful retail facility which consist of approximately 1,600 square feet plus additional outdoor seating for forty has an attractive warm appearance. The business is on an active commercial avenue with a great deal of walk by shoppers and other active and successful businesses.
Competition:
Due to the style of menu, limited competitors presently exist, 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 basic marketing plan, appropriate web site however the income can be improved with additional advertising.
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 alternative business.
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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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