Description

Profitable luncheonette diner in an urban area of Hudson County, northern New Jersey and minutes from the New York Lincoln Tunnel. Owner is now retiring after thirty years in the food service industry. This active breakfast and lunch business with limited hours has a gross yearly income of $375,000 and a solid yearly net income to the owner operator of $83,000. The sale includes a long term lease agreement at fair market value with additional extensions. The facility has a seating capacity for thirty-five customers with a clean attractive image. The business also offers delivery service which represents approximately fifteen percent of the gross income. The estimated value of the assets based on replacement cost is approximately $120,000 and the sale includes a fully equipped commercial kitchen, refrigeration and freezer units, table’s chairs and various equipment required to maintain the day to day operation for this retail food operation. This business has four employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll is approximately $4,217. The business has an assignable five-year commercial lease which expires 2019-01-01 plus additional options with a monthly rent of $3,500, cost per square foot $26.25 and rent security of approximately $7,000. The facility has substantial public parking near to this commercial business location. The owner will remain after closing and supply an appropriate transitional period. This luncheonette diner is operational seven days per week with hours from 6:30 am to 4:00 pm, shorter hour’s weekends. The diner has a certificate of occupancy to conduct business at this location and a food license from the municipality. Based on the asking price, required down payment and yearly net income, this business expect to supply a 35% investment return to the owner operator. The 2015 gross yearly income is $375,000 and a yearly net income of $83,000 based on an onsite owner operator and prior to debt service. The business has been valued at $189,000 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, collateral and credit rating. Please do not disturb business, this sale is absolutely confidential, the employees are Unaware of the pending sale, all viewings are by appointment only and photo may not represent this particular business.

Posted Sep 28, 2016

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