Description

Fifty-year-old highly successful restaurant lounge with a yearly gross income of $1.2 million and a dependable net yearly income of $170,000 to the owner operator. The business sales income consist of 45% liquor, 55% food and the business is extremely well known for its wonderful foods and great service. The seller owns the property and will supply the purchaser with a long commercial lease at a modest rent with an option to purchase the property. This business consists of two sections, a popular restaurant / wine bar with a Spanish / American flavor and a separate highly successful bar restaurant. The restaurant offers a wonderful menu and has a highly successful reputation throughout the county and general area. From high quality dishes to basic sandwiches, they offer it all. The business has a consistent markup resulting in a solid net income to the onsite owner operator prior to debt service. Based on the asking price, required down payment and yearly net income, this business expect to supply a 33% investment return to the owner operator. The industry requires state approval in order to obtain the consumption liquor license. The facility consists of 3,300 square feet with a huge bar area and capacity for 60 sixty customers and two separate dining rooms with the capacity for ninety and fifty customers. The facility has a full commercial kitchen with high capacity production. The business is located in an active urban city with a large population in Union County, New Jersey with continued demand for these services. This particular business has twelve employees who are unaware of the pending sale and fully expected to remain post closing, monthly payroll is approximately $19,500. The sale will include a commercial lease which expires 2026-01-01 plus additional options, with a monthly rent of $6,000 and rent security $6,000. The business is 3,300 square feet consisting of three separate rooms with a capacity for forty at the bar, 90 & 50 in the two separate dining

Posted Sep 21, 2016

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