Description

Successful Restaurant located near the New York train station in a wonderful community of northern Bergen County, New Jersey. The business has recently been fully upgraded with a beautiful modern appearance. This business opportunity also offers specialized wines from a local New Jersey Winery. The restaurant is very well known in the local communities and has a highly popular and an excellent International menu of foods. The business will continue to expand due to its general location and consistent quality service. 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 continued high investment return to the owner operator prior to debt service. This industry does not require government agency approval to purchase. The business has an excellent presence, located on a highly active avenue near to a popular train station in Upper Bergen County. The business is located on a county road and a commercial avenue with numerous other successful retail businesses. The retail facility which consist of 1,940 square feet has a modern warm and attractive appearance. This opportunity is located in Bergen County, New Jersey, which consists of various affluent communities with continued demand for this particular service and product. The sale consists of a fully equipped, two floor Restaurant, asset value based on replacement cost is estimated at $175,000. The sale includes 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. This particular business has six employees who are unaware of the pending sale and fully expected to remain post-closing, monthly payroll is approximately $12,800. The business has an assignable commercial lease which expires 2023-01-01 plus additional options, with a monthly rent of $9,116, rent per square foot is $45.00 and rent security $15,000. The business is located on an active avenue; the facility consists of 1,944 square feet with a capacity for approximately ninety customers. The facility has appropriate municipal parking on site as part of the commercial lease. The business is active six days per week, with hours from 4:30 pm to 9:30 pm. This business transaction / sale includes a certificate of occupancy from the particular municipality and the required city licenses to conduct its day to day business. This offering will supply an appropriate training period and the seller will remain post-closing in order to supply an appropriate transitional period to the new operator. Also if required the seller will supply additional training at a fair cost to the purchaser. The owner has an alternative restaurant and desires to reduce his daily responsibility. The business presently has a new marketing plan and web site and given the appropriate amount of time the restaurant will further develop its gross sales. To the best of our knowledge, 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 gross yearly gross income is $932,000 and the business has a yearly net income of $142,000 based on an owner operator and prior to debt service.

Posted Sep 28, 2016

Did you know that social networking is a great way to buy a business? Sign up now and we'll show you how.

By clicking "Sign Up" you confirm that you accept the Terms of Use and Privacy Policy, including cookie use.

Disclaimer: MergerNetwork has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness.