Description

Unusual business opportunity for this thirty-year-old independent fuel gas station, auto repair and Towing company located in an affluent area of Morris County, New Jersey. The company has licenses for State and County Towing which cannot be currently obtained and has a substantial value. The business generates income from fuel sales, auto repairs, towing, auto storage and auto sales. The present owner is retiring after forty years in the industry and will finance the sale to a qualified buyer. 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 33% investment return to the owner operator prior to debt service. This industry does not require government agency approval to purchase. The business is located in Northern New Jersey, Morris County on an active county road with numerous other commercial businesses. The business is minutes from US Route 46 and State Highway 80. This retail facility which consist of 1,525 square feet, consisting of a two bay garage, storage room and office and the property consist of a five thousand square foot station. The business consists, of a free standing structure on a highly active county road. This particular business has three employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll $6,450. The business has an assignable commercial lease which expires 2018-01-01 plus additional options, with a monthly rent of $3,386, cost per square foot is $26.20 and rent security $7,000. The fuel station is located on a commercial avenue, county road, free stranding facility which consists of 1,525 square feet has a capacity for approximately multiple vehicles. The business assets has an estimated value of approximately $140,000 which is based on replacement cost and the sale consists of a fully equipped fuel gas station, repair bays, and towing company. The sale includes five truck vehicles which is used for the towing operation. The facility has appropriate private parking on site as part of the commercial lease. The business is active seven days per week, with hours from 7:00 am to 9:00 pm. The sale includes a certificate of occupancy from the particular municipality and the required state towing licenses to conduct its day to day business. The owner will remain post-closing for 60 days in order to supply an appropriate transitional period to the new operator. The owner is retiring after forty years in this auto industry. The business requires a marketing system and web site to further improve the income. Regarding competition, no New Jersey State towing licenses are supplied and 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. The 2015 yearly gross income is $1,593,875, gross profit $281,961 and the business has a yearly net income of $83,924 based on an owner operator and prior to debt service. The business has been valued at $175,000 based on a multiple of the net yearly income including 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.

Posted Oct 11, 2016

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